Can I Withdraw Money From Paypal To My "Saving" Account?

5 replies
I see from Paypal website that it has to be a "checking" account. But I don't have a checking account.

Wondering if it's ok to withdraw to my local bank "saving" account instead.

Any Warriors having success doing so?

Thanks!
#account #money #paypal #saving #withdraw
  • Profile picture of the author Kevin Riley
    We only have savings accounts here in Japan, and I regularly transfer funds out of PP to it. Go to "Withdraw Funds" and the first time you'll need to set up the bank info.
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    Kevin Riley, long-time Warrior living in Osaka, Japan

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  • Profile picture of the author GMD
    Banned
    Originally Posted by fattysolo View Post

    I see from Paypal website that it has to be a "checking" account. But I don't have a checking account.

    Wondering if it's ok to withdraw to my local bank "saving" account instead.

    Any Warriors having success doing so?

    Thanks!
    Here's a good tip with PayPal. PayPal's system actually cannot tell the difference between a checking and savings account. Even though your bank has a system assigning certain numbers for checking accounts vs. savings accounts, the rule of thumb is this:

    if you have a unique account number along with a valid routing number (and your bank itself allows you to receive funds from third parties INTO your savings account) you can still check the "checking account" option within your PayPal panel and input your savings account information without problem.

    Another fun PayPal fact: PayPal does not know what name is associated with your checking account. Banks do not give out that information. In other words, you can use your wife's checking account, your son's, your grandmas. Whatever. You can put the account number in with PayPal and list your name. As long as you are able to verify PayPal's two small deposits, you're good to go. That's why PayPal does the two small deposit method anyway: they have no way of verifying what name is associated with the bank account, therefore they assume that if you can verify the deposit amounts, the account must be yours.
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  • Profile picture of the author judith
    yes you can. i even once used my mom checking account without any problem
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  • Profile picture of the author fattysolo
    Wow, glad to hear that Warriors!

    Thanks a lot!
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