2017 Guide: How to Transfer Money from Paypal to Bank Account
PayPal has become synonymous with online banking. Once upon a time, carrying out transactions required cash, checks, or money orders. Now, consumers can engage in electronic money transfers to pay bills, receive compensation for products or services, and shop online.
PayPal money transfers played a large role in changing how we move money between people.
With PayPal, you can run an online business, cover a bill at a restaurant and receive your friends’ shares through a PayPal money transfer, transfer money from PayPal to the bank of your choice for convenience, or even transfer money from PayPal to a debit card, specifically a PayPal debit card, for easy point of sale transactions.
Established in 1998, PayPal has revolutionized how we exchange money in the internet and digital age. PayPal now boasts 179 million active PayPal users and counting.
It has a notable slice of the market share in online money payments, primarily because they began early and offered a quality service. Moreover, the PayPal money transfer system has been set up so that people who choose to use the service are not quickly divorced from their traditional bank.
Image source: PayPal
The PayPal money transfer system has been easily and conveniently integrated into traditional payment method systems so that users can comfortably be weaned away from brick-and-mortar banks toward the world of online banking. And when they are ready, there are a multitude of PayPal products waiting for them.
PayPal customers can transfer money from PayPal to banks of their choice, transfer money from PayPal to bank accounts either online or at a physical branch, and even transfer money from PayPal to debit cards offered by PayPal.
The website is very user-friendly, but of course, those new to PayPal and PayPal money transfers may need a bit of a primer on how to transfer money to PayPal and how to transfer money from PayPal.
If you are trying to figure out how to transfer money to PayPal or how to transfer money from PayPal, this article will serve as a helpful and informative guide for how to do just those things. It will go over how to transfer money from PayPal to banks, how to transfer money to PayPal if you wish to carry out transactions using PayPal, and how to transfer money from PayPal to debit cards offered by the company.
How to Transfer Money From Paypal to Banks (Transfer Money From PayPal to Banks to Gain Access to Cash)
Over two-thirds of adult shoppers in the United States shop online on a monthly basis, according to a 2015 report. Over a third shop online every week. With stats like this, it is no wonder that more consumers are turning to online banks and sites like PayPal where they can easily engage in PayPal money transfers to facilitate online spending.
At the same time, the use of cash has not been completely phased out. While booking a hotel reservation across the ocean is next to impossible without electronic forms of payment, cash is still useful to have in your wallet. If you receive your pay electronically and through sites like PayPal that do not have physical branches, you will definitely be interested in how to transfer money from PayPal to banks.
There are several others reasons why it would be useful to transfer money from PayPal to banks. If you hold investments with a bank, a credit card, or any other products, it may be significantly easier to facilitate payments and manage your money for certain financial products all at the same bank. In this case, knowing how to transfer money from PayPal to banks is extremely helpful.
How to Transfer Money From PayPal to Banks (Transfer Money From PayPal to Banks Quickly and Easily)
Use this simple guide to transfer money from PayPal to banks of your choice.
Personal account holders who wish to transfer money from PayPal to banks or a bank of their choice must first add the desired bank accounts to their PayPal account. You simply log into your PayPal account, navigate to the top of the page where it says Wallet and click, and then click Link a Bank.
After doing this, it will provide instructions for what bank account information is needed to find and validate this bank account to ensure when you transfer money from PayPal to the bank account that the money is going to the right place.
If you do not receive the option for instant bank confirmation, PayPal will confirm the option to transfer money from PayPal to the bank by sending two small deposits of a few cents as confirmation.
After two to three business days, review your bank account statements to confirm what those amounts were and then complete the process of adding your bank account online. Again, this is the alternative if you do not receive the instant bank confirmation option for how to transfer money from PayPal to bank.
If you want to transfer money from PayPal to a bank account, so long as there are no issues, your funds should be deposited in your bank account the next day (assuming the transaction happens before 7PM ET on a business day). If you wish to transfer money from PayPal to your bank on a holiday,a it will not be deposited on that holiday.
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How to Receive a Check
Curious about how to receive a check instead of transferring money from PayPal to a bank account? This is possible. You can receive a check instead by paying a $1.50 fee. Regular withdrawals (transferring money to your bank account) is free.
PayPal Money Transfer Fee (Costs Associated with How to Transfer Money from Paypal)
The first question anybody new to PayPal or considering PayPal will naturally have is: what are the costs associated with PayPal and wanting to transfer money from Paypal to a bank account or transfer money from PayPal to a debit card? For starters, opening a PayPal account is free. There is no fee associated with the process of opening an account.
In addition, there is no PayPal money transfer fee if you are carrying out transactions for personal purposes, such as carrying out a PayPal money transfer to friends or family in the United States.
If you receive a personal payment from a friend, family member, or customer from a debit card or credit card, there is a PayPal money transfer fee. It is, however, important to note that if someone decides to transfer money from a bank to PayPal (whether that’s their bank’s debit card or credit card), that fee can be paid by either the sender or the recipient.
In this case, if someone wants to transfer money from a bank to PayPal (either a bank credit card or debit card), then the PayPal money transfer fee can either be paid by the sender or the sender can choose to pass this fee onto the recipient.
If the PayPal money transfer fee is passed onto the recipient, the recipient can choose to decline the money transfer. However, if the recipient accepts the payment, the fee is 2.9 percent plus $0.30 of the money being sent.
This PayPal money transfer fee is also applied to those who click the “Request Money” button to request funds from their friends and family.
There is no PayPal money transfer fee for buying goods online using PayPal. It is in PayPal’s interest to encourage shoppers to use their platform as their go-to method of payment, so they in no way want to disincentivize PayPal members from using them. That being said, there is a transaction fee for those receiving funds for goods or services.
This PayPal money transfer fee for receiving funds from the sale of goods and services is 2.9 percent plus $0.30 of the funds you receive.
If you want to know how to transfer money to PayPal internationally (in other words, receive money from buyers who are outside the United States), there is a PayPal money transfer fee that is determined for different amounts based upon PayPal’s sales volume from the month before.
There is a fixed fee for PayPal money transfers to other countries.
How to Transfer Money from PayPal to Debit Cards (Is It Possible to Transfer Money from PayPal to Debit Card?)
A common query regarding PayPal is how to transfer money from PayPal to debit cards. Unfortunately, for those who are wondering this, you cannot transfer money from PayPal to debit cards. You can only transfer money from PayPal to bank accounts or receive a check. But there is a PayPal debit card that is available that can allow for a bit of a workaround. We will address this option later in this article.
But first, why does this question make sense? How can a person transfer money to debit cards or even a credit cards? Are they not just referring to how to transfer money from PayPal to bank accounts?
There is a growing number of people in the United States who rely on prepaid debit cards. For a long time, prepaid debit cards were considered the makeshift checking account of last resort for those who could not qualify for a checking account.
But now, even those who can open a checking account are turning to prepaid debit cards as a way to curb spending, stick to a budget, or even as an alternative to the lack of anonymity provided by checking accounts from large financial institutions. People turn to these prepaid cards when they ask how to transfer money from PayPal to debit cards.
But there is a potential workaround for those wondering if they can transfer money from PayPal to debit cards. Those who want to stick to primarily using their PayPal account but still desire the convenience of a debit card can get a PayPal debit card and even a PayPal credit card.
PayPal customers can get a PayPal Business Debit Mastercard. For those who were initially wondering not only how to transfer money from PayPal to debit cards but also how to transfer money from PayPal to banks (in order to gain access to cash) can use this PayPal debit card option instead.
Image source: PayPal
PayPal customers and holders of this PayPal Business Debit Mastercard can withdraw money from any ATM that displays the Mastercard, Maestro, or Cirrus acceptance marks. There is no annual fee on this card.
This can be a great option for those want to transfer money from PayPal to debit cards or transfer money from PayPal to bank accounts in order to gain access to cash via their PayPal balance.
Other options include the PayPal Extras Mastercard and the PayPal Prepaid Mastercard.
Transferring money from PayPal to bank accounts is not the only way you can gain access to cash via the money available in your PayPal balance.
That said, if transferring money from PayPal to bank accounts is the preferable option for you, carrying out that transaction has no PayPal money transfer fee.
Transfer Money From Bank to PayPal (Can I Move Money in the Opposite Direction?)
Transferring money from PayPal to bank accounts is not the only activity PayPal customers want to figure out how to carry out. PayPal customers are also interested in learning how they can transfer money from the bank to PayPal.
This is understandable. If they deal with a lot of vendors who require payment through PayPal, but they receive payments from a job to another bank account, they will need to find a way to get money into their PayPal account.
Deciding to transfer money from bank to PayPal is a very simple process. You can simply log in to your PayPal account and click Add Money under the section indicating your PayPal balance. Users can then select one of their confirmed bank accounts and indicate which bank account they would like to withdraw money from to add to their PayPal account.
If you transfer money from your bank to PayPal and do not receive the funds after a week, contact the company’s customer service. It’s important to note that you cannot add money to your PayPal account using a credit card.
PayPal Is a Useful Online Banking and E-Commerce Platform
It makes sense that customers are interested in how to make PayPal money transfers. PayPal is one of the most recognizable names among a growing number of online financial solutions and financial technology tools. Companies like PayPal are disrupting the existing status quo around financial institutions.
For some time, even the convenience of electronic money transfers and online shopping left consumers a little hesitant to trust their money to the supposed fickleness of the internet. But the 2008 financial crisis dealt the perceived trustworthiness of traditional banks a crippling blow.
As a result of this and other changes, people are more willing to consider companies like PayPal and PayPal money transfers as a viable option for banking.
Fortunately, it is easy to transfer money from PayPal to banks and transfer money from a bank to PayPal. If you are considering PayPal and figuring out how to use the service, this article should provide the basic information you need to get started with money management using the online platform.
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AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.