Month: August 2020

Using PayPal as your online payment solution can be a big relief for your business and make the transactions smoother. If you’re planning on starting off with PayPal to maintain your businesses, it might get confusing for you. You may end up asking how many PayPal accounts can you have, especially if you have multiple businesses to maintain. PayPal has a very good reputation for being highly secure, which is because they are highly strict about their policies. 

Using PayPal for personal transactions and businesses can give you peace of mind, but you also need to know the policies. Because of an extensively wide acceptance of PayPal on different eCommerce sites, it’s important to have it for your business as well. Stick to the article if you’re wondering if you can have multiple PayPal accounts for your business or personal purposes. 

How many PayPal accounts can you have?

If you need multiple PayPal accounts to maintain separate business or for other reasons, you must know how many PayPal accounts can you have. PayPal allows you to have two accounts for your personal use and business use under two types of accounts. You can open a personal PayPal account for your personal transactions and a business account for your business. 

PayPal’s business and premier accounts are there for enabling you to do transactions for large amounts of money. You shouldn’t or cannot risk mixing up your personal transactions with your business transactions, which is why PayPal gives you tow separate accounts. However, you must use separate email addresses, bank accounts, credit or debit cards, and other financial information for each account. 

What is a PayPal personal account?

The name suggests its purpose. A personal PayPal account is for those who primarily use their PayPal account for regular online shopping or personal transactions. If you send money to your friends and family, receive money from people, and withdraw money to your bank account or card as well. However, you can also use the personal account for small-scale businesses as well. You can sell goods, take payments on a small scale for your services and goods with this account. 

For example, if you’re an artist, a programmer, or a consultant, you can take occasional payments from your clients using a personal PayPal account. You can also list an item on eBay and sell it with more reliability, even if you have never used it. However, the buyer will see your full name when they purchase your listing. You will have higher fees for receiving payments than a business account, and won’t have as many facilities as a business or premier account. 

Things you need 

Here are the things you provide while opening a PayPal personal account for personal transactions:

1. Your full name (first name and last name)
2. your current address
3. A valid phone number
4. An existing email address you can access
5. Your debit or credit card (it’s optional)
6. You can also add a bank account
7. Routing number or a checking account number

What is a PayPal business account?

A PayPal business account does everything a personal account can do, plus it has more to offer. PayPal gives you a great opportunity to operate a business smoothly with a business account. If you’re a regular seller, an eCommerce business owner, or a service seller requiring regular payments, get a business account. With the business account, you can get an affordable payment solution for your business with much fewer charges. You will have a seamless online payment gateway with PayPal to convert your website into a full-scale eCommerce site. 

With the business account, you can set up a subscription service to get a recurring payment from your customers. Another great feature you’ll get with a business account is, you can allow up to 200 employees to log into the account for business management. They can do profit and shipment tracking, making invoices, managing inventory, and control fees, and more. You will get invoice service with your own business logo and name to make your online business run even smoother. Your business account will use your company name instead of your own, so you can stay stealth from your customers.

Things you need 

Here are the things you provide while opening a PayPal business account for an SMB or online business: 

1. Your name and address as the owner of the business
2. Your email address (separate from the personal account)
3. The name of your business and its contact information
4. Business type, related Keywords, and other general information
5. Your bank information (Name and account information)
6. Business bank account number and routing number

Frequently asked questions

Here are the most frequently asked questions about having multiple Paypal accounts that you might find interesting: 

Final thought

So, there you have it! You now know how many PayPal accounts can you have, what you can expect from PayPal about different accounts, especially if you own an online business. Using PayPal for your personal or business transactions can get you an extensive range of benefits. PayPal can be the best option if you’re running a business but don’t have a big setup for the workflow.

The business account gives you all the facilities that you would need to pay a hefty amount to facilitate between you and your customers. Things like invoicing, shipment tracking, refunding, customer and seller protection, and some other features are available right under the business account. 

If you’re using PayPal as a new user and exploring it through, you’ll notice a ton of features that makes you confused. However, they are all there for your convenience of online presence and to boost your business or online profession. You can easily receive money from your client, friends, or customers and transfer the money to your local bank and get the cash on hand. 

However, as I said, there are too many features to confuse you; it may apply for transferring the money as well. You should know the right procedure of how can you transfer money from PayPal to your bank and cash the balance. There are multiple ways to complete the transaction, and I’m going to talk it all through and get you the right process. So, stay with me as I get you through the process of getting your money in your hands.

Can you transfer money from PayPal to your bank?

PayPal is readily the best option for any online transaction, whether you’re doing casual transfers or getting payments from your customers. However, getting the money from a person and getting the money from PayPal to your hand as cash isn’t the same. It can be difficult with other payment systems, and that’s where PayPal rocks and gets you cash within minutes.

 

If you have a balance on your PayPal account to cash out, you can transfer the money to your bank account. However, you have to link the bank account before transferring the PayPal balance. You cannot use that bank account to any other PayPal account but the account you’re transferring the money from. On top of that, there are two different ways of transfering the money, so you have to know how can you transfer money from PayPal to your bank.

How to transfer money from PayPal to your bank account?

As I mentioned earlier, there are two ways you can choose to transfer your money from your Paypal account to your bank account. You can either choose the regular withdrawal option to transfer the money or choose the instant transfer. Both of them have their pros and cons; I’ll explain them both here to help you decide which one you’re using. On top of that, the transfer method and amount won’t be the same for a personal account to a business account. Here are the transfer limits for both account types and the processes of how you can transfer the amount: 

Transferring PayPal balance from a personal account

If you have a personal PayPal account in the US, you can withdraw your PayPal balance in two ways. Depending on the situation, either you can go for a delayed transfer, or an instant transfer if you need the money immediately. Plus, you can either transfer it directly to your bank account, or to your debit/credit card.

The transfer methods are the same for a business account, too; they both have regular and instant transfer methods. The regular process takes up to 4 days to complete the transfer, and the instant one takes a few minutes. The only difference between them is the limitation on the transaction money, which I’ll talk about in a moment. 

Now, here is how to transfer the balance from your PayPal to your bank account: 

• To transfer your PayPal balance to your linked bank account, log in to your PayPal account, and go to your PayPal balance. 
• You will see the balance you have there, click on “Transfer money”, then select the option, “Transfer to your bank”.
• Now, select the bank account or the debit/credit card you’re transferring the money to, and click on “Next”. 
• Put in the amount you’re transferring, recheck all the details, and click on “Transfer” to complete the transaction. 

Charges for instant transfer 

A distinguishing difference between the instant transfer and regular transfer is the charges for conducting the transfer. With the regular transfer, you can get your money for free, without paying anything to PayPal as charges. If you use the instant transfer method, Paypal will charge you 1% of the total amount you’re transferring and a fixed charge of up to $10.00, whether you have a personal or a business account. 

Limitations on instant transfer

You can instantly transfer up to $5,000 per transaction with a verified personal account with a maximum limitation of $5000 a week and $15000 per month. And that’s for transfering to a debit card. For the bank account, the limitation is up to $25000 for each transaction. 

With a business account, the limitation is much higher to help you with your business. The maximum transaction limitation is up to $50,000 per transaction, with a maximum limit of $100,000 per day. You can transfer up to $250,000 per week and $500,000 per month, but the maximum amount per transaction is still $25,000. 

Frequently asked questions

Here are the most frequently asked questions about transferring Paypal balance to a bank account that people ask across the internet: 

Final thought

With over 320 million users worldwide, PayPal is the largest online transaction system on earth. It’s the best solution for anybody who does transactions online, whether for a small-scale personal transaction or a large business.

You need to have a clear idea of how can you transfer money from PayPal to your bank and know the charges and limitations. However, for the limitations, there are different aspects you should keep in mind that you must have a verified profile. If you have an unverified account, you cannot transfer any money to a bank account except up to $500 to other PayPal accounts per month. 

Being able to send and receive money instantly is crucial, especially for personal finances and small businesses. PayPal, being the largest online money transfer system, comes up with convenient features for its users, and the instant transfer is one of them. You can send money from your PayPal account to a bank account in just a few minutes if the bank is eligible. PayPal offers the same facility for transferring money instantly to a debit card if you’re ready to wait a little longer.

However, just like any other services, the instant transfer system has some fees, limits, and tweaking options. If you’re planning to send your PayPal balance to a friend’s bank account or debit card right away, I’m here to help. Stick to the article to help you understand how are PayPal transfers instant, what fees it has, and what the limits are.

Are PayPal transfers instant?

PayPal instant transfer service is the money withdrawal service that has a much faster transfer process than the standard withdrawal. The PayPal instant transfer method takes a few minutes if you’re transferring the fund to your bank account with transfer fees.

However, if you’re transferring the money to your debit card, it will take up to 30 minutes but have no fees. Here is how are PayPal transfers instant work whether you’re transferring in our out of your PayPal account: 

Instant transfer from PayPal balance

If you have a PayPal balance, you can either spend it online directly from PayPal or withdraw it to a bank account or debit card. There are two ways to withdraw the money to an eligible local bank account. Either you choose the standard withdrawal process, or you can choose the instant transfer method. To use the instant transfer method for sending the money from your PayPal balance, follow this process: 

• Login in to your PayPal account if not logged in already, go to your balance option.
• See how much you have in your balance to transfer to your bank account or card.
• Click on the “Transfer Money” button and select the “Transfer to your bank” option to get started.
• If you want to transfer to a new account, link that bank account to your PayPal account first. 
• Put in the bank account or debit card you’re planning to transfer the money to. 
• Now, put in the amount you want to transfer from your PayPal account and review the charges and the amount. 
• Mark the checkbox that you’ve understood the costs and the terms and then click on the “Transfer” button to complete it.

Instant transfer to PayPal account

If you’re shopping online, or need an instant transfer to a friend from PayPal, you need to add a bank account or a card to your PayPal account. From the back account or card, you can spend the money directly as your PayPal balance by transferring it instantly. Here is how you can add a debit or credit card to your PayPal account to use the balance instantly: 

• Create a PayPal account, or log in to your account if you already have one and go to the Wallet option.
• The wallet is in the Menu option if you’re using the PayPal app and choose the “Link credit or debit card” option.
• Input all the details about your credit or debit card and click on the “Link” button to complete linking. 
• If you’re linking a bank account, choose “Link a bank account” instead of linking a debit or credit card.
• To confirm the linking, go to your wallet, and hit the “Confirm card” button, put in the PIN, accept the temporary transfer, and you’re all set. 

PayPal instant transfer fees 

PayPal will charge you for the instant transfers you make to your bank account along with the linked card to the bank account. PayPal will charge you 1% of the total amount you’re transferring to the bank account and the fee will be a maximum of $10. It will take a few minutes to complete the transfer to the bank and may take up to 30 minutes to the linked card. 

Inside the US

If you’re sending money to a friend or family in the US from your PayPal or linked bank account, there are no fees. However, if you’re funding the transfer using a credit or debit card, the fee is 2.9% of the amount you’re transferring, plus a fixed fee depending on the currency you’re using. 

Outside the US

If the transfer is outside the US, PayPal will charge you 5% of the transferred amount, plus a charge of $0.99 to $4.99 if you’re using a linked card. If you use PayPal credit, the charge will be 5% of the transfer amount, up to $4.99 of the card charge, then 2.9% of the transaction charge. On top of that, you’ll have a fixed charge depending on the currency you’re using. 

PayPal instant transfer limits

PayPal instant transfer has a limit to a certain amount that you have to keep in mind while doing an instant transfer. You can instantly transfer to a card up to $5,000 with a single transaction, and the maximum transaction limit for a day is $5,000. The maximum transaction limit for a week is also $5,000 and up to $15,000 every month. If you’re transferring the amount to a bank account, the maximum amount is up to $25,000 per transaction. 

Frequently asked questions

Here are the most frequently asked questions about instant PayPal transactions that you might have an interest in: 

Final thought

With over 320 million users, PayPal is the biggest online payment solution, and the instant transfer system benefits a lot. With the instant transfer method, you can get the money to your bank account within a few minutes; that’s how are PayPal transfers instant. 

If you’re transferring it to a debit card, it will take up to 30 minutes, which is much faster than the standard transfer. If you need to cash your PayPal balance instantly, it works like a charm; you transfer the money from home and get the cash from the bank instantly.