If you’re a PayPal user, you’ll want to know whether Plaid works with the payments giant. And crucially, what bank is PayPal under on Plaid? This will be important info if you want to connect the two together.
Read on for everything you need to know, plus how to connect Plaid to your other favourite apps like Wise.
Does PayPal use Plaid?
Yes, PayPal is one of around 11,000 financial institutions that connects to Plaid in the US, Canada and across Europe.¹
PayPal uses Plaid as an intermediary, to securely share your details and help to process payments. PayPal is already known to be a secure and reliable way to pay and transfer money. But the link with Plaid makes it extra safe.
Save money when sending internationally with Wise
If you’re thinking of using PayPal to send money internationally, hold fire before hitting ‘send’. There could be a cheaper alternative out there, so it could pay to compare a few different options.
Use Wise to send money worldwide and you’ll benefit from low fees and fair exchange rates. It’s a great alternative to PayPal, which has rather steep fees for overseas payments.
Open a Wise Account online and you’ll also get these fantastic benefits:
- Bank details in 10 currencies
- The option to hold, send, spend and convert 40+ currencies at once
- Send money overseas with low and transparent fees,
- Order a Wise card for a one time fee of just $9 - for use in 174 countries
- Mid-market exchange rates on all transactions.
It’s quick, easy and free to open a Wise account online. And there’s even a handy Wise app so you can manage everything from your phone.
Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.
How to connect PayPal and Plaid - step-by-step
So, what bank is PayPal on Plaid, and how do you connect the two together?
The first thing to know is that you’ll need your own Plaid account, as well as a PayPal account. It’s easy to sign up on the Plaid website.
The next step is to link your Plaid account with PayPal. The good news is that it’s pretty straight forward. Simply follow these steps:
- Login to your PayPal account
- Go to the ‘Linked accounts’ section
- Select ‘Add a new account’
- Choose ‘Plaid’ from the list of options.
And that’s pretty much it. Once the two accounts are connected, you can use Plaid to use your PayPal account more securely.
How to connect Plaid and Wise
If you use the Wise app for international transfers, you can also connect it to Plaid. You’ll get the same benefits, including secure and seamless payments.
It’s really easy to do. Just search for ‘Wise’ when you’re directed to Plaid, and you can add your Wise USD account details to get started.
Bottom line
After reading this, you should have a better idea of how Plaid works with PayPal, and with other financial apps like Wise. Once you have an account at both Plaid and whichever money app you’re linking, it’s pretty straightforward to connect them.
Once it’s done, you don’t even need to think about it. You can just get on with shopping, spending and sending money, or managing your everyday finances on your phone.
Want to know more about Plaid? Read our guides to using it with Venmo and Cash App, and what to do if you can’t get Plaid to connect to your bank.
Sources used for this article:
Sources checked on 07-Jun-2023.
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