PayPal: bank account needed?
PayPal: bank account needed?
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Discussion

JumboBeef

Original Poster:

3,772 posts

207 months

Saturday 21st September 2013
quotequote all
We have an on-line business/hobby which takes funds via PayPal (account in the name of the business). We have a business bank account in the same name to dump this money into.

The bank account has started charging (after 7 years, how dare they!) and we were wondering if we need this account. It is only used to withdraw money from PayPal.

Is there any other way of taking money out of PayPal?

Thanks.

pennswoodsed

49 posts

236 months

Saturday 21st September 2013
quotequote all

Where do you do the rest of your business banking ? IIRC ,pay pal can cut a check as an option ,takes 3 ? days after requesting it . My Paypal is attached to my regular checking so I could add or subtract funds from paypals' own balance as needed. I don't often have a balance there,as I use it for online purchases.
If fees are significant ,take your banking elsewhere,or threaten to if you do a large amount with the institution .
regards,Ed

JumboBeef

Original Poster:

3,772 posts

207 months

Saturday 21st September 2013
quotequote all
Paypal USED to insist the bank account was the same name as the PayPal account, that's why we have the account in the first place. I don't know if that is still the same.

Transfers from PayPal to the account take <2 hours and are free.

Tino

1,948 posts

313 months

Monday 23rd September 2013
quotequote all
set up a 2nd account with a private bank account that will allow free transfers into it.
Transfer the money via PAYPAL gift into the 2nd account, and then into the bank.

eldar

25,305 posts

226 months

Monday 23rd September 2013
quotequote all
Don't think so, mine isn't, its just linked to a credit card. I don't like the idea of paypal being able to help themselves to my bank a/c.