Link A Bank Account to Your PayPal Account

Sep 05 2019 | 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.

Since you receive payments for goods or services through PayPal, we are required to submit a tax Form 1099K to the IRS when the payments you receive meet the reporting thresholds set by the IRS. Recently, the U.S. Internal Revenue Service (IRS) identified a mismatch on your between the legal name and taxpayer identification number (TIN) in the IRS's records.  As a result of this mismatch, you received a B-Notice.

Because we complete the required information on the Form 1099-K using the information that you supply to us through your PayPal account, we need you to take action on your account.

The B-Notice we sent provides the additional information we need from you. You have received either a 1st B-Notice or a 2nd B-Notice.
  • If you received a 1st B-Notice (which happens the first year that the IRS identifies a mismatch in tax identification number/legal name), log in to your PayPal account and click Notification (bell icon) to provide the necessary information. Note: You may be required to download and fill out a tax Form W-9.
  • If you received a 2nd B-Notice (which happens the second consecutive year that the IRS identifies a mismatch in tax identification number/legal name), please  provide either a copy of your Social Security Card (individuals or sole proprietors) or a US IRS tax Letter 147C (entities). Log in to your PayPal account, and go to the Resolution Centre to upload the document.
Note: The IRS does not have an online solution for requesting a tax Letter 147C; the IRS will mail or fax the letter to you. To contact the IRS for a Letter 147C you should call the IRS's Business and specialty Tax line at 1-800-829-4933 between 7am and 7pm, local time, Monday through Friday. Requesting a faxed copy may be the quickest manner to get a copy of the tax Letter 147C. You can visit our tax information site for more information.

Please note that the information or relevant tax Form needs to be processed by PayPal before the deadline mentioned on the B-Notice in order to prevent your account from becoming further limited.  

Note:
  • If you have multiple PayPal accounts, you may need to verify that your tax identification number is accurate for each account.
  • Please make sure all pages of the document are included and signed if applicable prior to logging in to your PayPal account and uploading the document. You may also send documents to:
Tax Operations
PayPal
PO Box 45950
Omaha, NE 68145
U.S.A.
Thanks for the information you’ve provided to help resolve your outstanding account issues. We've reviewed what you provided, but still need some additional information about your account before we can complete our review.

The list of requested steps to complete our review are located in the email we've sent, as well as in the Resolution Centre. If something you provided previously was unreadable, we may ask you to resend it. When the lifting requirements have been completed, we'll review your account and contact you within three business days by phone or email.

You can find tips about buying and selling safely on our Security page.
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.
If you've already confirmed a credit or debit card
If you’ve already added and confirmed a card on your PayPal Hong Kong account, your account should be verified now and ready for use. You don’t need to wait for the 2 small deposits to confirm this bank account. 

If you haven't confirmed any card or bank account
If this bank account is the only financial information on your PayPal account, please wait for 5 business days for the 2 small deposits to appear in your bank account. You can check your online statement or contact your bank directly to find out the exact amounts of these deposits.

After you receive the 2 small deposits, you can complete the bank account confirmation.

If you only receive one deposit, please contact us with that amount and we can help you confirm your account.