You can receive money immediately once you've created an account. You need to give PayPal a source for funds before you can shop online or send money to anyone. You can also set up PayPal so you can use it with your mobile phone, and you can verify your account if you want to spend more money than the initial PayPal spending limit.
Fund Your PayPal Account
PayPal gets money from you to send to a recipient in one of three ways:
Deducting the funds from your PayPal account, if you have a large enough balance.
Deducting the funds from the bank account you linked to your PayPal account.
Charging the credit card you linked to your PayPal account.
Link a Credit Card to Your PayPal Account
Using a credit card may provide extra purchase protection, as your money should be protected by your credit card company as well as PayPal.
Now you're set up for PayPal Mobile! You can either text funds, or send money via a mobile login.
Verify Your PayPal Account
You can verify your PayPal account by applying for a PayPal credit card or entering a bank account number. Verification confirms your identity on PayPal and makes it easier to use PayPal online.