How Can I Create a Money Pool at PayPal and How Does It Work?

Money Pools are an easy and fast way to collect money with friends. Whether you need to raise money for a holiday, a group gift, or for regular shared expenses, just create a Money Pool and share it with your friends and family.  Money Pools are available to personal account holders, and where available, for premiere account holders. At this time, Money Pools are not available for Business account holders in Canada

• Your friends can chip in seconds. If they don’t have a PayPal account, they can set up one in minutes – sign upis free and easy!
• To create a Money Pool you’ll need a PayPal account, so if you don’t have one yet, sign upis easy and free.
• Log in to your account and look for the Money Pools module on your Summary page.
• Next click Create a Pool.
• Now fFollow the instructions provided.
• Creating and running a Money Pool is free of charge. PayPal doesn’t charge a fee to open a PayPal account.
• You can access and manage your Money Pools directly from your mobile device with PayPal App

You dont need a bank account, debit card, or credit card to set up Money Pool. You only need a PayPal Personal account. If you want to transfer the money you receive, just add a bank account to your PayPal account.

How to contribute to Money Pool?

Contributing to a Money Pool is easy. Just click the Chip In button on the Money Pool page.

Your contribution will be sent in the default currency of the organizer.  If you’re contributing in a different currency, you may be charged a currency conversion fee. Your contribution, name and picture (if applicable) will be added to the list of contributors on the Money Pool page.  You consent to have your details displayed when you contribute, unless you choose to be anonymous by checking the appropriate box when you chip in. Only the organizer will be able to see your full details. Make sure you know the person that you are sending the payment to.

Note that you’re responsible for spending the money collected for the purpose set out in your Money Pools page. Once your Money Pool reaches its end date it will close and contributions can no longer be accepted. However, you may extend your Money Pool’s end date at any time before the end date is reached.

To extend a Money Pool

• Log in to your PayPal account, click on Details in the Money Pools module.
• Select the Pool you’d like to extend.
• Click Manage Pool.
• Click Edit Pool.
• Find End date and click Edit.
• Set a new date and click Save.

To end a Money Pool

• Log in to your PayPal account, click on Details in the Money Pools module.
• Select the Pool you’d like to end.
• Click Manage Pool.
• Click Edit Pool.
• Find End date and click Edit.
• Click End Pool Now. From this point, nobody will be able to contribute to your pool.

After you end your Money Pool you will no longer be able to accept contributions. You will still be able see all the contributions but will no longer be able to edit it. To transfer the money, click the transfer button.

You cannot use a money pool to collect money from customers.  But Money Pools are used to collect money from friends and family. Contributions you receive through your Money Pool are considered personal payments and are not eligible for PayPal Buyer Protection and all contributions taken must be in line with the PayPal User Agreement and Acceptable Use Policy.

If you want to get paid for items or services you sell, then you can set up a PayPal.Me link.

All the money you collect with a Money Pool goes to your Money Pool’s balance. You can transfer it at any time to your PayPal account balance. From there you can transfer to a bank account or spend it online at any of the millions of sellers that accept PayPal. Please note that PayPal is not responsible for ensuring that money collected is spent according to the purpose set out in a Money Pool.

You can transfer money you’ve collected to your PayPal account balance at any time. From there you can transfer it directly into your linked bank account.

• Click Details in the Money Pools module.
• Select the Pool you’d like to transfer from.
• Click Manage Pool.
• Click Transfer Money.

PayPal may apply a hold or reserve to a Money Pool balance if necessary to ensure the secure use of PayPal by both the organizer of a Money Pool and its contributors.

To refund your contributors:

• Click Activity near the top of the page.
• Click on the Refund button next to the appropriate transaction.

Because the money is sent from your balance, neither of you will pay a fee.  It’s your responsibility to coordinate and resolve disputes with contributors and PayPal does not arbitrate these disputes.

Remember your Money Pool is visible to anyone who has the link, i.e. anyone you or your friends have shared it with. No one will be able to find your Money Pool via a search engine. If you choose to display your contributor details, your incoming transactions will be visible to anyone who visits the Money Pool. Can you and your friends play real money slots with money pool?