Hi, This question is for Indians. I have a PayPal Business Account. Say name in the account is Mr.X and the name of the Business in the PayPal account is Y Ltd. Now, I have a Savings Bank Account in name of Mr.X - So, will I be allowed to withdraw from the PayPal account to the bank account?
As long as you can verify the bank account, it doesn't matter who's name is on it. I've withdrawn into a number of bank accounts with names in no relation to the account owner without any problem.
Mr X Sir ! Pls make a personal ac under Mr X and transfer ur funds from biz ac to that personal PP ac n withdraw ur fund to bank using ur personal ac. You r allowed to have one personal n one premier/business ac for PP finis
Thanks for the answer "28081981" However, that is not my question. What I am trying to know is will the PayPal Business Account in name of "Y Ltd. and Mr.X" be able to withdraw in Mr.X's bank account.
Some banks may not have tight security and as long as the account number is correct, you will get the money. Other banks have more comprehensive checks which checks both name and account number and if there is a serious mismatched, it would be rejected. You could try your luck and the worst that could happen is the money bounces back to your paypal account and you be levied a fee. I guess the other option is to ask your bank what their policy is since it is your bank that decides whether the transfer clears or is refused. In Singapore, the name used in Paypal must match the name in the bank account but it may be different in where you live.
Hmm...I guess, I'll have to experiment by withdrawing a small amount. I'll post the result here, for other people.
When you add a bank account in Paypal, you need to verify that you have control of it by confirming 2 deposits that Paypal makes into it. Once the account is verified, you can withdraw into it. AS far as the bank goes, they don't see who the money is coming from, only that it is an ACH deposit. As long as the routing and account number are correct, the bank isn't going to stop a deposit. This is why all verification is done on the Paypal side.
i already tried this. My Paypal business account name is different from my Bank Accounts Name. So i tried to withdraw but the fund came back to my paypal.
Well, the verification with the 2 deposits only works in some countries like the US but not others. In Singapore, when you add a bank account, they do not check anything and I do not get the 2 deposits since they do not verify by bank account. The only time there is interaction between Paypal and my bank is when I do withdrawal. I believe ACH is only something which is done in the US and may not be the case in every country which allows bank withdrawal. In Singapore, the banking regulations are tighted and transfers get rejected if the name is wrong.
But it works for US business account right? Because when I add US bank account to US business paypal account. It shows that any name can be accepted. I didn't test. But i think you can. Example. if the business name is "web design group" Paypal says business account is for business purpose of a company, person or group. Of course there is no company named "Web design group". I also know some business account has it's name not in company format, EG "Slaying Hosting Service". The company format should be with LLc, LTd etc... So I think it's OK to use personal bank account for US business paypal account. BTW I didn't test, and also about nonUS business account, like new zealand one, I dont know too. >.<