BusinessFinancing.co.uk

Compare Business Bank Accounts & Loans

In partnership with:
NerdWallet, EJ Finance & Capital On Tap

PayPal Debit Business Banking

Online payment platform PayPal offers a debit MasterCard account, giving business customers the ability to spend their PayPal funds with a debit card and gain interest. PayPal Debit isn’t a replacement for a business bank account, but can be linked to a current account. Your PayPal debit account is managed entirely online or on the PayPal app.

PayPal Debit Business Banking

PayPal Debit Business Banking Services

Current Accounts

PayPal Debit isn’t a current account. Instead, it’s a way to spend your business’ PayPal balance, or a linked business current account, using a business debit card. The account includes a PayPal branded MasterCard, which you can use to spend and withdraw at home and internationally. At the end of every month, you’ll earn 0.5% interest on the total amount spent.

There are no monthly charges for using your PayPal debit card, but cash paid into your PayPal account is already subject to some charges. ATM withdrawals are charged at £1 per transaction, but there are no charges for foreign exchange fees, in-person, or online transactions. There is a £350 daily ATM withdrawal limit, and a £6,000 daily transaction limit. This could vary depending on your PayPal payment history.

You’ll need a PayPal Business account to apply for a PayPal debit card. You can monitor all your transactions using PayPal.com or the PayPal app.

Savings account

Not available.

Overdrafts

Not available.

Business finance and loans

PayPal offers a credit account at 0% interest for 4 months on all purchases of £99 or more. After the opening offer, there’s an interest rate of representative 19.9% APR (variable). 

PayPal Reviews and Ratings

The only public reviews available are for PayPal as a whole service – these reviews and ratings are supplied by both personal and business customers.

Trustpilot reviewers are unhappy with PayPal’s overall service. Some criticise the exchange rates, think payments take too long to process, and the fees are too high. Reviews.co.uk are mixed, with some rating them highly for speed and helpful customer service, while others have had problems with time-consuming phone calls.

Smart Money People reviewers are much happier with the service. They think it’s easy to use and a convenient way to shop online.

Trustpilot –  1.2/5 (based on 19,864 reviews)
Reviews.co.uk – 2.59/5 (based on 225 reviews)
Smart Money People – 4.57/5 (based on 35 reviews)
Which?
– not included

Pros

  • 0.5% interest earned on purchases.
  • Good reviews overall.
  • Convenient and easy to manage online 24/7.

Cons

  • Interest rates might not be worth it for businesses that don’t already use PayPal.
  • Charge for ATM withdrawals.
  • You’ll still need a regular business current account.

Website: PayPal Debit Business Account

Disclaimer: Businessfinancing.co.uk is a business finance and lending research and information website publisher. We are not a lender, bank, broker and/or other financial institution and as such we are not authorised or regulated by the FCA to offer financial advice. We can't recommend any of the products and/or services featured on the site. Companies are ranked in no particular order and higher ranking does not imply one company is better than another. We work with FCA authorised and regulated firms who may pay us a commission for referring you to them but this has no impact on our content and helps keep this website free to use.



business bank account

Top 49 Business Bank Accounts

Top 45 Startup & New Business Bank Accounts

Top 14 Business Overdrafts

Top 30 Business Savings Accounts

free business banking

Top 16 Free Business Bank Accounts

Top 37 Sole Trader Bank Accounts

About Us · Contact US · Privacy Policy · Terms of Use
Copyright © 2022 BusinessFinancing.co.uk