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.

  1. 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.

  1. 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 As per the policy of PayPal, whenever funds are deposited in your PayPal account they are withdrawn and sent to the bank account that you set as the default option.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.
  1. 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.
  1. 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.

Can I transfer money from PayPal to my bank account instantly?

Use Instant Transfer* to move money now from PayPal to an eligible bank. *Transfers typically occur in minutes and vary by bank; debit card transfers may take up to 30 minutes. Eligible debit cards or bank accounts only. Fees, limits, and other holds may apply.

Why can’t I transfer money from PayPal to my bank account?

One of the most common reasons is that your bank account hasn’t been linked to your PayPal. This is likely if this is the first time you’re transferring money from PayPal. You may be having problems with transferring money if your PayPal account has become limited or if your bank account is ineligible.

How do I transfer money from PayPal to my debit card?

Click Transfer Money below your PayPal balance. Click Transfer to your bank. Select your debit card under the “Instant” section, and click Next. Enter the amount you’re transferring and click Next.

Is there a fee to transfer money from PayPal to bank?

There is no cost if you transfer money from your PayPal account directly to your bank account. If you prefer to receive a check, a small fee will be charged.

What is the minimum amount to transfer from PayPal to bank account?

The minimum amount to be transferred from pay pal to other Bankaccount where your account exists has been revised from $1 to $10 effective from April 19. The process to be an account holder of PayPal requires the registration of the Debit – card or the Debit – card with the PayPal account.

How long does it take to transfer money from PayPal to debit card?

Sending funds from PayPal to your debit or prepaid card takes about 30 minutes. There is a $0.25 fee for this service, though additional currency conversion rates may apply when withdrawing from another currency.

Why does PayPal take 24 hours to transfer?

The branch manager said “PayPal focuses on security, not timeliness”— then make that VERY clear to your users that any transfer could be held for 24-72hrs for security review so we can decide if the risk is worth taking, especially if the transfer is time sensitive for some of us, which is very common!

How much does PayPal charge for withdrawal?

For Philippine users, withdrawals of PHP 7,000 or more are free. For withdrawal amounts less than PHP 7,000 there will be a fee of PHP 50. For Indonesian users, withdrawals of IDR 1.5 million or more are free. For withdrawal amounts of less than IDR 1.5 million, there will be a fee of IDR 16,000.

How can I withdraw money from PayPal without fees?

Log in to your PayPal account, enter the amount you want to withdraw, and select the bank account to receive the money. We securely transfer the amount from your PayPal account into your bank account at no cost to you.

Where can I cash out PayPal?

Bank transfer

The most popular way to withdraw money from your PayPal account is to transfer the money directly into your bank account. Log in to your PayPal account, enter the amount you want to withdraw, and select the bank account to receive the money.

How much can you withdraw from PayPal per day?

The PayPal Cash Card has a daily spending limit of $3,000 USD and a daily cash ATM withdrawal limit of $400 USD.