How to Transfer Funds From Paypal to Bank Account
5 Min. Read
How to Transfer Money from PayPal to Bank: A Step By Step Guide
New to PayPal? It's exciting to see the money fly in. Here's how to transfer earnings to your bank account.
Receiving online payments through PayPal is quite a rush. Don't you love that "ka-ching" noise from your phone every time you receive payment? That's just one of the reasons why millions of people love it as a prime choice for payment processing.
Having a padded PayPal wallet is great, but how do you safely and simply move funds to your bank account? Can you withdraw to an international bank account?
Here is our step-by-step guide.
Here's What We'll Cover:
How to Transfer Money from PayPal to Bank Account from Your Browser
How to Transfer Money from PayPal to Bank Account from Your Mobile App
Key Takeaways
How to Transfer Money from PayPal to Bank Account from Your Browser
Step 1. Link an Eligible Debit Card and/or Bank Account
You don't have to have a linked bank account or debit card to start receiving money via PayPal. But, connecting your account to your PayPal wallet enables you to receive more money and is essential to make transfers to your bank account.
PayPal will prompt you to set up a direct debit order with your bank account to allow money to flow freely between your accounts.
Note: You cannot do electronic funds transfers without a confirmed bank account.
Step 2. Go to Your PayPal Wallet to Begin Your Transfer
Hover your cursor over the "Pay & Get Paid", and select "transfer money" from the dropdown menu.
Step 3. Decide How You Want to Transfer
Once you click "transfer money" you will see your available bank accounts and cards you can send your cash withdrawal. You will also see the option to have an instant transfer or a standard transfer.
Now, is there a fee for withdrawals? To quickly break it down:
- 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
After clicking the account you would like to send your money to, you must enter the amount you are transferring.
For those who accept foreign payments: PayPal accepts dozens of currencies so you can accept money from customers as best suits them.
If the money that is currently in your account is in foreign currencies, there will be an additional cost on top of the exchange rates. The currency conversion fee is generally 1.5%. The screen will show you how much you will be receiving in your local currency in your bank account.
Step 5. Double Check Your Transfer Details
The final screen will show you:
- 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
If it all looks good, click "Transfer Now" to begin the process. If not, you still have time to fix any mistakes by clicking "back".
Step 6. How Long Does It Take for PayPal to Transfer to Your Bank Account?
Now for the waiting game! The wait varies from country to country. PayPal to bank transfers have different waiting times depending on how you chose to transfer funds:
- 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 Transfer Money from PayPal to Bank Account from Your Mobile App
Transferring money from your PayPal account to your bank is even easier on mobile.
Step 1. Log Into Your PayPal App
Step 2. Tap Your PayPal Balance
Your balance will be the first thing you see when you enter the app.
Step 3. Tap "Transfer"
You can find this button at the bottom of the screen.
Step 4. Indicate Where You Want Your Money Transferred to
The next screen shows you your available transfer options. They are the same as the desktop version. As long as your bank account is linked, it will appear as an option.
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
Just like 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.
Key Takeaways
You've worked hard to earn money in your PayPal account and now it's time to enjoy it! Transferring money from PayPal to your bank is a simple process. The instant payment option comes at a cost. But if you don't mind a longer transfer time, a standard transfer has 0 fees!
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How to Transfer Funds From Paypal to Bank Account
Source: https://www.freshbooks.com/hub/payments/how-to-transfer-money-from-paypal-to-bank
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