Business Account & Personal Bank Account

RollDeep
Contributor
Contributor

Hi all,

I have created a PayPal sole trader account which I'd like to link to my personal bank account. Unfortunately the only way to do this (that I know of) is to change the Business Name to that of my bank account name. Obviously I do not want to do this, is there an alternative?

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15 REPLIES 15

AllSynergy
New Community Member

I would also want to know answer to this. I have business account but I don't yet have anything else than personal bank account (Nordea, Finland). Is it possible to get money from paypal account to my personal bank account?? Would be nice to get answer to this quickly.

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PayPal_paula
Moderator
Moderator

Hi AllSynergy, 

 

If you were to downgrade your account to a Premier account you would be able to add your personal bank account to your PayPal account. Once your Business is established you can then upgrade your account back to a Business account. 

 

If you wish to downgrade your account you will need to send us an authorisation email confirming you wish to downgrade your account. To email us please click on the contact us link at the bottom of every PayPal page. 

 

I hope this helps

Paula 

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3BeatMedia
New Community Member

You can transfer the money from your business Paypal account to a personal bank account just fine without changing anything. I've done it plenty of times, and just did again this morning. I was worried about the same thing after changing my business name, so I called Paypal. I was informed that despite what the website claims, your transfers will go through just fine as long as you have the correct bank account number and routing number.

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River88
Contributor
Contributor

Are there any tax implications for transfering money from your business operating bank account to your business paypal account and then from your business paypal account to your personal bank account? Thank you in advance.

 

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buffiefox
New Community Member

I am still try to link my local bank account to pay pal, I have not been succesful at all. 

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AFDesigns
New Community Member

Im afraid this is the same issue I have been having, my bank rejected the link deposits because they were sent to AF Designs... and not to my personal name.  This is a REAL PROBLEM that needs fixed... Paypal, there are those of us who do business as sole traders who run the business through our own social security numbers.  This means we can not legally get a bank account in a business name since we do not have the business tax id number because we run the business we run on our own social security numbers.  Therefore, paypal, we need an option to have deposits and transfers to bank accounts to be made payable to: _____ even as set up.  I cant get my account under business name as I do not have tax id number, my business is too small to need that yet... I run everything through my own personal SSN at the moment as do many other small businesses... Paypal, show your small business owners that you recognize them as well, not just the big ones... 

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