PayPal can help you perform secure credit card payments online under your business name. You can use money you receive to make other online purchases or you can transfer cash to a bank account you have linked to your PayPal account, although the latter takes several days to process. If you want instant access to your cash, you can apply for a PayPal debit card that you can use to withdraw money from most ATMs.
- Log in to your PayPal account. Select the “Products & Services” tab and click on “View All PayPal Products.” Click the “PayPal Debit MasterCard” link.
- Click “Apply Now” and then click “Get Started.” Complete the debit card application.
- Click “Agree and Create Account” if you agree to the PayPal User Agreement. You will receive your debit card and PIN number (separately) in the mail within two to four weeks of your accepted application.
- Insert your debit card into any accepted ATM. Enter your PIN and select “Checking Account” as the account type from which you want to make a withdrawal.
You may use your PayPal debit card at ATMs with the MasterCard, Maestro, Cirrus, STAR or PULSE Acceptance Mark logo. You can refer to the account information that comes with your debit card for spending limits, daily cash limits and withdrawal fees. You may be charged a fee by the ATM provider, as well.
PayPal Debit Card in Canada
The PayPal Debit Card is no longer available to PayPal Account holders in Canada. But they have PayPal Business Master Debit card still in use as well as other cards.
But you may link a Verified bank account as a Backup Funding Source to the PayPal Debit Card (for those who have). Having a Backup Funding Source enables you to make Debit Card transactions when your Balance is insufficient to fund the transaction.
To add a Backup Funding Source or to edit your Backup Funding Source preferences, log into your Account, go to the “Profile” page, select “Debit Card” and add/edit your Backup Funding Source preferences.
Using your Debit Card at ATMs in Canada
Using your Debit Card at an ATM. You may use your Debit Card at any ATM that is part of the Maestro/Cirrus ATM network. You may use your Debit Card at such an ATM to perform the following types of transactions:
- Withdraw cash from your PayPal Account Balance. or
- Find out your PayPal Account Balance.
Note that to withdraw cash from your PayPal account, choose “Checking Account” when given the option at an ATM.
You may use your Debit Card to purchase goods and services from merchants that accept MasterCard, in an amount up to your available PayPal Account Balance. In addition, if you have a Backup Funding Source linked to your Debit Card, you may use the Debit Card for purchases up to your available Balance combined with the available limit on your Backup Funding Source, subject to the limitations in Section 6 below.
Also note that if your payment is refunded, it will always be refunded to your Balance even if the purchase was funded in whole or in part with your Backup Funding Source.
Your usage of the Debit Card will result in Fees.
The PayPal Preferred Rewards program provides 1% cash back on the net amount of your eligible monthly purchases. Net amount means all eligible purchases minus reversals for any reason including returns and refunds. It may take up to 48 hours after enrollment for you to begin accruing cash back
To be eligible for cash back, the Debit Card purchase must be an online or signature-based that does not require a PIN (personal identification number). Some merchant locations offer you the option of choosing “Credit” or “ATM/Debit” when making a payment. To qualify for cash back, you must choose “Credit”.
Your PayPal Debit Card must be in good standing at the time you make an eligible purchase and when PayPal makes the cash back payment.
If you sell on eBay or other websites, you must enroll in the PayPal Preferred Program and turn on the “Tell Buyers that I prefer PayPal payments” preference.
The cash back will be calculated at the end of each calendar month and added to your PayPal Balance.
For your protection, your Debit Card is subject to the following limits:
- $400.00 daily limit for ATM withdrawals and other cash like withdrawals (cash advances and money transfers), and
- $3,000.00 daily limit for purchases, and a $1,000 daily limit for purchases where you use your bank account as the funding source, and
- Daily limit of 30 transactions, and
- Monthly usage limit of $50,000.
When you use your Debit Card to purchase goods or services or to obtain cash from a merchant, the merchant may attempt to obtain preauthorization from us for the transaction. If the merchant makes such a request, PayPal will place a 4 Day hold on your Account for the amount of the preauthorization request (which may vary in some cases from the amount of the actual purchase, depending on the merchant). This hold may affect the availability of funds from your Account to pay for transactions.
PayPal says that it will not be responsible if any transactions are not completed because of the hold. If the preauthorization request varies from the amount of the actual transaction, and in the event that PayPal cannot charge your Backup Funding Source, PayPal will debit the entire transaction amount from your Balance, even if this results in your Balance becoming negative.
When you use your debit card your PIN is a security code, which has been designed to protect your transaction account against unauthorized use. The PIN provides enhanced security for your Account and must be used when making transactions to your Account. It is your electronic signature. Since the PIN is for security purposes, you should memorize it and it should not be disclosed to anyone. You can change your PIN at any time, and a temporary hold can be placed on your Account if the PIN has been compromised or if your Debit Card is lost or stolen. Maintaining the security of your PIN and Debit Card is your responsibility.
If you authorize a name change on your Account (limited to a change due to either a divorce, marriage or birth certificate change), it will be your responsibility to destroy your old Debit Card, as well as obtaining a new PIN, or you may be liable for any losses which may occur.
Kindly contact PayPal help support for more details on latest agreement on PayPal Debit card in Canada.