Switching financial accounts and types can be difficult at the best of times – and when it comes to services such as PayPal, it’s not always easy to know how to manage your money for the best. If you’re used to taking commercial funds through the app, you may be wondering how do I change my PayPal account from business to personal?
Unfortunately, this isn’t something you can trigger or swap by yourself via the PayPal app or online service. However, I’ve done the legwork for you and have brought together the steps you’ll need to follow to get your account switched up in no time.
What types of accounts do PayPal offer?
PayPal offers three different types of accounts – business, personal, and Premier. Each account has its own stipulations, and you’ll need to qualify for whichever option you choose.
The PayPal Premier account is built for people who do “casual” business online. For example, they might sell homemade items occasionally, but use their wallets to frequently buy items online, too.
In this guide, I’ll be taking a closer look at business and personal accounts – so don’t worry too much about the Premier option for now!
What’s the difference between PayPal’s business accounts and personal accounts?
A PayPal business account is an e-wallet designed for retailers or business owners using a company or group name. They must consciously sell their services or goods using PayPal to qualify for this type of account.
All personal account features are available via business account, with a few extra bonuses. For example, with a business PayPal, you can allow up to 200 workers to access the account to process transactions. You can also manage payments, print labels, and even get live customer assistance to help whenever needed.
However, if you mostly plan on using your account to buy things online, and send or receive money between you and your family and friends, then a personal account will more than suffice.
In some cases, when people sell low-cost items or services online, they choose to still use their personal account, which is permissible.
However, it is important to note that your personal account automatically has your name on it, so when selling low-cost goods, it can be an issue for your privacy. What’s more, if you intend to keep selling online, you’ll still need to declare your income with your local tax authority (even if you run a personal account).
Why you might want to change from business to personal
It may seem strange to want to move a business account to a personal account on PayPal, but there may, in fact, be multiple reasons for you to make this change.
For example, you may simply use your PayPal account for more private payments than for business. And, even though business accounts have benefits, they also have drawbacks.
For example, with a business PayPal account, there are limits to what you can do with the money. That is to say that should you wish to send some money to your friends and family, you’ll need to carefully earmark it as a gift, rather than as a business transaction. PayPal carefully monitors its accounts to ensure there’s no illegal activity taking place.
On the other hand, your money is yours to do with what you please with a personal account on PayPal – within legal reasons, of course!
What’s more, if you only run a relatively small business, you may find that a personal account does more than enough and that a business account simply doesn’t provide any direct benefits.
Of course, you may simply no longer need a business account if you tie up your business or cease trading. In any case, it’s time to find out how to change from business to personal via PayPal.
What you’ll need to change your PayPal account type
To change your PayPal account type, you will first of all need your full account credentials. That means you will need all your login information, such as your username, password, and any associated business addresses and financial data.
Do also keep in mind that changing from PayPal business to personal will take some time, depending on customer service waiting periods. You’ll need to reach out to customer care to start the transfer, so be prepared to wait a few days.
Changing your PayPal from business to personal: step by step
Start by logging into your PayPal account. For this, you will need your registered email address and your password. PayPal may also ask to secure the login by sending you a text message code or calling you, so have your phone ready just in case. This is called two-factor authentication, and personally, I recommend it if you want to keep your money extra secure.
Once you’re in, click the “contact link” on the main home page. It can usually be found right at the bottom of the page.
You can then select “message us” to contact the PayPal customer support team. Once the message box is open, notify the team that you want to transfer your PayPal account from a business account to a personal account.
If you would rather speak directly to someone, you can call PayPal directly from the “contact us” page – you’ll find a national number for your territory’s support team. Remember, of course, that call charges may apply.
Once you advise PayPal of your transfer request, customer care will inform you of what you need to do next. Follow the team’s instructions, and they’ll let you know how long you may need to wait before your account switches over.
Unfortunately, I’m not in a position to confirm precisely when this is likely to take place – as transfers will differ from case to case!
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