Can I have more than one PayPal account?

Remay Villaester (May)
01.06.20
3 minute read

“Two heads are better than one”, this old saying reflects that when two people work together they are more likely to function well than doing it alone. In doing business this principle applies to every aspect of operations where you can get the job done easily with the help of the group.

Talking about PayPal, is it possible to have more than one account and is it necessary? Generally if you’re doing business and using PayPal as payment option, you must separate your personal account to your business account to avoid mixing of transactions. It will lessen your worries on how to track your finances and at the same time you’ll be able to know if your business is making a profit.

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Can I have more than one PayPal account?

The answer is “Yes”. You can have more than one PayPal account if it’ll be one Personal account and one Business account but each account must have a separate email address and financial information. You can also upgrade your Personal account to a Premiere or Business account.

PayPal Business account is recommended for serious merchants who operate under a company or group name. It has additional features which are not available to Personal accounts such as allowing up to 200 employees limited access to your account and customer service email alias for customer issues for faster follow-ups. With your Business account you can receive online payments for sales or donations. Business account may be subject to fees which may be different from fees applicable to Personal accounts. You can calculate PayPal fees for merchants with this free PayPal fee calculator.

What is a Premier and Business account?

PayPal Premier Account in the UK no longer exists, they merged and there is only personal and business. So if you’re using a Personal Account, you now have a premier even though it is still marked as a personal account. So for those who have Premier Account before, you now have a personal account even if it is still marked premier in your account.

The two options available for account types now are Premier and Business. Even if a customer logs in and can see Personal as the account type, this would still be considered as a Premier Account as the category for a Personal Account is no longer available. So if you click the “upgrade” account in your PayPal account you can notice that business is the only option available.

This would have no impact anymore regarding payments received for items that are being sold. There are no restrictions anymore like there would have been with Personal Accounts.

With your PayPal business account, you can operate under your company or business name, accept debit cards, credit cards, and bank payments, sign up for PayPal products such as PayPal Checkout, and set up a separate email address for your customer services issues.

How much do they cost?

Signing up for a PayPal account is free, even when you make purchases and when you send money to family and friends from your bank account. If you can hold a balance with PayPal, you can also use it to send money to family and friends for free.¹ However, if you’re sending or receiving payments in different currencies, consider trying an alternative like Wise to save up to 14x on fees.

  • Buying with PayPal – Free (unless it involves a currency conversion)
  • Selling with PayPal – with fee for commercial transactions
  • Sending and Receiving Money – sending domestic personal transactions has no fee when no currency conversion involved/ receiving personal transactions is also free when no currency conversion is involved.
  • Sending international personal transactions by UK, GG, GI, JE, and IM users
RateMinimum/Maximum
5.00% of the transaction amountThe minimum fee is 0.99 GBP and the maximum fee is 2.99 GBP
  • Sending international personal transactions by users elsewhere
Country of recipient’s addressRate
Canada, Europe I, Europe II, Northern Europe, & US1.99 EUR
Any other country/territory3.99 EUR
  • Currency Conversion – The transaction exchange rate used for your currency conversion includes a fee which PayPal charges above the base exchange rate. The fee depends on the type of currency conversion, as follows:
    • Converting balance and payments received into currency – rate is 2.5% above the base exchange rate
    • Conversion in all other cases by UK, GG, GI, JE and IM Users
CurrencyRate above the base exchange rate (to form the transaction rate)CurrencyRate above the base exchange rate (to form the transaction rate)
Australian dollar (AUD)4.00%New Taiwan dollar (TWD)4.00%
Brazilian real (BRL)4.00%New Zealand dollar (NZD)4.00%
Canadian dollar (CAD)3.75%Norwegian krone (NOK)3.75%
Czech koruna (CZK)3.75%Philippine peso (PHP)4.00%
Danish krone (DKK)3.75%Polish zloty (PLN)3.75%
Euro (EUR)3.75%Russian ruble (RUB)3.75%
Hong Kong dollar (HKD)4.00%Singapore dollar (SGD)4.00%
Hungarian forint (HUF)3.75%Swedish krona (SEK)3.75%
Israeli new shekel (ILS)4.00%Swiss franc (CHF)3.75%
Japanese yen (JPY)4.00%Thai baht (THB)4.00%
Malaysian ringgit (MYR)4.00%UK pounds sterling (GBP)3.75%
Mexican peso (MXN)4.00%US dollar (USD)3.75%

Conversion in all other cases by Users elsewhere – 4.0% above the base exchange rate (to for the transaction exchange rate)

  • Transfer Outs of PayPal – You can typically transfer money out of PayPal by standard transfers to your linked bank account or eligible debit cards. Withdrawal to a bank account or a card may not be possible in all countries/territories. A currency conversion (and currency conversion fees) may also apply.
  • Other Consumer Fees - Below are fees associated with events, requests, or actions that may happen when you use your account.
    • Bank Return on Transfer Out - This fee is charged when a transfer out of PayPal is attempted by a user and it fails because incorrect bank account information or delivery information is provided.
    • Credit Card and Debit Card Confirmation(s) - Some users, in order to increase their sending limit or as PayPal may determine, may be charged a credit card and debit card link and confirmation fee. This amount will be refunded when you successfully complete the credit card or debit card verification process.
    • Records Request - This fee will apply for requests of information relating to why we had reasonable justification to refuse your payment order. We will not charge you for records requested in connection with your good-faith assertion of an error in your PayPal account. Rate is 10.00 GBP or 12 EUR (per item).

Source:

  1. PayPal Consumer fees

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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