How To Transfer Money From PayPal To The Bank
Posted in: Finance

How To Transfer Money From PayPal To The Bank

For you to get cash from your PayPal account, you would have to move the money to the bank account linked to it. However, I will be showing you a simple guide on how to transfer money from PayPal to the bank instantly.

PayPal is one of the platforms that you can use to send or transfer money to anywhere in the world. It supports PayPal to bank transfers, bank to Paypal transfers, as well as a lot of other transfers. However, one thing that most people prefer for PayPal to bank transfers is that they are actually very swift and in no time, you get to see your money. This has led us to come up with this article on how to transfer money from PayPal to the bank without any stress. So, without further ado, let us proceed.

Can You Transfer Money From PayPal To A Bank Account?

Yes, you can actually transfer money from a PayPal account straight to a bank account. PayPal allows for the transfer of money into bank accounts. Later in this guide, I will show you how to transfer money from PayPal to the bank. 

Requirements On How To Transfer The Money From PayPal To The Bank

Before you can transfer money from a PayPal account to a bank account, few requirements must be met. Below are the requirements involved in transferring money from PayPal to bank.

  • A valid PayPal account.
  • A fully funded PayPal account.
  • A bank account.
  • An internet connection.

How To Transfer Money From PayPal To The Bank Account Using The PayPal Mobile App

How To Transfer Money From PayPal To The Bank

Using the PayPal mobile app, you can transfer money from your PayPal account straight into your bank account without any stress. Below are steps on how to transfer money from PayPal to bank account using the PayPal mobile app –

  • Open the PayPal mobile app.
  • Log in to your Paypal account.
  • On your PayPal account dashboard, click “Send Money”.
  • Tap “Transfer To Bank Account”.
  • Select the bank that you will be transferring the money to.
  • Enter the details of the bank account which you will be sending the money to.
  • Click on Send money.
  • Enter the amount which you will be sending the money to.
  • Click on “Send Money”.

How To Transfer Money From PayPal To Bank Account Using The Paypal Website

Aside from the mobile app, you can also transfer funds from PayPal to your bank account using the official PayPal website. Below are steps on how to transfer money from PayPal to bank account using the PayPal web version.

  • Visit the PayPal official website at www.PayPal.com.
  • Log in to your Paypal account.
  • On your PayPal account dashboard, click “Send Money”.
  • Tap “Transfer To Bank Account”.
  • Select the bank that you will be transferring the money to.
  • Enter the details of the bank account which you will be sending the money to.
  • Click on Send money.
  • Enter the amount which you will be sending the money to.
  • Click on “Send Money”.

How Long Does It Take To Transfer Money From PayPal To Bank Account?

Transferring money from PayPal to a bank account usually takes an instant. However, in some cases, it could take about 30 minutes or even more, depending on the reason why the transaction is being delayed.

PayPal Transfer to Bank Account Fee

PayPal charges a fee for every PayPal to bank type of transaction. Usually, the online payment company charges around 1% for the transaction. However, this is subject to increase if the currency will have to be converted.

Who Pays The Fees For The Transfer?

PayPal charges the sender of the transaction. That is, you get to send more money and the bank account receivers less money. With some of the money being sent, going into transaction fees.

Frequently Asked Questions

Is It Safe To Transfer Money From PayPal To A Bank Account?

Yes, it is very safe to transfer money from PayPal to a bank account. However, to ensure that your money and every data is safe, make sure that you use the official PayPal mobile app, as well as the official PayPal website for the transfer.

Is It Free To Transfer Money From PayPal To Any Bank Account?

No, it is not free to transfer money from PayPal to a bank account. PayPal actually charges a fee of 1% the amount being sent, for this type of transaction.

Does The Bank Account Which I Am Transferring The PayPal Money To, Need To Be Registered In My Name?

No, the bank account which you are transferring the PayPal funds to, does not need to be registered in your name.

Is There A Minimum Amount That Can Be Sent From PayPal To Bank?

Yes, there is a minimum amount that you can transfer from PayPal to bank accounts. The minimum amount for PayPal to bank transfers is $10.

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