Which is Better base on your experience?
By [eds]
@ZedSmart (19839)
Philippines
July 30, 2020 1:30am CST
Pardon me for asking this question but I’m a bit confused about linking accounts to my Paypal. There are options there what to link: a bank account or debit/credit/visa/mastercard but I it seems that I can’t differentiate the advantage and disadvantage of the two. My card also comes in both savings and debit. There are also questions in my mind as to if I withdraw funds thru visa, do the funds reflect on my balances on savings? If I used the savings account, is it sound and safe to do so? Your advice is very much appreciated.
5 people like this
7 responses
@owlwings (43897)
• Cambridge, England
30 Jul 20
It very much depends on what facilities your bank allows for the various types of account. Usually savings accounts cannot be used to pay for transactions. Only credit cards and debit cards linked to a current account can be used. PayPal is a 'payment provider' and can only be linked to accounts which are valid for making and receiving payments. What you are doing when you link an account to PayPal is to automatically authorise PayPal to withdraw funds from a current or credit account to make payments to a third party (you also authorise it to transfer funds received by PayPal into a selected account).
When you link an account to PayPal, PayPal will make two small random charges of less than one currency unit to prove that such transactions are valid. You then confirm that the account is yours (or, at least, that you have access to it) by entering the transactions you see on your statement as a four digit number. For example, if your statement shows that PayPal withdrew two amounts of 0.23 and 0.54, you would enter '2354' as the number in the verification process. It is unlikely that PayPal would be able to withdraw anything from a savings account, so you must use a current/debit account or a credit account.
A credit card (e.g. Visa or Mastercard) is entirely separate from your current account or savings account, though you will very likely have to set up a direct debit facility in your current account to authorise the minimum payment to be taken every month. You cannot normally set up direct debit facilities on a savings account.
PayPal is a very secure way of paying because it protects you from revealing your bank or credit details to an unknown party who might use them to withdraw unauthorised amounts from your accounts.
3 people like this
@owlwings (43897)
• Cambridge, England
30 Jul 20
@ZedSmart I think that you will find that you can only link a debit account or a credit account to PayPal. If your savings account is with the same bank as your debit account, it is very simple to transfer funds from the debit a/c to savings. If it is with another bank, it should still be very simple to do online or by phone.
1 person likes this
@ZedSmart (19839)
• Philippines
30 Jul 20
My purpose in linking is that, I want to transfer funds from PayPal to my account so that I can withdraw them in the future. When I make purchases, I just use my PP balance and will not use my funds in my bank account. BTW, Thank you very much for your detailed explanation.
1 person likes this
@Alexandoy (65302)
• Cainta, Philippines
30 Jul 20
Is that for verification or only for withdrawal?
3 people like this
@Alexandoy (65302)
• Cainta, Philippines
30 Jul 20
@ZedSmart my Paypal is verified with my Visa. When I need the Paypal balance I transfer the money to my ATM account. So that's practically 2 accounts.
1 person likes this
@ZedSmart (19839)
• Philippines
30 Jul 20
@Alexandoy I just can't recall back then how I linked my previous accounts which all expired now. But, it's like the option then are Visa or Mastecard. Now, you have options show when you want to link, Debit/Credit or use your bank account.
1 person likes this
@amitkokiladitya (171988)
• Agra, India
30 Jul 20
Sorry I have no idea about this
1 person likes this
@amitkokiladitya (171988)
• Agra, India
30 Jul 20
@ZedSmart yes...link an account you use..PayPal is very safe
1 person likes this
@simplfred (20641)
• Philippines
30 Jul 20
I am using debit card only so I think I cannot differentiate...
1 person likes this
@simplfred (20641)
• Philippines
30 Jul 20
@ZedSmart I see, my friend. I hope you'll choose the better one..
1 person likes this
@piyushbhatia1 (11695)
• India
30 Jul 20
The debit card is primarily linked to bank account.
1 person likes this
@piyushbhatia1 (11695)
• India
31 Jul 20
@ZedSmart I still prefer banks over paypal.
1 person likes this
@Butterfingers (66603)
• India
30 Jul 20
Try attaching bank account it's fine too
1 person likes this
