Learn How to Send Money from PayPal to Bank Accounts
It is definitely not a rocket science to transfer money from a PayPal account. A user can directly transfer their money into the linked bank account, mail PayPal for a check, or use their PayPal Debit MasterCard.
It is the most popular or common technique for users to withdraw money from a PayPal account and transfer it directly to their linked bank accounts.
For instance, if you want to transfer the money from your PayPal account to your bank account, you need to first log in to the PayPal account, key in the amount of money to be withdrawn and then choose the bank account to get the money. PayPal will transfer the money from your balance in PayPal into your linked bank account without charging you anything extra. Check out the following steps to do so:
- Click on “Transfer money” right below the PayPal balance
- Choose where the money is being transferred from and then choose the destination where the amount has to be transferred
- Select the amount to be transferred
- Click on “continue."
- Make sure you review your transfer request, click on “Transfer”
As mentioned earlier, PayPal will not charge anything to transfer money into your bank account. However, some banks can charge some amount as a fee for such transfers.
Based on the bank, a period of 3 to 4 business days can be taken for your funds to get reflected in your local bank account.
It is also possible to transfer funds from your PayPal account to your bank account in other ways:
Using an eligible MasterCard or Visa prepaid or debit card:
- Click on “Transfer Money” right below the PayPal balance
- Click on the option “Transfer to your bank," choose your prepaid or debit card and click on “Next”
- Enter the amount you want to transfer and click on “Next”
- Review money transfer details and click on “Transfer $XX Now”
- Navigate to your Wallet page and click on “Done”
The following points need to be considered when the transfer is done using a debit or a prepaid card:
- You need to pay a fee for instant money transfer using your eligible prepaid or debit card
- The money transfers are always subject to review. The process can be delayed or stopped when an issue is identified
- Estimated time of arrival is within half an hour
- Money transfers initiated after 7 PM in the evenings or holidays or on weekends can take longer time
PayPal Debit MasterCard
Do you want to know, which is the quickest option to transfer money from your PayPal account? It is an eligible PayPal Debit MasterCard. In case you qualify, it is possible to use this debit card at a majority of the ATMs to avail cash from the PayPal account instantly. Choose “Checking Account" while withdrawing your money from the ATM. A PayPal Debit MasterCard can also be used to buy at any place where stores accept MasterCard. However, there is a limit of withdrawal up to 400 USD every day from an ATM from a PayPal account of yours.
Get a check
When do not wish to transfer money from your PayPal to the bank account, it is possible to ask for a check. For doing so, sign into the PayPal account. Click on “Transfer to your bank” and click on “Request a check by mail instead”. In fact, PayPal customers in the United States are likely to get the checks within a week to two weeks. However, the process of receiving the check can take a maximum of six weeks for all those PayPal customers who stay outside America.