Wondering how to close a PayPal account? You’re not alone. Many people decide to close their accounts for various reasons, such as reducing the number of payment services used or switching to other platforms.
In this article, you will learn step by step how to close a PayPal account. We will describe all the necessary actions. As well as the requirements you need to meet before finalizing this process.
Start by Checking Your PayPal Account
Before you proceed to close your PayPal account. It’s worth securing your transaction history. Archiving all important documents, such as payment confirmations or invoices, is crucial.
You might need them for tax settlements or in case of potential legal disputes. Therefore, it’s best to save them in a safe place or print them out.
Remember, these documents can be invaluable if you need to prove completed transactions or their terms. Documents such as bills or transaction confirmations are important not only for tax purposes. They can also serve as evidence in case of claims.
How to Permanently Close a PayPal Account?
You can close your PayPal account using the app on your smartphone or tablet, as well as on a computer through the PayPal website. Below you will find instructions for both methods:
On a computer:
- Log in to your PayPal account in any web browser.
- Click the gear icon in the upper right corner to go to account settings.
- In the account tab, scroll down to the bottom and click “Close Your Account”.
- In the pop-up window, click “Close Account”.
On a mobile device:
- Open the PayPal app and log in.
- Tap your profile icon in the upper left corner.
- Scroll down and select “Close Your Account”.
- Finally, choose “Close Account”.
If you have a business account and are trying to close it on a mobile device, you need to perform an additional step: tap your profile icon > Account Info > Close Your Account > Close Account.
After closing your PayPal account, you will no longer be able to view transaction history or send or request money from other PayPal users.
Additionally, all recurring payments, such as phone bills or streaming service subscriptions, that are linked to your PayPal account will be terminated.
What Happens After Closing a PayPal Account?
After closing your PayPal account, it is not possible to restore it. All information related to your account, such as transaction history or PayPal balance, will be permanently deleted from PayPal servers. Therefore, it is important to make a copy of all necessary information before closing the account.
Furthermore, PayPal does not automatically cancel any subscriptions or recurring payments to third parties. It is recommended to contact them and settle all obligations. Once the account is closed, you will no longer be able to send or receive money to that account.
What are the Alternatives?
If for some reason you have decided to leave PayPal, there are other secure ways to make payments. Here are a few trustworthy alternative apps that you can use for business or personal online transactions:
Stripe is a payment gateway for businesses. It is easy to set up, offers competitive pricing, and has many features that enhance banking experiences.
Skrill is a digital wallet that allows customers to easily conduct online transactions. It is available in over 200 countries and offers services at competitive prices.
Wise is a payment gateway for sending and receiving money and conducting international transactions. It offers reasonable exchange rates and low transaction fees.
Payoneer is a payment platform great for both business and personal transactions. This easy-to-set-up payment service provider is popular among online merchants and offers reasonable service fees.
These platforms are just a few of the most popular and reliable payment service providers available.
FAQ – How to Close a PayPal Account?
No, once a PayPal account is closed, it is no longer available for reopening. You must create a new account if you want to use PayPal services again.
The account closure process is immediate upon user confirmation in the account settings.
Yes, PayPal employs rigorous security procedures during account closure, ensuring that no unauthorized person can do it on your behalf.
If you encounter problems, contact PayPal technical support, who will assist you in resolving any issues related to the process.