When you complete transactions on a banking app, money app or exchange app – the transactions stay within that platform. Financial institutions do not share transactional information about their customers.
If you’re wondering, can my bank see my PayPal transaction? The answer is no. PayPal does not share this information with your bank. Your bank can only see how much money you have sent and received from PayPal.
The same applies to can my bank see what I buy with PayPal. Your bank cannot see your PayPal transactions or what you buy online. This information is only held within the app.
In general, financial institutions don’t share this information with each other. Primarily because this is confidential information that is not meant to be shared.
How Do PayPal Transactions Show Up On Bank Statement?
If you make a purchase with PayPal, it will show up on your bank statement with the name of the seller. If you send money to your friends or family, it will say PayPal. Depending on the seller and their name, you can tell what type of product may have been purchased. If you want to hide PayPal transactions from bank statement, you will need to first deposit money into your PayPal account – and then make the purchase using your PayPal balance.
What is PayPal PTE Ltd on my Bank Statement?
This is an MSP ACH payment that is debited or credited by PayPal. If you do not have a PayPal account and you did not request or send money, you are advised to contact your bank. It’s likely that there was an error in this ACH payment where someone else’s pre-authorized payment/direct deposit was made to you. Every ACH transfer is made using a unique originator identification number, which can be used to trace where the payment came from.
Can PayPal Take Money from a Closed Account?
If your bank account is closed, PayPal cannot take your money because the account is now closed. A closed account is not accessible for any credits or debits. What happens if PayPal sends money to a closed account? You may want to read our article on what happens to money sent to a closed bank account. Remember that your PayPal cannot see your bank transactions and vice-versa!
Does PayPal Share Information with the Government?
In Canada, the Federal Court ordered PayPal to give up information relating to business accounts with PayPal. The transactions made between Jan 1, 2014 and Nov 21, 2017 were reported to the CRA. A series of different types of information were asked to be disclosed such as:
- Your name, date of birth, phone number, business name, address and SIN #
If this applies to you, you should make sure that your taxes were filed correctly, taking into account any business income you earned through PayPal.