PayPal is one of the world’s leading digital payment platforms. You can use PayPal to purchase items and send or receive money online. While it’s great to have money that you can use online, wouldn’t it be great to be able to use your PayPal account in-store? Luckily, PayPal offers a solution—the PayPal Cash Card.
What Is The PayPal Cash Card?
The PayPal Cash Card is a way that you can use the digital funds in your PayPal account in the physical world. It is a debit card where the funds are stored in your PayPal account rather than in a bank account. You can add funds to this card much like you would a bank-issued debit card. A PayPal Cash Card can be used around the world.
Is The PayPal Cash Card Available In Canada?
Currently, the PayPal Cash Card is only available in the US. PayPal users need a Cash Plus Account which requires an American address. Furthermore, to get the card, users need a Social Insurance Number and an American bank account.
While PayPal hasn’t announced any plans to expand this product into the Canadian market, PayPal is an international company and we wouldn’t be surprised if they bring this product outside of the US.
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How To Add Money To The PayPal Cash Card
The amount that you have accessible on your PayPal Cash Card depends on how much money you have in your PayPal account. Luckily, there are several ways to add money to your PayPal Cash Card:
- Direct Deposit: You can set up direct deposit through the PayPal app. You have to enter the name of your employer or the government agency that is paying you. You can then say how much money you want to add from each paycheque and sign and submit the Direct Deposit Form.
- Cheque: You can add money to your PayPal Cash Card by cashing a cheque with the PayPal app. You just have to open the app, take a photo of both sides of the signed cheque, and specify when you want to receive your money.
- Bank Transfer: First, you have to connect your bank account to your PayPal account. Once you do, you can choose to withdraw money from your bank account and transfer it to your PayPal account.
- Digitize Cash: You can add money to your PayPal Cash Card by going to one of over 100,000 participating stores across the US. You open the PayPal app and pick the store you’re at. You then get a barcode that you show at the checkout corresponding to how much money you want to add to your account.
Need to send money overseas? Check out these international money transfer services.
PayPal Cash Card Features
The PayPal Cash Card has many features that make it a good option for your wallet:
- Contactless Payments: You can tap your card just like you would a credit or debit card.
- ATM Access: You can withdraw cash from any ATM, and don’t have to pay a ATM fee if you withdraw from one of over 32,000 MoneyPass ATMs.
- No Monthly Fee: There is no monthly fee for having a PayPal Cash Card.
- Lock Your Card: If your card is lost, you can temporarily lock it from being used until you find it.
- Mastercard Zero Liability: Provided that you have a history of keeping your card safe and have quickly reported any loss, theft, or fraudulent activity to PayPal, you won’t be responsible for any unauthorized transactions made with your PayPal Cash Card.
- Digitize Your Cash: You can add cash to your PayPal Cash Card at over 100,000 locations across the US.
- PayPal App: The PayPal app acts a lot like a traditional bank app. You can track the balance on your PayPal Cash Card and any transactions you make in real-time through the PayPal app. This app lets you transfer money into and off of your card, including between your bank and PayPal.
Are There Any Fees Associated With The PayPal Cash Card?
There are no monthly fees and no fees for US transactions with the PayPal Cash Card. It doesn’t cost anything to add cash to your PayPal Cash Card unless you add it at the register of a retail location that accepts the PayPal Cash Card. In that case, it costs $4.95. But there are a few additional fees you should be aware of.
- MoneyPass ATM Fee: MoneyPass ATMs are the ATMs in the PayPal ATM network. It doesn’t cost anything to make a withdrawal from a MoneyPass ATM.
- Non-MoneyPass ATM Fee: It costs $2.50 to make a withdrawal from an ATM not in PayPal’s ATM network.
- Foreign Transaction Fees: There is a charge of $2.50 for any foreign transactions you make with your PayPal Cash Card.
- Mobile Cheque Cashing: You can choose to get your funds on the same day you cash the cheque or in 10 days. If you want your funds on the same day, it costs either 1% or 5% of the cheque’s value with a minimum fee of $5. If you can wait for 10 days, there is no fee associated with cashing the cheque.
|Cost (US Dollars)
|US Transaction Fees
|Loading Cash Using Your PayPal Cash Card
$4.95 if adding cash at the register
|MoneyPass ATM Fee
|Non-MoneyPass ATM Fee
|Foreign Transaction Fees
|Mobile Cheque Cashing
|$0 for 10-day cheque cashing
Minimum $5 for same-day cheque cashing
Drawbacks Of The PayPal Cash Card
As flexible as the PayPal Cash Card is, it has its drawbacks.
- Reload Fees: While there are no fees to add cash via direct deposit or via bank transfer, it costs $4.95 to add cash at the register. If you reload your card by cashing a cheque, it can cost 1% or 5% (with a minimum $5 fee) if you want your funds the same day.
- Withdrawal Fees and Limits: Besides fees charged by the bank that owns an ATM, it costs a fee to withdraw money from an ATM outside the MoneyPass network. You can also only withdraw a certain amount of money from an ATM each day.
- Purchase Limits: There is a certain limit of how much you can spend with your PayPal Cash Card in one day.
- Lower Protection: Money held by a bank is protected by overdraft and government insurance programs. PayPal is not a bank so any balances on your PayPal Cash Card are not protected like funds held by a bank.
How To Get A PayPal Cash Card
To get a PayPal Cash Card, you need to sign up for a PayPal Cash Plus account. You can only get this account if you live in the US and have a US bank account. Once you have a PayPal Cash Plus account, you sign in to your account and click “Personal” in the top navigation bar. You then click “PayPal Credit & Cards” from the menu that pops up. Next, find the PayPal Cash MasterCard and click “Get the Card”. You will be given an option to request the card. Finally, you have to submit your name and billing address before you can submit your application.
There is no credit check associated with getting a PayPal Cash Card because it is a debit card.
Eligibility For The PayPal Cash Card
To get a PayPal Cash Card, you need:
- To be at least 18 years old
- To be a US citizen or permanent resident
- To have a US residential address
- To have a valid Social Security Number
PayPal Cash Card FAQs
Is the PayPal Cash Card available in Canada?
Is the PayPal Cash Card free?
What is the PayPal Cash Card?
Is there a PayPal Cash Card app?
How long does it take to get a PayPal Cash Card?
The PayPal Cash Card links the money in your PayPal account to the real world. It acts as a debit card, so you can purchase items, move money to and from your account, and withdraw money from an ATM. Although this card is not currently available in Canada, it’s possible that PayPal will expand its reach in the future.