Is It Safe To Save Money To Virtual Accounts?

Discussion in Savings & Investments Plans started by Jasmin Cottontail • Oct 19, 2016.

  1. Jasmin Cottontail

    Jasmin CottontailActive Member

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    I was just wondering if it's safe to save money to virtual accounts like Paypal or other similar virtual accounts? I've been working as a freelancer and most of my funds are in PayPal, though I usually transfer it to my bank account. However, there are times that I just keep the funds there to prevent from overspending especially once all my funds are in my bank account. So I just wanted to know if you think it is safe to keep funds on your virtual accounts?
     
  2. biege

    biegeActive Member

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    Paypal has been there for almost 18 year now and they are still considered to be the best online money wallet both for big and small businesses and individuals. Paypal also have good customer service support, so if something bad happened, but hopefully not (knock on wood), they'll help you out clear the issues. The best thing to do to minimize or avoid problems when it comes to security is to learn how to manage your account properly by regularly changing your passwords, and if possible, diversify your accounts by making multiple accounts (not just with Paypal) and don't just put everything in one. Just to share, I have an account with Coins.ph, and I use their platform to store some of my bitcoins and cash. It's quite new, but it's ok since it's being monitored by BIR and BSP.
     
  3. Vinicius Souza

    Vinicius SouzaMember

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    Paypal is a trustworthy service. I frequently use paypal to transfer my money from freelance jobs for my bank account.
    If you work with internacional currency like Euro, I reccomend to transfer money for your bank account when the euro to reach high values.. I do this and maximize my earnings.
     
  4. ptahm22

    ptahm22Active Member

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    It depends with the virtual account you want to save your money. In every ten genuine sites there is one that is a scam. PayPal is the best if you want to save in virtual accounts, but when there are other sites to choose from, you should do a thorough search on their services and ratings.
     
  5. Binu

    BinuActive Member

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    Unless you are dealing with fraudulent transactions it is safe to store money on your virtual account. I have stored money on my paypal, payza, coinbase, and skrill account since a long time and I never have had any issues. When I send money to friends and family I use my virtual account. I also use virtual account to receive money.
     
  6. Decentlady

    DecentladyActive Member

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    I am using PayPal for almost 8 months now without any complaints. Their services are very convinient however, I would never feel safe to keep my cash/savings hanging in air. I rather have it in my secured bank account.

    Anything can happen online at any time. It is better to be safe than sorry. Savings should have an advantage after all. You may choose to fix deposit incase you are worried about overspending.
     
  7. Belovedad

    BelovedadActive Member

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    I think it's pretty safe if it's a reputable company like PayPal. I have been using them for almost 10 years if not more and I have never had problems with my money in there. Sure, I have problems with the people that use PayPal as a medium but not with the site itself or as you say the virtual account.