Tool of the Week: PayPal

"Every Time I see a bunch of checks taped to the fridge, I just roll my eyes." -William S. (Roommate)

Just make sure you select the "Personal Tab" to avoid fees!

You've probably heard of PayPal, maybe you even have an account to buy stuff off of ebay or other online retailers.  But I think the most awesome feature of PayPal is how easy it is to transfer money to and from people you know (Without any fees!).

Just click "send money" and make sure you select "Personal" under transaction type. The transaction will be fee-free!

My roommates and I use PayPal on a monthly basis to transfer money for bills and rent. Plus, if you need to split a dinner check instead of splitting a bill over multiple credit cards, you can pay the bill on one and immediately send what you owe via PayPal's smartphone app.

PayPal makes going to a cashless, cheque-less world all the more easy. My parents have even started giving me my christmas money on PayPal!  I can immediately transfer money to and from my bank account for free, soI don't have to worry about not being able to find an ATM machine or bank to deposit checks when I'm out of town.

What else do people think is useful about PayPal?

Update: Thanks for the Tip Andrew!, You can use the PayPal app to deposit checks straight from your smartphone! Awesome!

  • Travis

    Billmonk also rocks for splitting things like rent/utilities/meals/etc with roommates.

    Billmonk + Paypal = No more money hassles. Except the hassle of being a poor student without any money....

    • Nice. That looks useful! At my house, we just have a google doc spreadsheet.

  • The best part - you can deposit checks into PayPal by scanning them using the iPhone app.

    • Holy Cow! I had no idea... But I just tried this! Awesome, one less errand to run today!!