How Sri Lankans Can Register For PayPal – 10 Questions Answered

Sri Lanka today marked a major step forward in digital payments as the global payment service PayPal was officially launched in the country.

The move, which had long been awaited, is expected to fill a major gap in Sri Lanka’s financial sector. It will make international online transactions more accessible and convenient for Sri Lankan users. Freelancers, entrepreneurs, online businesses, start-ups, and digital service providers are expected to be among the main beneficiaries.

PayPal services in Sri Lanka will be facilitated through Sampath Bank, Bank of Ceylon, and Commercial Bank, which are among the country’s leading financial institutions.

However, PayPal stated that in order to receive and withdraw funds in Sri Lanka, users must link their PayPal accounts to a local partner bank.

The company has also provided answers to 10 key questions regarding the service and its future operations in Sri Lanka.

Q&A With Paypal

Why do I need to link my PayPal account with my local bank account?

In Sri Lanka, PayPal services such as withdrawals and receiving payments are provided in partnership with a licensed local provider. Linking your PayPal account to your local bank account enables you to use these services securely.

2) Can one PayPal account be linked to multiple different partner banks/wallets?

Yes, one PayPal account can be linked to multiple different partner banks/wallets.

The PayPal account needs to only be linked with at least one local partner bank/wallet to start receiving money. However, to be able to withdraw from multiple partners, the PayPal account needs to be linked to the multiple partners.

3.) I am having difficulty linking my PayPal account with my local bank account. How can I get help?

Please contact your local bank customer’s support for help in investigating and resolving the account linking issue.

PayPal is unable to contact the local bank on your behalf as sensitive personal information may be requested by your local bank to assist with the issue.

4.) I can’t seem to receive money with my PayPal account. What might be the reason?

Please ensure that your PayPal account is successfully linked to an eligible local bank partner, in order to receive money with PayPal. Without linking, incoming payments would not be successful. Note that only receiving cross-border payments are supported—meaning customers in Sri Lanka can receive money from PayPal customers from abroad but not locally.

5.) What types of PayPal accounts can receive money in these markets?

Personal PayPal accounts can be used to receive money for good and services and invoicing. Business PayPal accounts can be used to receive money for goods and services, PayPal checkout, and invoicing.

6.) How can I withdraw the money I received into my PayPal account?

You can initiate the withdrawal from the local partner bank account’s platform. Simply look for PayPal when you’re logged into your local bank account and follow the steps to complete the withdrawal.

7.) What are the fees associated with the services, including to receive and withdraw money?

Please refer to the PayPal fees page (for consumer) and PayPal fees page (for business) for the applicable fees for receiving money. The withdrawal fees are subject to respective local bank-defined fees—so please refer to your local bank for information.

8.) How can I create and send an invoice with PayPal?

From the PayPal personal account homepage, navigate to “Send and Request” > “Send an invoice”. From the PayPal business account homepage, navigate to “Pay & Get Paid” > “Get Paid” > “Create an Invoice”.

Then, follow the instructions to create the invoice. Review that all information is correct, then click on “Send”. Your PayPal account must be linked to an authorized partner bank account for the invoice payment to be successful. Note that only payors from abroad are supported, and domestic payments to Sri Lanka PayPal user are not supported.

9) How can I get paid with PayPal Checkout?

From the PayPal business account homepage, navigate to “Business Tools” > “Accept Payments” > “Online Checkout” > “Get Started”.

Your PayPal account must be linked to an authorized partner bank account for the invoice payment to be successful. Note that only payors from abroad are supported, and domestic payments to Sri Lanka PayPal user are not supported.

10.) How can customer get receive money for goods and services (P2P G&S)?

From the PayPal personal account homepage, navigate to “Send and Request” > “Request”. From the PayPal business account homepage, navigate to “Pay & Get Paid” > “Accept Payments” > “Request Money”.

Then, follow the instructions to enter the information for the money request. Review that all information is correct, then click on “Request Now”. Your PayPal account must be linked to an authorized partner bank account for the requested payment to be successful. Note that only payors from abroad are supported, and domestic payments to Sri Lanka PayPal user are not supported.