PayPal is one of the leading payment platforms in the world. To fully use PayPal services such as online payment, receiving funds or PayPal virtual card, your account needs to be verified. We will show you how to use a free virtual bank account for PayPal verification to benefit from all PayPal services.
Quick Facts
- PayPal is valued at more than $136 billion.
- PayPal also owns Venmo, a mobile payment service.
- On October 21, 2020, the company announced a new PayPal cryptocurrency service enabling its customers to buy, hold and sell Bitcoin and other cryptocurrencies directly from their PayPal account.
Need a Free Virtual Bank Account to Verify PayPal?
First, let us understand what a virtual bank account is before looking at free bank account for Paypal. Virtual bank account is an internet based banking solution that provides banking services without having to walk inside a brick and mortar banking hall.
Having a virtual bank account has allowed many people to obtain non resident bank accounts in Europe, non resident accounts in the US, a virtual bank for migrants in Euro and also make payments via the B2B platform in countries of which they are not residents. The money sent via B2B payment platforms such as PayPal is easily and quickly accessible to the merchants from the comfort of their homes and offices.
Why Do You Need to Verify Your PayPal Account?
You can create a PayPal account without being verified. However, this options comes with limitations that will affect how you will be able to use PayPal. A verified Paypal account lifts the limit placed on unverified PayPal accounts. Moreover, some online stores don’t accept payments made from unverified Paypal accounts. You are able to verify your PayPal account with a card or a bank account.
Virtual Bank Account Without Verification
Is it possible to get a virtual bank account without verification? Verification is a critical part of bank account opening. Financial regulations require banks to verify identity of each customer. Documents and process needed for verification differ from bank to bank. With some virtual banks, you can successfully open your account without verification, but your transaction possibilities will be limited until you finish the verification process.
Free Virtual Bank Account for PayPal
One of the best places to get a virtual bank for PayPal verification and receive money from PayPal virtual bank account is Payoneer. Payoneer is a US virtual bank account for PayPal. Payoneer allows you create free virtual bank account and get a physical prepaid MasterCard sent to your address for free and a virtual bank account for PayPal withdraw. You can swipe the card in any ATM around the world and receive your money. Payoneer’s Global Payment Service allows users to receive payments from PayPal. Therefore, Payoneer is an ideal free online bank account verify PayPal.
With a Payoneer US virtual bank account, online merchants, and freelancers from around the world can receive and withdraw money from an ATM near them that accepts MasterCard. Once you have the Payoneer debit card, you can use it as your free US bank account for PayPal verification. Payoneer virtual bank account will also be your US virtual bank account for PayPal withdraw. It is, therefore, one of the best free VBA for PayPal verification.
How to Verify a PayPal Account Using Payoneer
As we pointed out earlier, you are allowed to verify your PayPal account with a Payoneer card, Payoneer bank account or Community Federal Savings Bank through Payoneer. Not all options work for everyone. If you get error messages while trying these options, you should contact Payoneer for assistance via call, chat, or e-mail.
You must have funds loaded on your card from Payoneer virtual bank account for PayPal verification before you link the Payoneer card to your PayPal account. Thereafter, add the Global Payment details. This is because PayPal needs to verify your payment method before you can add the Global Payment details.
How to get PayPal verification code / PayPal 4 digit PayPal code
- PayPal will make a small charge to your card to generate the 4-digit PayPal verification code on your card statement. The code will appear on your card statement, enter it on the PayPal website. If you see PayPal1234CODE or PP1234CODE on your statement, then “1234” is your code. The small charge will be refunded to your card once your virtual card is confirmed or if the 4-digit code is left unused for 75 days. The refund may take up to 30 days to appear on your card statement depending on your card issuer.
Virtual Credit Card for PayPal Verification 2021
How to Verify PayPal With Payoneer Card
To verify your account with Payoneer card, follow the following steps. Make sure you already have signed up for a Payoneer virtual bank account.
- Go to Wallet tab on PayPal. Press “Link a debit or credit card” on left-hand-side then nter your Payoneer card details. PayPal will charge a small amount from your card for verification.
- Go to your Payoneer Statement. You will find the charged amount with a 4-digit code. Then enter the 4-digit code on your PayPal card section to verify it (it may take 24 hours to appear). Your PayPal account will be linked with Payoneer debit card and verified.
How to Verify PayPal Account with Payoneer Bank Account
In order to verify PayPal account with Payoneer bank account, follow the following steps.
- Go to Wallet tab on PayPal. Press “Link a bank account” on left-hand-side then enter your Payoneer account details. PayPal will make two small deposits to your Payoneer USD bank account for verification.
- Go to your Payoneer Statement where you will find the 2 deposited amounts from PayPal. Enter the 2 deposited amount separately on your PayPal bank account section to verify it. Note that it may take sometime for the deposited amount to show.
How to Use Community Federal Savings Bank to Verify PayPal
Payoneer provides bank details for Community Federal Savings Bank. You can request an account with this bank through Payoneer. It is one of PayPal compatible bank. In most cases, PayPal allows account verification with the bank so that you can withdraw your Paypal funds to your Payoneer bank account. The default First Century Bank that comes with a new Payoneer account does not work for Paypal verification.
To verify PayPal account with Community Federal Savings Bank, you need first to link a card to your Paypal account following the steps outlined above. After linking your card, you need to o change your US bank account to Community Federal Savings Bank.
In the event that you find that your bank account has been declined, PayPal advises you to take the following steps: 1) Make sure that a card with money on it is verified and on your PayPal account. Why? Because if we give you another bank, regardless of what it is, it won’t work without an alternate payment method on your PayPal account (which in this case, is a card). 90% of the issues that are faced by this instance are resolved by adding a card and verifying the account. Adding a card also allows a card to be verified instead of the bank. The card does not have to be a Payoneer card. It can be a personal bank card or a credit card. If, and only if you have a card attached on your PayPal account, please do the following: 1) Take a screenshot of the error message when you try to put the old bank details on PayPal. 2) Contact our customer support team by opening a ticket.
Receiving Money With PayPal
PayPal makes it easy for you to receive payments in various currencies including British Pounds, Japanese Yen, Australian Dollars, Mexican Pesos, and Euros among many others. Business and premier account holders have extra flexibility for managing multiple currency payments.
PayPal allows you to choose the currency and how you would like to accept it. When you receive payment in your preferred currency, the funds will display in your account. But when you receive payment in a different currency you can choose whether to accept or stop the payment.
- By accepting the payment, you will get new currency balance in USD.
- You can also accept the payment and convert it to your preferred currency; the payment is converted at a current exchange-rate.
- You can also block the payment.
PayPal users can configure the payment receiving preferences to choose how they would like to handle incoming payments.
Final Thoughts on Online Bank Account for PayPal
If you intend to use PayPal, you should think of using free online bank account for PayPal. You need to create virtual bank account with online banks compatible with PayPal such as Payoneer. You will be able to use your Payoneer as your virtual bank account to verify your PayPal account as well as withdraw PayPal funds. Payoneer is a secure American digital account and payment service. Alternatively, you can use a virtual credit card for PayPal verification.