How to Close a PayPal Account
Posted by Frank Gogol
Updated on May 17, 2022
Disclosure: Stilt is a lending company. Nonetheless, we are committed to providing our users with high-quality resources and accurate information about immigration and finance.
PayPal accounts can be very useful. They are an easy and free way to send money to family abroad or pay for things online. You can even set up an account for your business so your clients or customers can pay you.
If for whatever reason, you find you no longer want your PayPal account, closing it down is a quick and hassle-free process that can be completed in just a few minutes. Read on to find out how to close a PayPal account.
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How to Close Your PayPal Account
Once you have saved a copy of your transaction history, fixed any unresolved issues tied to your account, and collected the entirety of your PayPal balance, it is time to start the process of closing your PayPal account.
Even though closing your account is permanent, the full process actually takes just a few minutes. The process you’ll need to follow is slightly different for a personal account and a business account.
How to Close Your PayPal Personal Account
Here is how to close your PayPal account:
- Log in to your PayPal account on a laptop or computer
- Click on the gear icon at the top right of your screen (next to the Log Out option) to access the Settings menu
- If you’re not there by default, click the Account tab
- Click Close Your Account at the bottom of the page
How to Close Your PayPal Business Account:
If you have a business account, it is also possible to downgrade to a personal account, but you will have to contact customer service to do so. Use the following steps to close your downgrade your business account:
- Log in to your PayPal account on a web browser on a personal computer or laptop
- Click the Profile button at the top right of your screen (next to the Log Out option)
- Click Profile and Settings button
- Click on Account Settings
- Click the Close Account button (to the right of the Account Type line)
Why You Might Want to Close Your PayPal Account
The good news is even an unused PayPal account doesn’t cost any money to maintain. But if you’re not planning to use your PayPal account again, it might be a good idea to delete it. PayPal is secure, but any place on the web where your personal and financial details are listed can be breached. Deleting your details from places you no longer use decreases your risk of having this information breached.
Some people close their PayPal accounts because it has been compromised and they want to close it down for safety reasons. Business users may want to close an account that was opened for a business that is no longer trading. Users may also choose to close their PayPal account because they’ve switched to an alternative payment gateway, like Venmo or Stripe.
Or maybe you just want to open a new PayPal account with a different email address. If any of these reasons apply to you, you would want to know how to close a PayPal account.
What to Know Before Closing Your Account
The most important thing to know before closing your PayPal account is once it’s closed, it will be permanently closed. You are not deactivating your PayPal account. Deactivating often means that an account can be reactivated later if needed. This is not the case with a PayPal account. Once an account has been deleted, it is permanently closed.
Everything Will Be Permanently Deleted
Because you are permanently closing your PayPal account, everything tied to your account will be permanently deleted. This means your transaction history will be lost. It might, therefore, be a good idea to screenshot, print out or otherwise save your transaction history if you think you will need it at a later date. Once the PayPal account is closed, you will not be able to access this information again, even if you open a new PayPal account using the same email address.
Account Must Be Deleted from the Web
Also to close your PayPal account, you will need to use a laptop or computer to access your PayPal account from the web. You cannot delete your PayPal account from the Android or iOS app.
You Must Resolve All Account Issues
Before you try to close your PayPal account, make sure that there are no unresolved issues on your account. This includes outstanding balances that need to be paid or unresolved problems that need to be taken up with customer service. You will not be able to close a PayPal account if there are unresolved issues tied to your account. Any unpaid money requests will also automatically be canceled.
Make Sure to Withdraw Your Balance
The last thing to do before closing your PayPal account is to withdraw or collect the entirety of your PayPal balance. You can do this by spending your balance, or by transferring it to another PayPal or bank account. You can also request a check from PayPal, but you will have to pay a small fee on this option.
What Happens After You Close a PayPal Account?
Once you have closed your PayPal account, you will not be able to access it again. Your transaction history with PayPal will be lost. Any unpaid money requests are automatically canceled. Future online payments cannot be made using a deleted PayPal account. You also lose unused redemption codes or coupons.
If you need to, you can create a new PayPal account (you can even use the same email address), but you will not be able to view any information from the previous account.
- How to Cancel a Paypal Payment
- How to Use PayPal
- How to Withdraw Money From PayPal
- How to Set Up a PayPal Account
- How to Add Money to PayPal
- How Does PayPal Work?
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