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PayPal account without a bank?

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Anlu1
Contributor
Posted on

Hello out there, is it possible to have a paypal account without an affiliated bank? i.e. all pay-ins and pay-outs are done via Paypal and the money rests in the PayPal account. Thanks for any advice!

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PayPal account without a bank?

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jmarc_38
Esteemed Advisor

hello @Anlu1 , yes and no 🙂
at some point, you will have to confirm your information on paypal. ( obligatory )
provide a copy of both sides of your ID or passport.
valid proof of address. ( Swiss )
add and confirm a bank account and/or bank card .

PayPal account without a bank?

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Anlu1
Contributor
Thank you- the problem is I'm treasurer of a non-profit international organisation and changing treasurer in the banking system has been so incredibly frustrating , we thought it would be easier with PayPal and no affiliated bank at all

PayPal account without a bank?

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jmarc_38
Esteemed Advisor

@Anlu1 

No, nothing is easy when it comes to money.
paypal is a financial institution and a bank among others.
on the other hand, you evoke a statute which for paypal will require documents: treasurer.

PayPal account without a bank?

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Anlu1
Contributor

Thank you Mark- I still don't quite understand- if PayPal is a bank as well, then we could just transfer all our money to PayPal and dump our bank?

Thanks in advance for your help! 

PayPal account without a bank?

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jmarc_38
Esteemed Advisor

@Anlu1 

no, not banking, in the sense of opening a bank account.
PayPal does not open a bank account with them.

it is a financial term, to describe its activity and prerogative in the financial world.

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