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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.
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.
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.
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’.
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.
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.
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.
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.
- PayPal - Help - How do I close my PayPal account?
- PayPal - Help - How do I withdraw money from my PayPal account?
- PayPal - Contact Us
- PayPal - Help - How do I view and download statements and reports?
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.
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