How to set a preferred bank account on PayPal

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How to set a preferred bank account on PayPal
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PayPal is one of the most popular online payment platforms, offering security and convenience in transactions. To make purchases even easier, PayPal allows users to define a preferred payment method, be it a bank account, a credit card or the available balance in the account.

This avoids the need to choose a method every time a transaction is carried out, making the process more agile and efficient. That's why we've brought you this guide, in which you'll learn how to set your bank account as the preferred payment method on PayPal in a simple and quick way.

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For a bank account to be set as preferred on PayPal, you must
meet some important requirements, also required by the Central Bank of the platform, which you will learn about now.

*Before you start, see the conditions that PayPal requires to register your bank account (Image: Freepik/PayPal logo montage: Marcelo Valladão)*

Important requirements for PayPal account registration

Bank account location: The bank account must be located in the same country as the PayPal account. In some countries, you can also use a US bank account.
Corresponding name: The name registered on the bank account must match the name registered on the PayPal account.
Exclusive bond: a bank account can only be linked to a single PayPal account at a time. If your bank account is linked to another PayPal account, you will need to remove it before linking it to a new account.
Account limit: The bank account can be added to a maximum of three PayPal accounts over its lifetime. If it has already been linked to three accounts, it will not be possible to link it to a fourth.
Account conditions: The bank account cannot be active on a PayPal account with limitations or a negative balance.
Bank compatibility: Some banks, especially online or prepaid bank accounts, may not support PayPal.
Deposit confirmation: When trying to confirm your bank account on PayPal, you must correctly enter the verification deposit amounts. If amounts are entered incorrectly three times, the bank account will be deactivated and removed. In this case, you must contact PayPal to reactivate it.

*PayPal already has contactless payment technology on cell phones (Image: Freepik/PayPal logo montage: Marcelo Valladão)*

How to set your bank account on PayPal

Once you meet these requirements, you can set your bank account as your preferred payment method on PayPal. After you make sure your account meets all the requirements, we can go to
step by step:

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Time required: 6 minutes

The first tip is that it is not possible to register the account through the app
It is only possible to register a bank account through the website. Once this is done, you must download the PayPal app and go there to link your account.
Log in to PayPal (website) and click on the Gear icon (Settings).
The icon is in the top right corner to access Settings.
In the “Payments” tab, find the “Manage payment methods” option
Once the account registration has been completed on the website, you can continue using the app (if you prefer).
Log in.
Now in the App, your account should appear and you can link it as a preferred payment
After selecting, click “Confirm” to validate your choice
Ready!

After following the steps, PayPal will display a confirmation message stating that the bank account has been successfully set as the preferred payment method. To return to the previous screen, click “Done”.

Now, whenever you make an online purchase using PayPal, the bank account you set will be automatically used unless you select another payment method at the time of purchase.