As most of us use PayPal for shopping and payment purposes, your balance may soon start growing and you may find yourself wondering how you can transfer those funds back into a bank account you hold. But you don’t need to worry much about it, because the process of moving funds between your PayPal and your bank account is easier than you realize. So, let’s begin and learn more about the process of transfer PayPal funds directly into your account, and most importantly how to do it safely.
How to Transfer Money from PayPal to Bank?
As soon as your bank account has been linked with PayPal, the next step istransferring money from PayPal into a bank account. Here is how to transfer money from PayPal to bank:
- Log into your PayPal account, then visit the “Summary” page
- Select “Transfer Money” under the PayPal Balance section.
- Here you will find the option for moving funds between PayPal accounts. Select “Transfer into Bank” to transfer them directly into the account associated with it.
- Next select the account where you would like to deposit your funds. For instance, if multiple banks are linked together, choose which account best meets your needs.
- Ener the amount that you would like to transfer from PayPal balance to bank account.
- Select the transfer speed which is- Instant or Standard.
- At last, recheck all the details before you hit the “Transfer Now” button.
Why Transfer Money from PayPal to Bank?
There are several reasons due to which you would like to transfer money from PayPal to bank account:
- By depositing your money to a bank account, you can ensure it will remain safe from theft and regulatory oversight.
- For freelancers or business owners transferring PayPal funds directly into your bank account will assist in managing money more efficiently, as it enables payments of bills, salaries, and expenses directly through this channel.
- Transferring funds into a bank account allows for convenient access. From there, they can be withdrawn at ATMs or paid directly.
- Moreover, transfer money into your bank account could allow you to earn interest, especially in an account dedicated to savings.
How Long Does It Take to Transfer Money from PayPal to Bank?
The time it will take you to transfer PayPal money into a bank account will depend on which transfer type you select:
- The PayPal standard transfers are often free and take between one to three business to process. This makes it a more cost-effective option if the time is not an issue.
- The PayPal instant transfer is for an emergency where urgent funds are necessary. It allows you to send funds quickly from PayPal's balance to your bank account in just minutes. However, PayPal may charge a modest cost (typically one percent) for this service.
How to Transfer Money from PayPal to Bank: Tips and Precautions
Here are few tips and precautions when you transfer money from PayPal to bank:
- You must always recheck all the details such as routing and account number before you confirm the transfer.
- Select the transfer speed that meets your needs best. For instance, if money needs to be sent quickly, opt for an instant transfer.
- As PayPal does not charge fees for standard transfers, instant transfers may incur fees. When selecting your transfer method be sure to review PayPal's fee structure to ascertain its cost before deciding.
- PayPal places restrictions on how much money can be transferred depending on the status of your account's verification as well as your country of residence. Make sure that you regularly review your transfer limits to avoid hitting an upper threshold limit during a transfer transaction.
FAQ:-
Is it possible to transfer PayPal funds directly into your bank?
Yes, it is possible to transfer PayPal funds directly into a bank account.
How can I get my money released from PayPal?
If you believe PayPal holds your funds, you may need to verify your identity or produce proof of identification to settle any outstanding issues with your account.
What is the minimum amount to transfer from PayPal to a bank account?
PayPal does not impose a limit when it comes to sending funds from its accounts directly into bank accounts, although there may be some restrictions depending on your status as an accountant.