Contrary to what you think, you don’t need a bank account before signing up for a PayPal account. Neither do you need it before you can receive payment to your PayPal account? You can conveniently open and receive payment with your PayPal account even without a Bank account.
However, you can later decide to link or connect your PayPal account to your Bank account, Credit Card, or Debit Card for transferring funds as well as sending and receiving funds. Therefore, it is not compulsory, for you to have a bank account before opening or signing up for a PayPal account.
How to Create a Business or a Personal PayPal Account
Setting up a PayPal Account whether a Business or a personal account is free and won’t take much of your time. After creating an account, you can decide whether to link or connect your Bank account to PayPal or not. Here are steps to follow to sign up for a free Business or Personal account with the platform;
- Visit the official website of PayPal using your device’s web browser.
- At the top right corner of the page, tap on the sign-up button.
- On the sign-up page; Select the account you will like to set up as a Business or Personal Account and tap on NEXT.
- Enter your current county or region and tap on Getting Started.
- On the next page, you will be prompted to enter your basic information such as your active email address, Mobile number, legal name, business name, Residential Address, and other required information.
- Create a strong and unique password you will be able to remember.
- A verification code will be sent to your mobile number or email address. Enter the code or tap on the link sent to your email to successfully verify your new PayPal account.
After following the above steps and guidelines, your Business or Personal Account will be created. You will be asked to link your Credit Card or Bank account to your account but you can skip the process for later.
How to Link your Bank Account or Credit Card to your New PayPal Account
To efficiently and effectively use PayPal to Perform all your transactions as well as withdraw funds from your account. You certainly need to learn how to connect or link your Bank account or credit card to PayPal. Below are the steps and guidelines to follow;
- Visit the official website of PayPal.
- Or download and install the Mobile App on your Android or iOS device.
- Tap on the sign in icon and sign in to your account using your correct credentials.
- Once you have a successfully signed in, from the summary screen, tap on WALLET from the menu option.
- Navigate down and tap on Link a Credit or a Debit Card.
- Alternatively, select Link a Bank Account.
- Then, proceed to enter the card information or bank details you will like to link to your PayPal Account.
- Lastly, click on Link Card or Link Bank account to complete the process.
It should be noted that; linking your Bank account to your PayPal account might take two or three days to complete the process. This is because a small amount will be deposited into your account by PayPal which you will have to enter via their official website to confirm your own account.
Can PayPal Serve as your Bank Account?
The question can PayPal Serve as your Bank account totally depends on you? But as mentioned, PayPal isn’t a bank but offers different banking services and products due to its partnership with various banks.
You can choose to make PayPal your main bank account or you can use it to perform quick transactions with your friends, family, or clients.
If you are searching for a convenient way to pay your bills, shop online and more. You should consider using PayPal as it provides you with all these features and even more.
However, they don’t offer full bank services such as Auto loans, home loans, wealth management, and Hone equity lines of credit. For this reason, you can check out other alternatives to PayPal such as using Credit Unions, using mobile banking features, and more.