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.

You have the right to request that your data is deleted. PayPal will delete your personal data if it’s lawful for us to do so.  

Contact us to submit your request. We can only accept erasure requests from the owner of that data, or to a party authorized by the account holder.  

As part of any request to erase data, we’ll conduct reasonable ID and verification checks to make sure you’re the account holder. We can usually authenticate you when you log into your account but reserve the right to disallow access to data if we’re unable to verify your identity, if there’s a conflicting legal obligation, or if doing so would put PayPal or other parties at risk. To ensure the security of your personal data, in these very specific and infrequent cases, we’ll conduct reasonable ID and verification checks as part of any request to access data to make sure you’re the account holder.  

As a licensed financial services provider, PayPal is required by law to retain financial transaction information of our customers for a certain time, within which, data may not be erased. 

We retain data to comply with the law, prevent fraud, collect any fees owed, resolve disputes, troubleshoot problems, assist with any investigations, enforce a site’s terms and conditions, protect PayPal from legal risks and take other actions otherwise permitted by law in the countries where we operate. 

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.
We continuously work to disable fake or “spoof” communication including emails, websites, and text messages. We review all submissions sent to us, and work with law enforcement around the world to stop online criminals. 

When you aren't sure if you can trust a communication claiming to be from PayPal, check to see if the message does any of the following: 

Uses impersonal, generic greetings, such as “Dear user” or “Dear [your email address].”
Emails from PayPal will always address you by your first and last names or by your business name. We never say things like "Dear user" or "Hello PayPal member.”

Asks you to click on links that take you to a fake website.
Always check links in an email before you click them. A link could look perfectly secure like www.paypal.com/SpecialOffers. Make sure to move your mouse over the link to see the true destination. If you aren’t certain, don’t click on the link.

Contains unknown attachments.
Only open an attachment if you're sure its legitimate and secure. Be particularly cautious of invoices from companies and contractors you're not familiar with. Some attachments contain viruses that install themselves when opened.

Conveys a false sense of urgency.
Phishing emails are often alarmist, warning you to update your account immediately. They're hoping you'll fall for their sense of urgency and ignore warning signs that the email is fake. If there’s an urgent need for you to complete something on your account, you can find this information by logging into PayPal. 

The following are common scams where fraudsters use spoofed emails. When in doubt, always log in to PayPal and view the Resolution Center for any notifications.
 
"Your account is about to be suspended."
Many fraudsters send spoofed emails warning you that your account is about to be suspended. The email will ask you to enter your password in a (spoofed) webpage. We’ll only ask you to enter your password on our login page. 

"You've received a payment."
Some fraudsters try to trick you in to thinking you've received a payment for an order. They want what you're selling for free. Before you ship anything, log in to PayPal and check that actually you received a payment. We'll never ask you to share a tracking number by email. If you received a payment, you’ll always see it in your PayPal activity.​

"You’ve been paid too much."
Fraudsters may try to convince you that they overpaid for an item. For example, they’ll send an email that says they’ve paid you 500.00 USD for a camera you listed at 300.00 USD. The sender asks you to ship the camera in addition to the extra 200.00 USD you were “paid” by mistake. The fraudster wants your camera AND your money but hasn’t actually paid you at all.

Before sending anything, log in to PayPal and check that you received a payment.
 

Reporting Suspicious Communication 

Emails/Websites
Phishing emails often lead you to fake websites to steal your private, sensitive data. These websites could look unusual or they could appear genuine but have a suspicious URL.

If you receive a suspicious email or website link: 
  1. Don’t click on any links inside of the email or in the website, and don’t download any attachments.
  2. Don’t enter any information.
  3. Don’t change the subject line and don’t forward the message as an attachment.
  4. Forward the email and/or website to spoof@paypal.com.
  5. Delete the email from your inbox.
SMS/Text Message
If you receive a text message with a link inviting you to visit a website:
  1. Don’t click on any links inside of the SMS text message.
  2. Screenshot the message.
  3. Make sure that the message shows the full telephone number.
  4. Email the screenshot to spoof@paypal.com.
Telephone Call
If you receive a suspicious telephone call:
  1. Take a screenshot of your phone log showing the telephone number
  2. Email the screenshot to spoof@paypal.com.
  3. Include details of the telephone call, including what the caller stated or asked from you.
If the caller left a voicemail, and you’re able to view a transcript on your mobile device, include a screenshot of it in your email.

When you send an email to spoof@paypal.com, you’ll receive an automatic email letting you know we received it.

Safeguarding Your Account

If you shared financial or personal information, or entered personal information on a fake website:
  • Change your PayPal password and security questions immediately.
  • Contact your bank and credit or debit card issuer and let them know what happened.
  • Review your recent PayPal activity to make sure you authorized all the payments.
  • Report any unauthorized payments in the Resolution Center. Remember, you’re 100% protected against unauthorized payments sent from your account.
We’ve put together some useful information on phishing and identity theft for you. To locate it, click Security on the bottom of any PayPal page.

PayPal Seller Protection helps protect sellers in the event a buyer lodges a claim that the payment was unauthorized, or a buyer lodges a chargeback with their card issuer claiming they did not receive the item. Unless already available in your market, for all transactions made on or after 13 April 2020, Seller Protection will be extended to intangible items such as travel, ticketing services and digital goods. With PayPal Seller Protection, you may be protected for the full amount of all eligible transactions.
 
Below are some of the main requirements you need to meet to benefit from Seller Protection:

  • The transaction must be marked as eligible or partially eligible for Seller Protection on your Account Transaction Details page.
  • Your account must be in good standing.
  • You must respond to our requests for documentation and other information within the required timeframe. 
For physical goods:
  • You must ship the item to the address on the Transaction Details page.
  • You must provide proof of shipment, proof of delivery, or signed delivery confirmation where applicable. 
For intangible or digital goods: 
  • You must provide provide compelling evidence that the intangible item or digital good was delivered or provided as described, or that the service was completed as described. Compelling evidence can include any evidence available to prove that your buyer received the goods or services or benefited from the transaction.
  • You must comply with any terms and conditions that apply to the purchase.
  • You must comply with all technical integration requirements that were specifically notified to you by PayPa
Seller Protection will not apply to:
  • Claims or Chargebacks submitted on the basis the item was ‘Significantly Not as Described’
  • Items that you deliver in person, including at a retail point of sale
  • Items equivalent to cash, including but not limited to gift cards
  • Donations
  • Financial products or investments of any kind
  • A payment sent using PayPal’s friends and family functionality
  • A payment made using PayPal’s Account Optional (or Guest) Checkout, PayPal Payouts, Mass Pay, PayPal Direct Payments, Website Payments Pro or Virtual Terminal Payments, PayPal Business Payments and PayPal Here
  • For shipped items, any item that is not shipped to the recipient's shipping address on the Transaction Details Page. We recommend that you do not use a shipping service arranged by the buyer, so that you will be able to provide valid proof of shipping and delivery.

There are no limits or caps associated with Seller Protection. However, PayPal reserves the right to withdraw Seller Protection if the Seller abuses the privileges offered. In the event of withdrawing Seller Protection, PayPal will communicate the same before taking any action.
 
For full eligibility requirements, see the full Seller Protection Policy terms in the PayPal User Agreement, but please note that we will not update the User Agreement immediately when making this change. 
 
Depending on when you view the User Agreement it may still indicate that intangible items services and digital goods are ineligible, which will no longer be correct, however all other exclusions will remain in effect.

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.