Paypal questions

[yngmind]

Hey there, I have some questions about paypal, hope someone can help me

1) Can I link personal bank account to my paypal business or it must be business bank account too?

2) Can paypal see who is bank account owner, for example I'm using paypal on my friends name, but I don't wanna withdraw money on his bank account, I wanna link mine, what should I do in that case, I just type his name when in linking and I withdraw it on mine?

thank you in advance

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I'm not a tax advisor, so please don't consider my posts here as tax advice. Always seek a professional opinion.
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Business Bank Account for your US LLC Remotely

 

[Sols]

1. It's technically possible. I'm not sure how often and how diligently they check it, but it's not allowed.

2. They can see it only if they ask for a bank statement (which they might do if they KYC your business) or if you send money from that account into PayPal. If you are just withdrawing from PayPal, I doubt PayPal will run any checks. There is a risk that the recipient bank might decline it, if they see that the beneficiary name stated by PayPal doesn't match what they have on record but that's relatively rare.

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This is the probably the answer to your question.

 

[PatrikKluge]

1. When linking IBAN to Paypal , they let you choose it is a Business or Private Account. Linked a Private IBAN as Business and it worked.

2. If you make agreement for ( not knoe the word ) letting Paypal charge your bank account for making online payment . only then they will see the real owners name,,, just make sure that either you always have sufficient funds on your paypal , activate Paypal balance as your main payment source, and just dont accept the agreement when linking account.

Withdrawing to such an account is ok and works , also from banks side. Some friend said that around 5k in receiving with mismatching name the bank gets suspicious.

Bank statement : It is easy edited , no problems really 🙂