PayPal has gained prominence for quite a few years for its reliable services of providing payment options for online transactions. With time it has become legal in many countries for people to hold PayPal accounts and make or receive payment via this method. If you wish to transfer money from a PayPal account, there are certain steps that need to be covered.
- Create a Legitimate Account on the Site
With it being a legal online payment service, it is not possible to simply use this platform without registering for a valid account. Hence, those who wish to make transactions via PayPal need to first create a legitimate account and get it validated.
- Adding Bank Account Details and Other Payment Methods to your Account
In order to use your PayPal account, you need to add on different payment information. For instance, if you wish to receive funds on this account, your PayPal ID would suffice. However, in order to withdraw the funds, you need to add on debit or credit card as well as bank account details. Once your basic account information page opens up, you have the option to enter credit and debit card details as well as bank account information. Every card and account details entered would be subject to validation. Once these details are validated successfully, these options remain available for you to send money through or receive from PayPal. Most online services nowadays accept PayPal as a mode to pay as well as receive payment from. As per the policy of PayPal, whenever funds are deposited in your PayPal account they are withdrawn and sent to the bank account that you set as the default option. This is usually done in a time span of 24 hours. In most countries, as per the legislation issued, PayPal cannot hold any of the funds and have to transfer the same to the bank account you specify for auto withdrawal.
In order to key in a necessary bank account or card details follow the points below:
- Log into your account in PayPal and find the tab named Payment Methods.
- On this page, there is an option called Link a card.
- Here you need to enter details of credit or debit card you wish to link; details comprise of card type, Master or Visa, card number, expiry date, and CVV.
- Address gets displayed on the default.
- Once these details are saved by clicking the Save button you can move onto entering bank account details similarly.
- Transferring Money from PayPal Account to a Bank Account
In order to transfer money to your bank account in your PayPal account the following steps need to be taken:
- Transfer Money is an option that you will find displayed below the PayPal balance you see in your account.
- Select the source and the account where you wish to transfer the money.
- You can also choose the amount for transfer.
- Click on Continue; this will take you to a page where your request details are shown.
- Once you have reviewed the details you can click on transfer to get the transaction in process.
- Terms to Know about
In general, there are usually no charges for transferring money from PayPal balance. In certain cases, local bank accounts might charge a fee which depends on the bank policy. Once the transfer issuance has happened from PayPal it would take three to four business days for the money to show up in your bank account. The above steps and knowhow will come of use when you are using PayPal to receive funds or payment from different services.