How to Transfer money from PayPal to bank? In the digital age, PayPal has become a popular payment platform for many to transfer and store money. It’s convenient, secure, and allows you to withdraw money from your account quickly.
Finding out how to withdraw money from PayPal is a key question for every PayPal user. No matter, if it is from an invoice, an e-commerce site, or checkout, an important part of working with any payment gateway, is to be able to withdraw the money when convenient.
The good news is that withdrawing money is a relatively easy task.
Withdrawing money from PayPal can be a tricky process if you don’t know what to do or have never done it before. And it only keeps getting harder in 2023 when the rules on other payment platforms change!
If you want to safely make sure your PayPal money actually goes into your bank account or debit card, follow this step-by-step guide below that outlines what you need to do.
How to Transfer money from PayPal to bank?
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 withdraw money using your PayPal Debit Card
If you would like to spend the PayPal balance held on your account immediately, another way of converting it to cash is to have a PayPal debit Mastercard.
However, only PayPal users with a registered business account are eligible to receive and use the debit card.
If you have a business account you will be able to spend your balance conveniently, anywhere, and anytime in shops or online stores.
Your linked debit card can be used to withdraw cash from most ATMs worldwide. There are no monthly or annual fees as well as no minimum balance required to use the debit card.
PayPal Fees and Exchange Rates
When using PayPal to withdraw money from your account, it is important to be aware of two common fees associated with the service: PayPal’s fee and an exchange rate fee.
PayPal charges a flat fee for all outgoing withdrawals, no matter the size of your withdrawal or currency. This fee typically ranges between 2% and 4%, depending on whether there are any other fees associated with the transaction.
In addition to PayPal’s fee, any withdrawal that involves converting currencies may also incur an exchange rate fee. This means that you may not receive the exact amount you asked for due to the fluctuating values of world currencies.
Depending on where your Paypal account is opened, how you withdraw money, and in which currency, fees may be applied.
You can see a detailed list on PayPal Global’s page and go to ‘fees’ located at the bottom of the page.
By entering the amount you will be sending and receiving, you can ensure that the calculation is accurate so that you have an exact idea of how much money will end up in your pocket or be pocketed by PayPal
How to get a better rate when exchanging your PayPal balance?
What if you would like to pay less when making transfers into different currencies?
One way to do this is to switch your funds first within PayPal before making your withdrawal.
This is because the exchange rate margin is lower by about 2.5% when converting the currency without withdrawing.
In conclusion, there is a lot of information offered by PayPal on how to withdraw money however there are some things that you should know about before making withdrawals.
PayPal might not explicitly give such as the exchange rate mark-ups and certain charges or how to ensure that you get a fair rate by transferring your currency first.
Are you looking for more alternative ways to make payments? Is PayPal reaching its limits for your business payment needs?
Fintech alternatives such as Statrys provide a payment platform with transparent fees, and fast and secure payment processing, all of which will help you manage your financial transactions with ease.
The multi-currency account enables you to make payments in 11 different currencies and withdraw money with a linked debit card. Statrys offers fair and transparent fees which can help you streamline your business if you regularly make payments in other currencies.
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