It is of no doubt that PayPal is one of the most popular online money transfer platforms since it has a high level of security integrated in it. Receiving online payments through PayPal is quite a rush.
I am sure that everyone loves to here that alert noise from phone every time a payment is made and it is also one of the reasons why millions of people love it as a prime choice for payment processing.
Some times you need to transfer money to your friends and family abroad and one of the most suitable way to do so is by making use of PayPal. Even though PayPal is more famous as an online payment service provider, you can also use it as a money transfer platform.
It is free to use PayPal locally but making use of PayPal can be quite expensive when it comes to sending money abroad. Belo in this article I have outlined some useful information for you on PayPal and its money transfer fees.
Want to transfer money from PayPal to Bank Account? then stay glued to this article as I will show you how to do so in various methods.
Table of Contents
What is PayPal?
PayPal is an online payment system that makes paying for things online and sending and receiving money safe and secure.
When you link your bank account, credit card or debit card to your PayPal account, you can use PayPal to make purchases online with participating stores. PayPal serves as a middleman between your bank and merchants and keeps your payment information secure.
You can also use PayPal to securely send money to friends and family as well as receive money from people. This feature is useful for splitting rent with roommates, for example, or receiving money for your birthday.
Can You Transfer Money from PayPal to Bank Account?
Yes, you are able to transfer money from PayPal to Bank account easily with some few clicks and in this article, I will show you how to do so in many different methods.
How to Transfer Money From PayPal to Bank Account From Your Browser
There are several methods that one can employ so as to transfer money from PayPal to Bank account and one of this method is by making use of his/her browser. Follow the steps below in order to transfer money from PayPal to Bank Account from your Browser:
Step 1. Link an Eligible Debit Card and/or Bank Account
You not require a linked bank account or debit card in order to start receiving money through PayPal but connecting your account to your PayPal wallet enables you to receive more money and it is vital to make safe transfers to your bank account.
You will be asked by PayPal to setup a direct debit order with your bank account to allow your money to flow freely between your accounts.
It is necessary you have in mind that you cannot do an electronic fund transfer without a confirmed bank account.
Step 2. Go to Your PayPal Wallet to Begin the Transfer
Move your pointer over the "Pay & Get Paid", and select "transfer money" from the dropdown menu.
Step 3. Decide How You Want to Transfer
As soon as you click on transfer money you will see your available bank accounts and cards you can send your cash withdrawal. Also, you can see the option to have an instant transfer or a standard transfer so it will left for you to select depending on the rate at which you need the money.
Fees - Standard transfer to bank account - fee free transfer. Instant transfer to bank account - 1% fee on the amount you're transferring. Instant transfer to debit card - 1% fee on the amount you're transferring.
Step 4. Enter How Much You Want to Transfer
You must input the amount you are sending after selecting the account to which you want to send money.
For those that take international payments, PayPal supports a wide range of currencies, allowing you to accept payments from clients in the currency that best meets their needs.
There will be an extra fee on top of the exchange rates if the money that is currently in your account is in a foreign currency. Typically, there is a 1.5 percent cost for currency translation. The amount that will be deposited into your bank account in your local currency will be displayed on the screen.
Step 5. Double Check Your Transfer Details
Once you are on the final screen, you will see as shown below:
- The amount you are transferring to your account.
- Any transfer fees.
- The final amount that will reach your account.
- Which eligible bank you are sending your money to.
Incase every detail is correct, you can click on "Transfer Now" to begin the process but if not, you still the option of fixing any mistake by clicking on "Back".
How to Transfer Money from PayPal to Bank Account from Your Mobile App
It is even simpler for you to transfer money from Your PayPal to your bank account via your mobile app. Follow the steps below and in order to make a successful transfer via the mobile app:
Step 1. Log Into Your PayPal APP
The very first think you will have to do is to log into your PayPal app.
Step 2. Tap Your PayPal Balance
Once you enter the app, your balance will be the first thing that you see.
Step 3. Tap "Transfer"
You will see this button at the bottom of your screen.
Step 4. Indicate Your Money's Transfer Destination
You can see your possible transfer options on the following screen. They mirror the desktop variation. It will be a choice as long as your bank account is connected.
Step 5. Enter The Amount You Want to Transfer
On the next screen, PayPal will prompt you to enter the amount of money you want to transfer. Click “enter” when you are done.
Step 6. Double Check Your Transfer Details
Similar to the desktop version, you have the chance to check if the transfer details are correct. When you’re ready, click “transfer now” to start the process.
Why Use PayPal?
There are several reasons why you can make use of PayPal and I will outline some of the key reasons to you below.
PayPal is Easy and Convenient
After Visa, Mastercard, American Express, and Discover, PayPal is now the fifth most popular payment method and is accessible at millions of online retailers.
Have you ever wished to make an online purchase but were unable to do so because your credit card wasn't available? Without having to type your card numbers again, you can use PayPal to make a payment using cards that are linked to your account.
To purchase something with PayPal, all you have to do is remember (or store) your login details.
PayPal is Safe and Secured
Merchants may occasionally have access to your payment information when you use your debit or credit card to make an online purchase. PayPal adds an extra degree of security by making sure that retailers never view your personal information.
Along with other security measures, PayPal uses email confirmations for transactions, end-to-end data encryption, and optional two-factor account logins to keep user accounts safe.
How Long Does it Take for PayPal to Transfer to Your Bank Account
The waiting game now begins! Different countries have different wait times. Depending on how you choose to send money, there are several waiting periods for PayPal to bank transfers:
Standard transfer - generally the clearing process is 1-3 business days (sometimes up to 3-5 business days)
- Instant transfer - up to 30 minutes
- If your money hasn't arrived within 5-10 business days, contact customer services.
After you order the transfer, you will get an email notification and confirmation link.
How to Make an Instant Payment with PayPal?
Even if it takes a few business days for money to travel from your bank account to your PayPal account, PayPal nevertheless allows for quick payments. You have the option to pay with PayPal rather than submitting your credit card information when making an online purchase or subscribing to a service.
When you do this, PayPal will make a request for payment to your bank, and in the meantime, the seller or merchant will receive an immediate credit.
You must have already linked your bank account to your PayPal account using the procedures outlined above in order to carry out an instant transfer through PayPal. As soon as the transaction is completely completed, PayPal will typically send you an email.
Final Thoughts: How to Transfer Money from PayPal to Bank Account Instantly
PayPal is a convenient way to make online payments because you can simply log in with your email address rather than having to enter your card details every time.
Likewise, PayPal can be a useful way to send and receive smaller payments from friends and family, however the fees are very high and if you’re looking to send money internationally you’ll find Paypal one of the most expensive options available. Particularly for larger sums using Paypal should be avoided.
Frequently Asked Questions
Can I transfer money from PayPal to my bank account instantly?
To transfer money to your bank account, click on "Withdraw Money" right by your PayPal balance. Choose if you want to make an instant or standard transfer — only qualifying bank accounts can opt for instant transfer, and you should be able to see if yours is eligible.
How much does it cost to transfer money from PayPal to bank account?
While you can transfer funds from your PayPal account to your bank for free, there is a fee for instant transfers: 1% of the transfer amount, capped at $10 per transaction. You'd also pay a fee to send money to a friend or family member using a debit or credit card.
What banks accept transfers from PayPal?
Bank of America. BNY Mellon. BB &T. Citibank. JPMorgan Chase. Keybank. PNC. Suntrust.