![]() But a connected account isn’t necessary if you only plan to use PayPal funds to shop online or send money to family and friends. You will need to link a bank account if you ever want to take cash from your PayPal balance you must have a place to transfer the money to. You can, however, connect your PayPal account to a bank account, a debit card or a credit card account for sending and receiving payments and transferring funds. No, you don’t need a bank account to sign up for PayPal or to receive payments. You can also use PayPal to make online payments or to send and receive money between friends, family and business partners. It acts as an intermediary between your payment method and merchants, keeping your payment information safer. PayPal allows you to connect an external bank account, credit card and debit card and use the service to shop online securely. ![]() Although PayPal is not a bank, it partners with banks-like The Bancorp Bank and Synchrony Bank-to offer various products like debit cards, prepaid cards, credit cards and lines of credit. And it was one of the first companies to make it possible for people to easily and securely shop online and send money to people electronically. It offers the ability to make transactions in 25 currencies. PayPal is a digital payments company available in more than 200 countries. What Is PayPal and How Does It Work? What Is PayPal?
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