HELP - Bank Account

[34010]

Okay, so I recently got a bank account. How does linking a bank account to Paypal work? Do I have to go to the bank to get the 4digit code?
Also, how long does it usually take for my money getting withdrawn on the bank account?
Is there any tax?

 

[Skylord]

I would talk to your bank to get all of the needed information to add it to your PayPal account - if you are unsure about something you could even do it there with them.

It typically takes 1 to 5 days to do a bank transfer from your bank account to your PayPal account. I would always just assume it will be closer to the five days.

There should not be any tax on that but I live in a place that there is no tax.

 

[n0tzach]

I have a online bank account so I just log into it on Paypal and it links it.

 

[Aerh]

I was able to link my bank account to PayPal just by ringing their 24/7 number and going through a bunch of security questions, then asking for a code.

 

[Expo]

There is no tax when transferring funds to or from your bank. They make their money in your (non-friend) payments or money being sent to you. If there was a tax no one would ever use PayPal.

 

[Ivain]

You do not need your PIN to connect a bank account to paypal.
What you DO need is a compatible account. I believe online banking is a must, but I could be wrong.
Anyway, it goes like this:

• You type in the IBAN number of your bank account
• Paypal sends 2 amounts under $1 to your account.
• You have to type those into the bar for the 4-digit code in the order you received them in
• Your bank account should be linked.

If you are european and have access to Ideal, you can instantly add money to your account using Ideal.
If you do not, it depends on the bank but can take several days.
Withdrawing money takes about 3-5 days for me. The money will be gone from your account but will not be written to your bank account for at least 3 days. This can lead to cash flow problems, so be careful.