How to Close a Paypal Business Account in the UK

Paola Faben Oliveira

24.07.23

2 minute read

PayPal offers a number of solutions for businesses, and is a popular choice for retailers wanting payment services.

But if you no longer use your PayPal business account UK or want to switch to an alternative service, read on.

We’ve put together a guide on how to close your PayPal business account, covering everything you need to know.

We’ll even present you with an alternative, the Wise Business account. It’s ideal for low cost international payments, multi-currency spending and much more.

How to close a PayPal business account

Before you can close your PayPal business account, you’ll need to transfer the balance to another account.

Once you’re sure you want to close the account, you can do it in one of two ways - online with Paypal's website and in the PayPal app.

To do it online, simply follow these steps:¹

Go to PayPal.com and sign into your account
Head to ‘Settings’
Under ‘Account options’, select ‘Close your account’
Click ‘Close account’ to confirm.

The process is similar in the app, except that you’ll start by tapping the ‘Profile’ icon.

It’s worth noting that you’ll lose access to any other PayPal for Business products you have once you close your account. For example, PayPal Working Capital or the PayPal Business debit card.

So, be sure you don’t need these products before clicking ‘Close account’. Once the account is shut down, you won’t be able to reinstate it.

Withdraw money from Paypal business account

To transfer your remaining PayPal balance ahead of shutting down your account, simply follow these steps:²

Go to PayPal.com and sign in to your account
Go to ‘Wallet’
Select ‘Transfer Money’
Select ‘Withdraw from PayPal to your bank account’
You’ll then have an option of an Instant or Standard transfer - both are free, one is just quicker than the other
Follow the on-screen steps to complete the transfer.

If you’re managing your account on the move, you can also transfer money using the PayPal app. All you need to do is tap your PayPal balance, then select ‘Transfer money’.

PayPal business account contact number

If you need to contact PayPal about your business account, here are the details you need:³

Call 0203 901 7000
Chat with PayPal Assistant
Send a message in the Message Centre.

Closed PayPal business account transaction history

Before you permanently delete your PayPal business account, you need to make sure you have all the documentation you need for your records. This includes all recent account statements and transaction history.

PayPal may not automatically issue these upon closing your account. So, it’s a good idea to download them all before requesting account closure.

You can download detailed reports of all activity going back 7 years if you wish. Here’s how to do it:⁴

Sign into your PayPal account
Go to ‘Reports’
Select ‘Activity download’
Choose the fields and data you’d like including in your report, and your preferred format
Select ‘Create report’
Download the report once it’s ready.

You can find more information about creating and downloading custom reports here.

Discover the Wise Business multi-currency account

When you’re ready for a new account, check out Wise Business. It’s a fast, easy and powerful business account which makes trading internationally a breeze.

With Wise Business account you can:

Get paid faster with local account details in 8 currencies, including EUR, GBP and USD
Make international payments for low fees and the mid-market exchange rate
Manage employee expenses worldwide with Wise Business expense cards
Seamlessly integrate with your favourite accounting software
Earn interest on your GBP balance
Pay up to 1,000 people at once.

If your company employs global contractors or freelancers, or buys or sells in foreign markets, Wise Business has you covered.

Get started with
Wise Business 🚀

And that’s it - everything you need to know about how to close your PayPal business account.

It’s reasonably straightforward to do, but you’ll need to do a little prep first. For example, downloading your statements and transferring any remaining balance.

And of course, make sure you definitely want to shut the account down, as you won’t be able to reinstate it afterwards.

Sources used:

Sources last checked on July 24, 2023

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 Wise Payments 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.