PayPal Money Pools is a free and simple way to collect and keep track of your money for shared expenses with family and friends via PayPal account.

With Money Pools, PayPal users can now collect money for a vacation, group gift, or regular shared expenses like utilities.

Simply create a Money Pool and share the link between friends and family who use PayPal.

This effective way of sharing expenses will provide the millions of PayPal customers a more personalised and organised method to manage shared payments.

No more burdens of having to front the money or chase people to pay you back – Money Pools will take that hassle away for good.

So how does it work exactly? It can be broken down like this…

Create: A PayPal account on the web or app, users will just have to be a PayPal member (which who isn’t these days, lets be real).

Personalise: once you have your account, you can personalise the pool with details on what they are collecting for, the monetary goal and when they will need the funds. Customise by adding a cover photo and selecting whether names and contribution amounts.

Share: a special link is created that can be shared amongst family and friends via text, email, Facebook or Twitter to start collecting.

Spend: All contributions and activity is tracked and directly travels to the pool’s creators PayPal account to spend when ready.

For more information about Money Pools visit PayPal online.