Trust us to help you answer your PayPal transfer questions as this article on how to transfer money from PayPal to bank account gives you all the guidance you seek. Also in this guide is how to link your bank account to PayPal, the fees required for the transfer, as well as answers to so many other related questions.
With the advent and advancement of technology in this internet age, you no longer need to go through the stress of traveling long distances or across borders to send money to your friends and loved ones. Also, businesses now thrive better as you can trade overseas and receive your money through mobile payment applications.
PayPal is one such modern application that can be used for sending and receiving payments, paying bills, and shopping online. With this platform, you can pay anyone from any part of the world. This guide is set to explain in its simplest form, how to transfer money from PayPal to a bank account.
I trust it’s going to be so valuable and educational. So read carefully as we take it bit by bit.
Can I Transfer Money From PayPal To Bank Account?
Yes, you can transfer money from PayPal to bank accounts. This is one of the best and quickest ways of adding money to your PayPal and also withdrawing money from your account.
However, to transfer money from your PayPal to a bank account, you have to link them both. Read the next paragraph to know how to link your bank account to PayPal.
How To Link A Bank Account To PayPal;
- Log in to your PayPal account using your email address and password either on the app or on your browser
- Click on the settings icon at the top right corner of your screen.
- Select Bank Account or credit cards from the menu.
- Tap the + icon and select Bank Account. This will take you to the Link A Bank Screen.
- Select your account type (savings or checking) on the “TYPE” menu.
- Enter your account information including your routing and account numbers.
- Click on “link this bank”. This process will take 2 to 3 days for PayPal to send money to your bank account and you will receive an email to that effect. After that, you can go ahead.
- Log in to your PayPal account again and click on the settings icon or wallet if you are using a browser.
- Click in the bank or card menu
- Select your bank.
- Tap status and enter the amount of money that was sent by PayPal to your bank account.
- Click submit to confirm the account.
How To Transfer Money From PayPal To Bank Account
We are going to learn how to transfer money from PayPal to bank account in two ways. I will show you how to do it with the mobile app on your phone (Android, iPhone, or iPad) and how to make the transfer to a bank account using a computer. Read below to see the steps.
How To Transfer Money From PayPal To Bank Account On App. (Android or iOS Devices)
Here are the steps to use in this regard.
- Download, and sign in to the app on your mobile phone. Or log in if you’ve signed up already.
- Click on transfer or withdraw money beneath your PayPal balance which is located on the right side of the screen.
- Enter the amount of money that you wish to transfer. This must not be less than $1.
- Select the transfer speed to use. Either the Instant Transfer or the Standard Transfer.
- Select your bank account from the list of linked banks. If you don’t find your bank there, you can go to the bank and link your bank account to PayPal using the steps stated above.
- Tap the Transfer (amount) Now button at the bottom of the screen.
So this is how to transfer money from PayPal to a bank account using your mobile phone. Let’s see how to do it with a computer below.
How To Transfer Money From PayPal To A Bank Account On A Computer
- On your browser, go to www.paypal.com
- Click on the transfer fund icon at the top left corner of the screen.
- Select Transfer To Your Bank
- Choose either Standard or Instant Transfer and click Next.
- Enter the amount of money that you wish to send.
- Review every information entered.
- Click on Transfer (amount) Now.
- Click Done to return to your dashboard.
How Much Does It Cost To Transfer Money From PayPal To Bank Account?
Although not specified, Instant transfer is done at a fee. The amount usually appears in the process of making the transfer. Nevertheless, your bank might charge you additional fees to complete the transfer.
PayPal would not charge money when transferring to a linked bank account but a 1% fee of the transferred amount or a maximum of $10 applies when sending to an eligible debit or credit card.
How Long Does It Take To Transfer Money From PayPal To Bank Account?
It is important to get acquainted with how to transfer money from PayPal to a bank account. However, keeping in mind how long the process would take before the money reflects in the bank account is also of utmost importance.
If you used the Instant Transfer option, your money would appear in a few minutes in the bank account. However, if you want to go with the Standard Transfer option, you would want for 1 to 3 business days to get your funds credited to the bank account.
Is It Safe To Transfer Money From PayPal To Bank Account?
Yes, it is safe to transfer money from PayPal to your bank account. PayPal is a secured platform hence you do not have any need to worry.
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Why Does My PayPal read “your debit card or bank account may not be eligible to process Instant Transfer”
This happens when you are trying to make an Instant Transfer to an unsupported bank. This problem is not so much of a big deal. To resolve it, simply use a different bank or go with the Standard Transfer option.
Can I Send Money From My PayPal To Another Person’s Bank Account?
No, you cannot do that. If you wish to send money to another person, let the person create a PayPal account. With that, you can use the family and friends option. The money will be received on his/her PayPal.
The person can thereafter use any of the methods of how to transfer money from PayPal to bank accounts explained in this post above to send the money to their bank account.
What Does “our security system may have detected an unusual activity” mean?
This is an error message which means that PayPal wants you to complete a security check to make sure that you are the person authorizing the transfer.
To fix this, choose one of the options “let’s make sure it’s you” and select “Continue” to confirm your identity.
In this article, we have shown you that it is possible to transfer money from PayPal to your bank account. We showed you how to transfer money from PayPal to bank accounts on your mobile device and your computer.
We also showed you the fees required as well as the time it takes. I hope after now, you wouldn’t have any problems transferring money from PayPal.