Unverified Paypal vs Verified Paypal

[alexanderzx360]

I have a verified Paypal account and a friend of mine has one unverified and I was wondering what are really the differences about having one verified or not, he can still send me and receive money from me and the only thing that he can't do at the moment is paying at some specific online stores (there are some that do accept his payment).

Thanks!

 

[Tania997]

You can receive and send payments on an unverified PayPal account, as you probably already know. You will have a monthly limit on withdrawing to your bank account and receiving money too, so it is best to confirm it. The procedure is very easy and fast, it will take no longer than 2 days.

 

[alexanderzx360]

You can receive and send payments on an unverified PayPal account, as you probably already know. You will have a monthly limit on withdrawing to your bank account and receiving money too, so it is best to confirm it. The procedure is very easy and fast, it will take no longer than 2 days.

Thanks for the answer! This supposed limit the account could have, is it any specified amount?

Cheers!

 

[PenguinManiac]

The yearly withdraw limit is probably the biggest downside to having an unverified account. Don't quote me on that, but I remember it being around 1900£ in the UK, so that's probably equal to 2000$.
Besides, some websites won't accept your PayPal account as payment unless it's verified. I've seen this on many freelancing websites, since identity verification is an important deal.
If you're only using it occasionally, though, you probably won't need verification nor run into their maximum threshold anytime soon.

 

[vinaya]

You can use paypal even though it may not be verified. Unverified accounts have limitation, for instance there is a limitation on how much money you can send or receive. Some companies do not accept payments from unverified account, this is another drawback of unverified account. Verifying paypal account establishes the legitimacy of your account.