PayPal today is actually one of the most popular online money transfer platform and since its coming, it has revolutionized the way we send and receive money. In order to enjoy most of PayPal services, you have to link your bank account to PayPal.
Setting up a PayPal account is a quite easy task. Once you already have your PayPal account setup, you can easily make your transactions such as transferring money to businesses and individuals as well as buying goods and services online.
If you have funds in PayPal account have been looking for ways to withdraw money from PayPal, then stay glued to this article as I will show the various ways through which you can easily withdraw money from PayPal.
Table of Contents
What is PayPal?
According to Wikipedia, PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper methods such as checks and money orders.
The company operates as a payment processor for online vendors, auction sites and many other commercial users, for which it charges a fee.
Established in 1998 as Confinity, PayPal went public through an IPO in 2002. It became a wholly owned subsidiary of eBay later that year, valued at $1.5 billion.
In 2015 eBay spun off PayPal to its shareholders, and PayPal became an independent company again. The company was ranked 143rd on the 2022 Fortune 500 of the largest United States corporations by revenue.
How Does PayPal Work?
Between you and a bank, PayPal acts as a middleman. A user can choose which bank account to debit when making an online payment after adding a bank account or credit/debit card to the PayPal system. All transactions are handled by PayPal rather than your bank.
In conclusion, we can say the following about PayPal
- Enables online and in-person payments for goods and services
- Provides a way to send and receive money internationally
- Ensures various levels of digital security and payment protection
- Charges a variable and/or fixed fee for services rendered.
Can I Withdraw Money From My PayPal Account?
Yes, you can withdraw money from your PayPal account in 2 different ways which is either by transferring the money to a bank account or better still withdrawing from an ATM by making use of a linked debit card.
How to Withdraw Money From PayPal
The steps involved in withdrawing money from your PayPal to bank account are quite easy and below are the well outlined steps involved in making a successful transfer.
- Open your browser and go to the PayPal website. When you open the site, you will find a Log in option in the top right corner of your screen. Press it to go to the log in page.
- Enter your PayPal account ID and password in the appropriate fields on the log in page, then click Log in or press Enter on your keyboard to see your PayPal Account Summary.
- Your balance will be displayed in large, bold figures at the top left of the account summary page, along with a variety of additional PayPal-related details and options. To withdraw your money, simply select the Transfer Money option located directly beneath the balance amount displayed on the screen.
- You will be redirected to a new page that has the option to either add money to your PayPal account or withdraw it from PayPal to your bank account. Since you would like to withdraw now, click on Transfer From PayPal To Your Bank Account.
- You will have two choices on the following screen: Instant and Standard. Instant: Select this choice if you want your money as soon as possible. However, 1% of the amount transferred to your bank account will be charged to you. Regular: If you don't need your PayPal balance to be moved immediately, you can select the standard option to have all of it, or just a portion of it, sent to your bank account. When the money is available, it will appear in your account.
- If you have multiple accounts linked to your PayPal account, you can select the button next to the account you want to transfer to and click Next. Now you will be redirected to a page that allows you to type in the amount you wish to transfer. You don’t have to type any decimals or commas, and you don’t have to deduct the 1% fee yourself. PayPal will do it all for you. Once you verify that everything is in order, select Next and continue.
- On the next page, PayPal will give you a breakdown of your money and show you the exact amount of the 1% fee if you choose instant. Now, if everything is in order, just press Confirm.
- In the last step, PayPal gives you a confirmation message that shows your request is processing.
You can also learn more by reading this well elaborated guide on How to transfer money from PayPal to Bank account in 3 easy ways.
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How to Link a Bank Account to PayPal
It is necessary to know how to withdraw money from PayPal but before that you must first of all have knowledge on how to link your bank account to PayPal.
Follow the steps below so as to link your bank account to PayPal:
- After you log in to your PayPal account, click the Wallet option at the top of your page.
- On the next screen, you will find the Link Your Account option. Click it to link your bank account.
- You will be redirected to a list of all popular or known banks. If you don’t see your bank on the list, click Don’t See Your Bank? Otherwise, select your bank and click on next.
- Some banks allow you to link them with your PayPal account instantly. While convenient, this option is not available to every bank. If you have this option, you can add your bank account using your online banking login information. If not, all you have to do is submit your banking details and click Agree and Link.
PayPal Transfer Fees
It is of no surprise that the services provided by PayPal is amazing and so for this reason is not expected to be free. PayPal charges you various fees for different transactions while also providing you some services for free.
Below are some of the services that PayPal provides to its clients:
1. Account Opening Fees
PayPal do not require any amount from you before you can open an account with them. So account opening in PayPal is totally free of charge.
2. Withdrawing Money
Unlike other financial institutions that charge you some fees at any withdrawal, PayPal do not charge with any fee when you withdraw money from your wallet.
3. Personal Payments
Personal transfer refers to the money transfers that you make to your friends and family or any account that is not yet registered as a seller account with PayPal.
4. Sending and Receiving Money
Using your bank account, your PayPal wallet, or a combination of both to send or receive money is free. However, depending on the bank you use, there may be a cost if you or your sender uses a credit or debit card.
5. International Transactions
All international transactions are charged at a specific rate depending on the sender’s or receiver’s country. Both the sender and the receiver are charged for international payments.
6. Purchase Payments
Payment of any kind to PayPal in the form of fees is not necessary when sending money to a seller. However, if you receive money, you will be required to pay fees that are calculated as a percentage of the transaction sum.
How to Instantly Transfer Money from PayPal
As soon as you have linked your bank account to your PayPal wallet and topped it up with some funds, you can start transferring money to others instantly and the process is quite simple.
You can follow the steps below to make an instant transfer from PayPal:
- On the log in page, press Send Money to go to the Transfer page.
- Then, enter the recipient’s details and the amount you wish to transfer and press Continue.
- Before going through with the payment, under the Payment method, there is an option called Change. When you press that, you will be given the option of Instant Transfer to make this particular payment an Instant Transfer.
- To make an instant transfer, you will be required to add your credit or debit card to your PayPal wallet. Or, if you have enough balance in your PayPal account, you can just select PayPal Balance to transfer money directly from your PayPal wallet.
Once you have followed these steps properly, your money will instantly be transferred to your recipient’s wallet.
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Final Thoughts on How to Withdraw Money From PayPal
PayPal today is actually one of the most popular online money transfer platform and since its coming, it has revolutionized the way we send and receive money. In order to enjoy most of PayPal services, you have to link your bank account to PayPal.
If you have funds in PayPal account have been looking for ways to withdraw money from PayPal, we have outlined the various ways through which you can withdraw money from your PayPal wallet so hope reading article was of benefit to you.
Frequently Asked Questions
Can I withdraw money from PayPal to my bank account?
Yes you can withdraw money from PayPal to bank account and when requesting your PayPal balance be transferred to your bank account, you can choose an instant transfer (for a fee) or a standard transfer, which can take longer.
How do I deposit money into PayPal?
Go to the Wallet. Select Add Cash while you're at the store. Choose a store. Get a barcode and show it at checkout. Let the cash flow. Money will be added to your balance, usually within minutes.
Does PayPal refund money if scammed?
Does PayPal refund money if scammed? Protection you can count on. If you don't receive the item that you ordered, or it shows up significantly different from its description, you may qualify for Purchase Protection, and we'll reimburse you for the full purchase price plus any original shipping costs, subject to terms and limitations.
Can I withdraw money from PayPal at ATM?
With PayPal's Debit MasterCard you can withdraw cash from most ATMs. PayPal Debit MasterCard is only available for customers from the US. Select Checking Account when withdrawing money from an ATM. You can withdraw up to $400.00 USD from your PayPal account from an ATM each day.