How to Transfer Money from PayPal to Bank? There are a lot of reasons why people use PayPal, such as operating an e-commerce store, freelancing, or splitting bills with friends.
However, one question many people have is: “How do I transfer money from PayPal to my bank account?”.”
You’ll learn how to transfer money from PayPal to your bank in this comprehensive guide. Whether you’re using PayPal’s website or the PayPal app, we’ll walk you through the steps.
To make this seamless transition from digital funds to tangible funds, read on to learn how to access PayPal funds in your bank account or withdraw money. # How to Transfer Money from PayPal to Bank?
What is PayPal?
PayPal is one of the most trusted online payment systems in the world, whether you are sending or receiving money. PayPal is an alternative to traditional paper methods like checks and money orders.
The funds are directly withdrawn from your PayPal balance or linked bank account, which makes it easy to transfer money. PayPal is based on e-mail addresses, which makes money transfers easy.
It is a person-to-person exchange of money through PayPal, which requires both parties to have an account in order to use the service.
PayPal accounts cannot be used without an account.
The maximum amount or cap on what you can send depends on your account verification.
You may transfer up to 60,000 US dollars in a single transaction, but in some cases the limit may be $10,000 due to fluctuations in currency exchange rates.
How to Transfer Money from PayPal to Bank?
PayPal’s mobile app or website can be used to transfer money to your bank account from PayPal.
Nonetheless, you need to link your PayPal account to your bank account before you can begin.
How to link your bank account with PayPal?
To connect your bank account to your PayPal account, follow these steps:
- When using the PayPal app, tap Menu then Wallet then click Wallet at the top of the page.
- Select the bank account you would like to link.
- You can select your bank or click Don’t see your bank?
- If you are not able to connect to your bank via instant connection, enter your bank account information manually and click Agree and Link.
Linking Instantly and Linking Manually: How It Works
1. Linking Instantly
You will need to enter your online banking user ID and password to connect your account instantly.
Using this information, PayPal will confirm your account ownership with your bank.
It will take just a few minutes for your bank account to be confirmed once the information is entered correctly.
2. Linking Manually
In order to withdraw money from PayPal, you must have a confirmed bank account. For security reasons, PayPal only allows you to withdraw funds from confirmed bank accounts.
Your bank statement will show 2 small deposits from Paypal (between $0.01 and $0.99 USD) within 3 business days.
These details are required to complete the confirmation process, which can be done as follows:
- You can access your wallet by clicking the Wallet link at the top.
- To confirm a bank, click on it.
- Your account’s two deposits should be entered exactly.
- Then click the Submit button.
How To Transfer money from PayPal to your Bank Account?
Withdrawing money from your bank account is simple and quick once your Paypal account is linked to your bank account.
- Go to the Wallet section of your PayPal account.
- Simply click on the Transfer Funds button.
- To transfer funds to your bank account, click the Transfer button.
- To complete your withdrawal, follow the instructions.
PayPal users who wish to withdraw funds can do so using the following steps:
- Go to the home screen and tap PayPal Balance.
- To withdraw funds, tap Withdraw.
- Complete your withdrawal by following the instructions.
In order to withdraw funds to your linked bank account, you will first need to verify your Paypal account. Withdrawals cannot be reversed, so ensure that all bank details are correct before submitting the withdrawal request.
How to Transfer Money from PayPal to Bank Account from Your Browser?
Step 1. Link an Eligible Debit Card and/or Bank Account
If you want to receive money via PayPal, you don’t need a bank account or debit card linked to your PayPal account, but connecting your PayPal account to your PayPal wallet enables you to receive more money and makes transfers to your bank account easier.
If you want to allow money to flow freely between your bank accounts and PayPal, you will have to set up a direct debit order through PayPal.
If you do not have a confirmed bank account, you cannot make electronic funds transfers.
Step 2. Go to Your PayPal Wallet to Begin Your Transfer
You can transfer money by hovering over the “Pay & Get Paid” menu and selecting “transfer money”.
Step 3. Decide How You Want to Transfer
By clicking “Transfer money”, you will be presented with a list of available bank accounts and cards from which you can withdraw cash. You will also have the choice of an instant or standard transfer.
To quickly break it down, is there a withdrawal fee?
- Fee-free standard bank transfer to a bank account
- A 1% fee is applied to instant transfers to bank accounts
- 1% fee for instant transfers to debit cards
Step 4. Enter How Much You Want to Transfer
You must enter the amount you wish to transfer after you have chosen the account to which you would like to send your money.
PayPal accepts dozens of currencies, making it possible for your customers to send money in a currency of their choice.
Generally, there is a 1.5% conversion fee for foreign currencies in your account. If you have a foreign currency in your account, there will be an additional charge on top of the exchange rate.
On the screen, you will see how much money you will receive from your bank account in your local currency.
Step 5. Double Check Your Transfer Details
You’ll see the following screen at the end:
- Into your account, you are transferring the following amount:
- Fees related to transfers
- Upon reaching your account, the final amount will be credited
- What bank is eligible to receive your money
You have time to fix any mistakes by clicking “back” if anything doesn’t look right. If everything looks good, click “Transfer Now”.
Step 6. How Long Does It Take for PayPal to Transfer to Your Bank Account?
There are different waiting times for PayPal to bank transfers depending on which payment method you opt for:
- In general, standard transfers clear within 1-3 business days (sometimes up to 3-5 business days).
- It takes up to 30 minutes for the transfer to take place
Get in touch with customer service if you haven’t received your money within 5-10 business days.
Upon ordering the transfer, you will receive an email notification and confirmation link.
Read How to send money through PayPal without an account?
How to transfer money from PayPal to a bank account on app?
Here is a step-by-step guide to help you transfer money from your PayPal account to your bank account using the PayPal mobile app:
Ensure that you have the PayPal mobile app installed and that your PayPal account is logged in.
Step 1: Open the PayPal App:
Enter your account credentials to access PayPal on your device once you’ve launched the app.
Step 2: Access Your PayPal Balance:
Logging in will give you access to your PayPal dashboard. Look for your PayPal balance, which will be displayed prominently. Tap on your balance to proceed.
Step 3: Initiate a Transfer:
Your PayPal balance will appear on the next screen. You’ll see an option that says “Transfer Money” or something similar. Click it to begin the transfer.
Step 4: Select Transfer to Bank:
A selection of transfer options will appear, such as sending money to friends or transferring to a bank account. Select “Transfer to Your Bank” or something similar.
Step 5: Choose the Amount:
You must have sufficient funds available in your PayPal account to cover the transfer. Enter the amount you wish to transfer from your PayPal balance to your bank account.
Step 6: Select the Bank:
Once you have selected the bank account to transfer the funds to, you will need to link your bank account to PayPal, if you haven’t already.
Step 7: Review and Confirm:
Ensure that all the details of the transfer, including the amount and account number, are accurate. Then, tap the “Transfer” or “Confirm” button to proceed.
Step 8: Confirmation and Receipt:
If you confirm the transfer, PayPal will show you a confirmation screen and send you an email confirmation. It may take a few business days for the transfer to complete, depending on your bank and location. # transfer money from PayPal to a bank account on app
Conclusion
Your PayPal funds can be transferred to your bank account in a tangible form if you follow a straightforward process.
PayPal offers a convenient and secure solution for both business owners and individuals who are looking to manage their finances.
It is easy to initiate a transfer and have your money safely deposited into your bank account if you follow the steps outlined in this guide.
It’s important to keep an eye on transaction fees and processing times, as they may differ depending on your location and the company you’re dealing with.