Comment by seydor
In europe, Paypal Sarl is a bank subject to bank regulations
In europe, Paypal Sarl is a bank subject to bank regulations
It isn’t subject to the EU statutory deposit insurance, however.
Edit: The above means that deposits on your PayPal account aren’t insured, different from regular bank accounts in the EU. This is a frequently emphasized caveat regarding the use of PayPal as a bank account in the EU.
You'd be surprised. A lot of sellers don't "cash out" from paypal all that often, letting tens of thousands pile up. (And inevitably, some of them get hit with arbitrary account closures and have that money seized)
In that case it isn’t, but this thread is specifically about holding money in PayPal: https://news.ycombinator.com/item?id=45250598
My point is that one doesn’t get all the protections normally taken for granted for EU bank accounts.
Good point. I should have clarified that I'm referring specifically to PayPal in the US, which themselves state that "PayPal is not a bank, does not take deposits and is not FDIC insured".
https://www.paypal.com/us/legalhub/paypal/program-banks-tnc