Link A Bank Account to Your PayPal Account

Feb 20 2020 | PayPal editorial staff

Linking a bank account allows you to withdraw money you receive. 
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So you’ve signed up for your PayPal account and may have linked your credit or debit card to skip the hassle of typing your financial details each time you pay online. With PayPal, you can also add a bank account to withdraw any funds sent to your account.  

Linking Your Bank Account 

Step 1: Link a new bank account 


To start linking a new bank account, look for Wallet on the top bar, which brings you to an overview of your current PayPal balance, as well as linked credit or debit cards. Simply click on Link a bank account to start the process. 

Step 2: Add in your bank account details


We’ll need to know the country/region of your bank, and details such as the bank name, bank code, branch location, branch code, and your account number. Double check that the names on your bank account and PayPal account match to prevent paying a fee for returned withdrawals. 
 
Tip: Remember to look out for the “secure” lock on the top right edge of the page to make sure you’re on the right page.

Step 3: Confirm Your Bank Account 


Once you’ve done that, we’ll send you an email to notify you of two small deposits (between $0.01 and $0.99 HKD) made to your bank account.  

These should show in your bank account within 2-3 working days. Once you’ve received them, click on the link in the email to enter the deposit amounts for verification on the PayPal website.  

And that’s it, you’re done! You can now use your account to pay for your online purchases, and withdraw PayPal funds to your bank account in full.  

Topping up your PayPal balance 

Having your bank account linked also allows you to transfer funds into your PayPal account, so you’ll have another way to pay securely online 


All you have to do is look for Top up after logging in to PayPal dashboard to download PayPal’s designated bank account information. Then you can transfer the funds from your online banking or bank branch. You should see the funds in your PayPal account within 3-6 days. We’ll also send you an email to confirm the top up. 

Withdrawing payments to your bank account

To withdraw funds from your PayPal balance to your bank account, simply go to the same payment dashboardclick Withdraw money on the left of the page, enter the amount you wish to withdraw and click Continue. Once you’ve done that, review the details before clicking Withdraw.

Adding a credit or debit card to pay, and withdrawing funds you receive, are just examples of the many ways you can use your PayPal account. You can find out more on how to make the best out of your account, or simply start shopping now

The contents of this site are provided for informational purposes only. You should always obtain independent, professional accounting, financial, and legal advice before making any business decision.

Frequently asked questions.

All US payment processors, including PayPal, are required by the Internal Revenue Service(IRS) to provide information to the IRS about certain customers who receive payments for the sale of goods or services through PayPal. Form 1099-K and B-Notice are tax forms which are applicable to holders of accounts both within and outside the United States since it pertains to income reporting for US persons/entities.

FATCA affects account holders that are outside the United States, and it requires PayPal to collect tax documents or certifications from account holders stating whether they are US persons. This includes, but is not limited to, business entities, and some individuals that open accounts outside the United States.

Tax Form 1099-K Tips:
  • If you feel there is a discrepancy in your tax Form 1099-K, please review your reconciliation report and provide us with the transaction ID(s) in question and the justification for why the transaction is being disputed. Click Contact us at the bottom of any page to call or email us.
You can also view these additional support articles:
B-Notice Tips:
  • If there are any discrepancies with your tax identification number and legal name that was used by PayPal for tax Form 1099-K reporting filing with the IRS, you may receive an IRS B-Notice.
  • The B-Notice mailing will provide you with all of the additional information we need from you. You need to take these action if you've received a B-Notice.
  • View our tax information page for more information.
  • Fully complete and sign the relevant form and upload it by logging into your PayPal account and following the Notification prompts.

FATCA Tips:
  • Only impactful for account holders outside of the United States.
  • PayPal must collect documentation such as certification of non-US status and either a tax Form W-9 for US persons or entities that are subject to US tax, or a tax Form W8BEN/W8BEN-E for non-US persons or entities that are not subject to US tax withholding and reporting.
  • Most business users who need to provide the requested information will be able to do so by logging into their PayPal account and following the Notification prompts.
You can also view these additional support articles:
You can find more tax related information on the PayPal IRS tax website.

You’ll know if an email is from PayPal when:

  • You see your name or your business name in the email subject line or the email body. We always address you by your full name or your business name as registered on your PayPal account. We’ll never use generic greetings like "Dear user" or "Hello PayPal member".
  • We’ll never ask you to include your financial information, your password, or the answer to your PayPal security questions in your emails to us.
  • We’ll never attach any software updates in our emails and ask you to install it to your devices.

If you receive an email notification about your transaction, always log in to your PayPal account and go to the Activity page to confirm the details of the transaction. Don’t provide any information without prior checking your PayPal account.

If you think you’ve received a suspicious email, don’t edit the contents or subject line. Please forward the original email to us at spoof@paypal.com and delete it from your inbox right away. 

Learn more about PayPal online security for Hong Kong users.

All U.S. payment processors, including PayPal, are required by the U.S. Internal Revenue Service (IRS) to provide information to the IRS regarding account holders who receive payments for the sale of goods or services.

In order for PayPal to satisfy its information reporting obligations under IRS rules and regulations, we require that PayPal account holders globally (including Hong Kong) who approach the applicable thresholds ($20,000 USD and 200 transactions) set by the IRS verify their U.S. tax status either by completing a certificate of foreign status or providing a U.S. taxpayer identification number (TIN).

Providing your taxpayer status

When applicable, you'll be notified by email and an alert notification to visit the "confirm your U.S. taxpayer status" dashboard and answer the questions to complete a certificate of foreign status. Here's how to provide your taxpayer status:
  1. When prompted, log in to your PayPal account.
  2. Click on the notifications icon.
  3. Follow the instructions provided.  

You should read and review the certification or form before signing it with either your electronic signature or written signature. False statements may lead to penalties under applicable law. If you have any questions or concerns regarding the form, please consult your tax advisor.

You can find more U.S. tax related information on the PayPal IRS tax website.
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The contents of this site are provided for informational purposes only. The information in this article does not constitute legal, financial, IT, business or investment advice of any kind and is not a substitute for any professional advice. You should always obtain independent, professional accounting, financial, IT and legal advice before making any business decision.