Benefits of Linking Your Bank Account to Paypal

Discussion in Bank Accounts started by vida_llevares • Jan 27, 2013.

  1. vida_llevares

    vida_llevaresActive Member

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    Hi.

    Is it really advisable to link my bank account to Paypal? Can I still make Paypal transactions even when I didn't link my bank account to it?
     
  2. thenextGeek

    thenextGeekActive Member

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    You need a bank account to withdraw money from your PayPal. If you are only thinking of using your PayPal money for online purchases then it is okay for you not to link a bank account to your PayPal account. However, if you are thinking of withdrawing money then you absolutely need a linked bank account to your PayPal.
     
  3. pafjlh

    pafjlhActive Member

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    Well actually there is another way to get money out of Paypal there is the Paypal debit card. However, I don't remember when I signed up for it whether it was a prerequisite to have a bank account link to your Paypal account. I do think you need to be verified, and this could be one of the steps of being verified through Paypal. Sorry, I have done this quite a few years back so I can't remember the exact process. What I can tell you is that I did link my bank account to Paypal and I have never had any problems because of this.
     
  4. Bolt

    BoltWell-Known Member

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    My Paypal is linked to my bank account. It's convenient when you are lacking funds in your Paypal account as it will tap into your bank account. The only problem is that Paypal will automatically transfer from your bank when you are overdrawn on Paypal, you don't have a choice.
     
  5. Bloomatic

    BloomaticActive Member

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    This modality has its benefits. There are many online stores that only carry out monetary operations with those Paypal accounts are properly linked to a credit card or a bank account. I only made purchases and for that reason is a step that I still don't see necessary. However, to use all the functions and capabilities of Paypal is a feature that you must have enabled. Users who commented above have been very clear in expressing the utility successfully link a bank account to your online account. Many banks offer special accounts with that exclusive purpose, with multiple alternatives and appropriate to your business needs. :)
     
  6. Parker

    ParkerWell-Known Member

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    I have my PayPal account linked to a checking account. Linking a checking account or credit card verifies your account. You can get funds out of your account with a debit card, but I think you need to verify your account.
     
  7. trishgl

    trishglActive Member

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    I have a savings account linked to my paypal account but it is not my primary account. I don't keep a lot of money in that account because you never know if your paypal might get hacked one of these days. It is however a necessity for me since I work online and my clients pay me through paypal. I need an account linked to it so I can conveniently transfer money from my paypal to my bank account.
     
  8. Sandra Piddock

    Sandra PiddockExpert

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    I linked my bank account to Paypal several years ago, and I have never had any problems. It's convenient for withdrawals, because it gets into the account the same day. I also believe that linking an account gives you access to more features on Paypal. Also, if you want to make a purchase but don't have the funds available in your Paypal balance, they'll automatically debit your bank account. If you do link the accounts, make sure there's always a little spare money in the bank account so you don't go overdrawn.
     
  9. classicnyer

    classicnyerActive Member

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    I've had paypal linked to my account for years now and I've never had any problems with it at all. In fact, I have two accounts linked, and I like that they allow me to choose which account I'm going to fund my paypal account with.
     
  10. skyby7

    skyby7New Member

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    I have linked my chequing account to my PayPal because I sell alot of things online and I receive the money trhough PayPal.

    The only way to claim the money in my PayPal account is to either spend what's in it, or transfer it into my Chequings account.

    I have never had any issues, and PayPal is very secure, aslong as you have a strong password.
     
  11. ACSAPA

    ACSAPAWell-Known Member

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    I like having Paypal connected to my bank accounts because it lets me transfer some to savings for my goals and some to checking for my monthly bills. I feel I can control my money while sitting at my desk and divide it up and send it where it needs to go.
     
  12. jodiann12

    jodiann12Active Member

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    I obviously can't link my bank account to Paypal, because I don't have a U.S. account, but I do have a U.S. debit card, and I link that with my Paypal account so that I can withdraw money from my Paypal account. I did have to go through a verification process though to ensure that I'm the actual cardholder.
     
  13. bonniea

    bonnieaMember

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    The biggest advantage is ease of use. When you need to send or get money you can do so with a few clicks. With no account a check has to be cut and mailed to you. This can take up to 2 weeks. With an account link you can get the money in a day or two. There is very little risk to having your bank account linked to Paypal. Yu still have the same fraud protection etc. as you do with anything else. When I am paying for items though I always pay with a credit card. This is important because a credit card gives you more protection if something goes wrong, than you get from your checking account.
     
  14. SpiralArchitect

    SpiralArchitectActive Member

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    I have my paypal account linked to my bank account and beyond the usual advntage of getting money in your bank account and being able to use it beyond just online shopping, it also helps me because of the currency exchange rates between my country and the US. The money I get in dollars is converted to the local currency and I can buy the same things for cheaper amounts. :D
     
  15. caparica007

    caparica007Banned

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    Quite lucky there Spiral, the same happens to me, but in a reversed way, my dollars are converted to euros and they worth less. I am always expecting for the dollar to go up... :)

    About the benefits of linking the bank account to the paypal account, it's mostly about convenience as stated, you can transfer the money to your account, otherwise you would have to spend that money directly from paypal.
     
  16. Ricardo187

    Ricardo187New Member

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    Hello. I find it very important to link your bank account to your paypal account. Not only because of verified status but also because you could send money from your paypal account to yout bank account and vice-versa. It is safe aswell, so why not?
     
  17. MyDigitalpoint

    MyDigitalpointActive Member

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    When I first linked my bank account to my Paypal account, the benefit was that I could exceed my PayPal funds limit because the service used to pull in funds from my bank account.

    Eventually I had to close my former Paypal account and open a new one because of limitations to add more emails.

    However this time the bank account is not used. I mean, it was linked again, but whenever I exceed my on-site funds limit, Paypal don't touch the money in the bank, nor allow me to add funds from it.

    One day I needed madly to fund my PayPal account and rather than accepting money from my bank account, Paypal asked me to go the bank and make a deposit to an account number linked to my Paypal.

    I did it but the bank wanted me to charge $20 for sending $10 to PayPal. That was such a ridiculous thing!

    Actually a bank account seems only useful to withdraw your money.
     
  18. pandandesign

    pandandesignActive Member

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    You need to link your Paypal account to your bank's checking account to be able to transfer funds between them. I think it will need to get verified by having your bank's checking account to link to your Paypal, which you will get a notification about the verification. One benefit of linking your bank account to Paypal is that you are able to deposit your Paypal fund straight into your bank account.
     
  19. amy005

    amy005Active Member

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    I don't advise linking your bank account to your paypal account unless you absolutely have to. They recently withdrew funds from my bank account without my knowledge or authorization and I had to go directly through my bank to get the funds back. But before I was able to get the money back, my bank account ended up going overdrawn which I have not had happen for years and the whole thing was pretty upsetting. I finally got the money back, but it was not a very pleasant experience. I do suggest getting the paypal debit card if you need to access your paypal money. You do not need to have your bank account linked in order to be approved.
     
  20. novasparker

    novasparkerActive Member

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    You can use your paypal account without linking you bank account to it. You can load your paypal account by using GreenDot instead of by using your bank account or you can have payments for various things sent to Paypal rather than giving it to you cash. I personally don't link my bank account to my Paypal account because if my account is hacked, they can't use the money in the other account...they are two completely separate accounts.
     
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