Online withdrawal percentages have significantly increased throughout these years especially when the pandemic emerged last year. However, there’s no doubt how convenient it is to transfer money online when there’s an emergency or when you want to receive payment from an international client.
With these increasing demands of online payment facilities, different payment gateways came to light providing instant money transfer facilities and benefits. PayPal is one of these payment gateways that deliver a much-improved customer experience when it comes to transferring money online. If you are a new PayPal user and looking for ways to transfer money from PayPal to your bank account, then look no further. We will discuss everything from transferring money from PayPal to your bank to each aspect that you need to consider while making online transactions.
Steps to transfer money from PayPal to your bank account
Receiving payments online through PayPal needs a padded wallet that enables you to move your funds safely to your bank account. For this, you need to adhere to these steps.
Step 1: Link a Bank Account or Debit Card to your PayPal account
Once you make your PayPal account you have to link your bank account or debit card details with your PayPal to transfer money online to your bank freely. But you don’t need to link your bank account with PayPal when you intend to receive money online.
Once you receive money, PayPal will notify you to set up a debit order by attaching your bank account to move your funds directly into your bank and to have a smooth transaction experience between your accounts.
NOTE: You can’t transfer funds online if you don’t have a confirmed bank account.
Step 2: Click on the PayPal wallet to make your transfer
Hover over the option ‘Pay & get paid’. There you will have a dropdown menu, opt for transfer money to proceed with your transaction process.
Step 3: Select the method to transfer money
Once you opt for transfer money, you will have multiple options available that you can use to send your funds to your bank accounts. Select the method through which you want to send your money considering the transfer fee for your transaction. Options available for money transfer include:
- Standard Bank transfer – Free from any transaction fee
- Instant Bank transfer – 1% of the whole transferred amount
- Instant Debit card transfer – 1% of the whole transferred amount
Step 4: Enter how much money you want to transfer
After linking the account and selecting the method to transfer your money, you have the option to select the amount you want to transfer to your bank account. The option is more convenient when you receive payments from international clients and in different currencies. Because there could be dissimilar exchange rates for different currencies in your country.
Generally, PayPal takes a 2.5% conversion fee to convert any currency to your local currency. The payment interface will show you the conversion percentage and the amount you will receive in your bank account.
Step 5: Check your credentials and account details
After going through all the processes, you have to confirm that you have instilled the correct information before you click on the ‘Transfer now’ button.
Once you decide to proceed, the screen will show you:
- The amount you have selected to transfer,
- Fee applied on the transfer amount,
- The final amount which you will receive at your bank, and
- The bank details you are transferring your money to.
If everything looks good, then you can click on ‘Transfer Now’ otherwise you can make amendments to your details by just clicking ‘back’.
How long does it take to transfer money from PayPal to a bank account?
It is determined by the payment method you have chosen to transfer your money. The time PayPal takes greatly varies from one country to another due to the different time constraints.
- Standard transfer: The clearing process may take 1-3 business days if the working days are followed by weekends then it can take 3-5 days to complete the process.
- Instant transfer: within 30 minutes
On transferring your money and adhering to all the requirements you don’t receive your payment, contact customer support to assist you in order. After every execution of transferring money, you will receive an email notification with a confirmation link. Confirm your transaction through the link and you’re good to go.
How to transfer money from PayPal using a mobile app
It’s even easier to use PayPal through a mobile application and transfer money in just a few clicks.
Step 1: Download and Login using your PayPal credentials in the app.
Step 2: Select your PayPal balance (It is the first thing that you will see when you log in to the app).
Step 3: Tap ‘Transfer’ by scrolling down to the screen.
Step 4: Select the transfer option (if you have already linked your bank account to your PayPal then this screen will show you the options).
Step 5: Enter the desired amount you wish to transfer. Tap on the ‘Enter’ button when you are done with putting the right amount.
Step 6: Double-check your credentials and amount and hit ‘Transfer Now’.
PayPal Debit card
Another way to have your cash right in front of your hand is to have a PayPal Debit card. Although, the facility is currently available to registered Business account holders only. If your business is registered then you can easily apply for a PayPal Debit Card to make it more convenient to spend anytime and anywhere. You may be required to keep a minimum balance in your PayPal debit card otherwise no annual or monthly fee is required. You can easily use a PayPal debit card and withdraw cash through ATMs around the world in no time.
Transferring money from PayPal to your bank account entails a quick and easy process that works efficiently to drive you through money transfer hassles. You have earned your money by working hard for your international clients and you don’t want your time and money to be wasted through conversion or tax deductions.
PayPal is one of the convenient ways to transfer money instantly to your bank account or your debit card. If you don’t mind paying minimal fees, you can get your money transferred instantly; however, a standard transfer bears no fee but your money may take a few days to reach your account. It is also worth noting here that you cannot transfer money to your credit cards from PayPal nor you can credit money into PayPal through your credit card. For debiting and crediting your PayPal account, you have to link it with a registered bank account.