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[4] 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
It is good you have in mind that there is no direct way to send money from PayPal to Chime. However, there are two workarounds:
1. Link Your Chime Debit Card To Your PayPal Account.
As soon as your debit card is linked, you can send money from your PayPal balance to your Chime debit card instantly. However, there is a fee of 3% for instant transfers.
To link your Chime debit card to your PayPal account:
- Log in to your PayPal account.
- Click "Wallet" in the top menu.
- Click "Link a card or bank account."
- Click "Link a debit or credit card."
- Enter your Chime debit card number, card type, expiration date, and security code.
- Click "Link card."
2. Transfer money from PayPal to your external bank account.
Then, transfer the money from your bank account to your Chime account. This option is free, but it may take up to 3 business days for the money to appear in your Chime account.
To transfer money from PayPal to your external bank account:
- Log in to your PayPal account.
- Click "Transfer" in the top menu.
- Click "Transfer to your bank account."
- Select the bank account you want to transfer money to.
- Enter the amount of money you want to transfer.
- Review your transfer and click "Transfer."
Once the money has arrived in your bank account, you can transfer it to your Chime account using the Chime app or website.
Please note that there may be daily transfer limits, which vary depending on your PayPal account type and transfer method. You can view your daily transfer limits by going to Wallet and clicking Transfer limits.
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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 transfer money from Paypal to GCash if they are not linked yet?
No. You must link your Paypal account to your GCash account first before transferring money between them.
How much is the transfer fee when transferring money from Paypal to GCash?
Paypal to GCash transfer has no transfer fee.
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.