Update your bank details in PayPal's wallet settings
To change the bank account linked to your PayPal account, log in to PayPal.com, go to Wallet, select Banks and Cards, and then choose the bank account you want to remove or update. You can delete the old account and add a new one in the same section. PayPal will ask you to confirm the new bank's routing number and your account number before the change takes effect.
The process takes about five minutes, but PayPal may hold the new bank account in a pending state for up to 24 hours while it verifies the information. During that time, you cannot transfer money to or from that account. Once verified, transfers to your new bank account will process on the same schedule as before — usually one to two business days for standard transfers, or up to 30 minutes for instant transfers if you have that feature enabled.
If you are changing banks because your old account is closing, update your PayPal details before the bank closes it. If PayPal tries to send money to a closed account, the transfer will fail and the funds will return to your PayPal balance, but this creates a delay of several days while the bank rejects the transaction.
Key Takeaways
- Log into PayPal, navigate to Wallet, then Banks and Cards to add or remove a bank account.
- PayPal verifies new bank accounts within 24 hours and will not let you transfer money during that time.
- Standard transfers to your new bank account take one to two business days; instant transfers take up to 30 minutes if you have that feature.
- Update your bank details before your old account closes to avoid failed transfers and delays.
- You can have multiple bank accounts linked to PayPal at once, but only one can be your primary transfer destination.
Why you might need to change your bank account
People change their PayPal bank details for several reasons: switching to a new bank, closing an old account, fixing a typo in the account number, or moving to a bank with better rates or fewer fees. If your bank account number changed because your bank merged with another or restructured its accounts, you will need to update PayPal with the new number.
Some people also add a second bank account to PayPal so they can split transfers between accounts — for example, sending most money to a checking account and some to a savings account. You can link up to four bank accounts to one PayPal account, though only one can be set as your default.
Step-by-step: adding a new bank account
Start by logging into your PayPal account on a computer or the PayPal app. On the website, click your profile icon in the top right, then select Account Settings. On the app, tap the menu icon (three horizontal lines) and go to Settings.
From Account Settings or Settings, find and click Wallet. You will see a list of payment methods already linked to your account. Click Banks and Cards or Link a Bank Account (the exact wording varies by app version). Enter your bank's routing number, your account number, and the account type (checking or savings). PayPal will ask you to confirm the account holder's name matches your PayPal name.
After you submit, PayPal sends two small deposits (usually between $0.01 and $0.99 each) to your new bank account within one to two business days. You will need to log back into PayPal and confirm the amounts of those deposits to prove you own the account. This verification step is how PayPal confirms the account is real and belongs to you. Once you confirm the deposit amounts, the account is active and you can transfer money immediately.
Removing an old bank account
To delete a bank account from PayPal, go to Wallet, then Banks and Cards, and find the account you want to remove. Click the account and select Remove or the trash icon. PayPal will ask you to confirm the deletion. The account is removed instantly, and PayPal will no longer be able to send money to it.
If you have pending transfers to that account, they will fail and the money will return to your PayPal balance within a few business days. If the account is set as your default transfer destination and you remove it, PayPal will automatically set your next-oldest linked account as the new default. If you have no other bank accounts linked, PayPal will ask you to add one before you can transfer money out.
What happens if you enter the wrong bank details
If you accidentally enter the wrong routing number or account number, PayPal's verification process will catch it. The two test deposits PayPal sends will not reach the account you specified, and when you try to confirm the deposit amounts, the verification will fail. PayPal will then ask you to re-enter the correct information or remove the account and start over.
If you somehow complete the verification with wrong details and then transfer money to that account, the transfer will fail when your actual bank rejects it. The money returns to your PayPal balance, usually within three to five business days. To avoid this, double-check your routing number (available on your bank's website or a check) and your account number (on your debit card or bank statement) before you submit them to PayPal.
Instant transfers vs. standard transfers to your new account
Once your new bank account is verified, you can choose how fast you want money to move. Standard transfers are free and take one to two business days. Instant transfers move money in up to 30 minutes but cost between $0.25 and $2.00 per transfer, depending on the amount. Not all banks support instant transfers, so PayPal will tell you whether your new bank is may be able to access when you add the account.
If your new bank does not support instant transfers, you can still use standard transfers at no cost. Some banks also have their own apps or online banking that let you pull money from PayPal directly, which may be faster than waiting for PayPal to push it to you — check your bank's website to see if this option is available.
Changing your primary transfer account
If you have multiple bank accounts linked to PayPal, you can choose which one receives money by default when you transfer out of PayPal. Go to Wallet, then Banks and Cards, find the account you want to make primary, and select Make Primary or Set as Default. The next time you transfer money without specifying an account, it will go to the one you just set as primary.
You can override the default for a single transfer by selecting a different account at the moment you initiate the transfer. This is useful if you usually transfer to checking but occasionally want to send money to savings instead.
Frequently Asked Questions
How long does it take for PayPal to verify a new bank account?
PayPal sends two small test deposits to your new account within one to two business days. Once you confirm the deposit amounts in your PayPal account, verification is complete and you can transfer money immediately. The entire process usually takes two to three business days from the moment you enter your bank details.
Can I transfer money while my new bank account is pending verification?
No. PayPal locks the account from transfers until you confirm the test deposit amounts. If you need to move money urgently, use a different linked bank account or payment method, or wait until the verification is complete.
What if my bank rejects the test deposits PayPal sends?
If your bank rejects the deposits, the verification will fail. This usually means the routing number or account number you entered is incorrect. Remove the account from PayPal and add it again with the correct information. Check your bank statement or your bank's website to confirm the routing number before you re-enter it.
Can I link a bank account that is not in my name?
No. PayPal requires the account holder's name to match the name on your PayPal account. If you need to transfer money to someone else's bank account, ask them to add their account to their own PayPal account and send them money as a peer-to-peer transfer instead.
What happens to money in my PayPal balance if I remove my only linked bank account?
The money stays in your PayPal balance. You will not be able to transfer it to a bank until you link a new account. You can still use the PayPal balance to pay for things online or send money to other PayPal users.