Paypal is one of the most used online mediums for money transactions, and it is widely used worldwide and has gained users’ trust significantly.
That said, any user wanting to register on PayPal needs to link their bank account and debit card.
But some users often add only one of these accounts by mistake or due to confusion.
This article will clear the confusion and draw a fine line between a bank account and a debit card linked with PayPal.
What is the difference between linking a bank account or debit card to PayPal?
If you want to use PayPal as your online money transaction medium, linking a bank account is a must. The main reason is the verification of your PayPal account.
To have a secured PayPal account, you must verify. And that said, incorporating your bank account is one of the easiest ways to verify your PayPal account.
Linking the bank account allows easy transfer of money between the accounts. Also, there are no fees for the transaction, and withdrawal limits are also increased.
But when it comes to linking a debit card, it more acts as a lifesaver. It proves to be an excellent source of backup funds and strengthens your verification process by giving some additional information.
How to link a bank account to PayPal
After you have already created your PayPal account, it’s time to link it with your bank account. The first thing you need to do is sign in to your account through the Paypal website.
You can also do it through the app, but I suggest first using the website.
Then, when you have already signed in, you’ll see a wallet tab on the topmost part of the screen. You’ll see the “link a bank option” on the left side of the top part of the screen. Now, you need to click the button.
After this, that’ll navigate you to choose the bank. You need to select the bank and link your online account in this step. You’ll see the option of linking your account, and after setting it, you’ll be navigated to a page where you need to input all the relevant information.
Once you are done with this step, make sure that all the information you put is correct and take the final linking phase. And that’s it, within 2- 3 working days, you need to figure out whether you have received some small deposits from PayPal.
If that is so, your job of linking the bank account is successful.
How to link your debit card to PayPal
Now, along with your bank account, you also need to add your debit card to your PayPal account. The process isn’t that complicated; all you need to do is to follow the steps discussed below:
- Sign in to your PayPal account with your registered email
- Select the Wallet option on the top part of the page
- Choose the “Link a Card” option
- Put the card number and all other necessary information as required
- Select Link Card
However, the confirmation of your card is not done yet. You need to do this through a PayPal code, which you will get by request.
The process is quite simple. You need to sign in to your account and then again select wallet. After that, you need to click on the “Confirm your card” link.
Then, you’ll get to see a lot of directives. Go through them and tap on “Get a code.” In addition, you’ll be charged a small amount fee, which you’ll get back eventually.
The last step is going back to your Wallet, 3-5 business days after you are charged. Now, you must enter the code you got through your bank statement and click on Confirm to complete the process.
Is it safe to link a bank account on PayPal?
No matter how much reliability PayPal promises, people will always be a bit skeptical when it’s about money.
Some people will feel a bit insecure about linking their bank accounts.
And why is that?
The reason is simple. A notion about online payment gateways exists, which is focused highly on transparency. People often think that their money will get lost or hacked, completely absurd.
That said, with PayPal, there are no such issues. It offers the same type of security and protection that a credit card offers.
Besides, it is also much more aware of unusual transactions. So, whenever it notices something that breaks the regularity, it will eventually send you a message to notify.
Therefore, if you can keep your balances in check, linking your bank account with PayPal is safe.
Is it safe to link a debit card with PayPal?
If you frequently shop online and carry out your payments through your debit card, it would be safe for you to have an additional layer.
And that said, PayPal can act as that safer option. The reason is that if you pay through PayPal, PayPal won’t pass your card information to the seller.
Eventually, this allows you to purchase from online vendors, which you have a little information about. Therefore, it will be tough for hackers and frauds to access your card information.
So the bottom line is, Yes, your debit card is safe with PayPal.
Can you receive money without linking your bank account to PayPal
The short answer is, Yes, it is possible to receive money on PayPal if your bank account isn’t linked. However, in that scenario, buying anything won’t be possible.
You can receive money through other virtual payment gateways, and that is too without any significant issues.
But it is advisable to have a bank account linked. Because only receiving the money doesn’t allow you to utilize all the features of PayPal.
Final Thoughts
For adequately using a PayPal account, it is necessary to link both the bank account and debit card. The bank account is more critical as it helps you get verified. And the debit card is an excellent source of backup funds, and PayPal can ensure much secure payment through it.
That is all from this article. I hope you are now totally aware of the core differences between adding a bank account and a debit card.
Still, if you need any other information, do let me know.