It is of no doubt that PayPal is one of the most popular online money transfer platforms. Nowadays, many individuals own a PayPal account. PayPal provides you with an easy and convenient way to send and receive money online and is also compatible with many online stores.
Several individuals are also beginning to use Chime, which is a similar service that allows you to transfer money between accounts. One of the key advantages that Chime has is the fact that you can transfer money without incurring any fees. Reason why many people are eager to get their money into their Chime account.
In case you do not yet have a PayPal account, you can learn how to set up a PayPal account here.
Want to Send money from PayPal to Chime? then stay glued to this article as I will show you how to do so in 3 easy steps.
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.
What is Chime?
Chime Financial, Inc. is an American financial technology company which provides fee-free mobile banking services that are provided by The Bancorp Bank or Stride Bank, N.A.
Account-holders are issued Visa debit cards or credit cards and have access to an online banking system accessible through the company's website or via its mobile apps. Chime earns the majority of its revenue from the collection of interchange fees.
Chime has no physical branches and does not charge monthly or overdraft fees, nor does it require an opening deposit or minimum balance to open a free checking account. As of February 2020, Chime had 8 million account holders. Bank accounts that are provided via Chime's partners are FDIC insured up to the standard maximum deposit insurance amount of $250,000.
Can I send Money From PayPal to Chime?
Yes, you can transfer funds from PayPal to Chime. However, you'll need to link PayPal to Chime for this to work. To connect PayPal to Chime, you need to: Log into your Chime account to get your Chime account and routing numbers.
How to Transfer Money From PayPal to Chime
Transferring money from PayPal to Chime is a quite simple process especially when the correct steps are well undertaken. Below I will show you the various steps that are involved in transferring money from PayPal to Chime.
1. Get Your Chime Account and Routing Number
The first step involved in transferring money from PayPal to Chime is you locating your Chime account and routing number. This is a simple step to undertake but if you do not know what to do, then you can follow the steps below.
'Move Money' must be located on the menu. This is located in the Settings section of the app. Your account number and routing number can be found on this menu.
As soon as you've found these numbers, you're going to need to be able to reaccess them once you've opened up your Papal account.
If you're on the app, then you may have to open the app again to find the numbers.
If you're on a computer, though, try to keep this page open in a separate tab.
For the next step, open a new tab and continue as normal.
2. Add Your Chime Account to Your PayPal Account as a Bank
Before being able to make any transfer of funds from PayPal to Chime account, you will first of all have to link the 2 financial institutions. This is still one of the reasons why you have to know your Chime account and routing numbers.
- Open up your Paypal account, preferably on a computer browser.
- Now look under the ‘Pay & Get Paid‘ menu in the top navigation bar. Under the ‘Wallet‘ menu, click on the ‘Bank & Cards‘ option.
- Once you do this, it will open up a page that shows you how much money is in your account and the banks and cards linked to it.
- Scroll to the ‘Bank‘ section, and select the option to add a new one. You will be given a list of banks to choose from. However, you'll need to select instead the option to add your bank account details separately. Unfortunately, Chime isn't one of the preset options in Paypal just yet.
- On the next screen, you will be asked what type of bank account it is and the associated numbers.
- Probably, your Chime account should be a personal one, it is necessary you check that one.
- Now, you will have to add the account and Routing number from your Chime account.
- Add these by retrieving them from your Chime account page or the Chime app, whatever is currently open on your computer.
- The bank should be added to your account after you click "Link your bank." We'll now explain how to transfer funds from Paypal to Chime.
3. Make Transfer and Check Everything Works
This step is not that essential but it is always of no harm to check that you have done everything the right way. PayPal is so good at adding bank accounts that it will reject your transfer request if the system detects that the numbers are wrong.
You only need to transfer a tiny amount, like $1. Send it from your Paypal account to your Chime account, then check to see if it was received by Chime. You will be able to tell that your accounts are linked properly when the money really arrives. Go into Paypal and ask for the money to be paid back to you if it doesn't go through.
You can check the details of your Chime account and if they are correct, you will have to wait a few days for this first transfer to be successful.
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Are There Limits for Using Chime with PayPal?
A verified PayPal account allows a maximum of $10,000 per transaction.
However, with the Chime Pay Friends P2P system, you can only send a maximum of $2,000 a month. With external banks, you get a maximum transfer limit of $200 a day and up to $1,000 every month unless the process is initiated by your external bank account.
Additionally, PayPal allows you to link your account with banks from anywhere in the world. With Chime, you can transfer funds to external banks, but not all banks are eligible.
Final Thoughts on How to Transfer Money From PayPal to Chime
Chime can be used to transfer money from PayPal to Chime and vice versa. You must connect PayPal to Chime for the procedure to function, though.
You must add Chime in the banks part of the PayPal website because PayPal sees it as a bank. You can connect the two payment platforms using the instructions above, which should make the transactions simple.
Frequently Asked Questions
Are There Fees for Using Chime with PayPal?
Chime transfers are free, and you won’t incur any fees. Note that PayPal charges a fee to make money transfers. However, if you use the indirect method to transfer funds from PayPal to Chime, the transactions are free.
Can I send Money From PayPal to Chime?
Yes, you can transfer funds from PayPal to Chime. However, you'll need to link PayPal to Chime for this to work. To connect PayPal to Chime, you need to: Log into your Chime account to get your Chime account and routing numbers..