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In the digital age, PayPal has become a popular payment platform for many to transfer and store money. It's convenient, secure, and allows you to withdraw money from your account quickly.
Finding out how to withdraw money from PayPal is a key question for every PayPal user. No matter if it is from an invoice, an e-commerce site, or checkout, an important part of working with any payment gateway is to be able to withdraw the money when convenient.
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The good news is that withdrawing money is a relatively easy task.
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Withdrawing money from PayPal can be a tricky process if you don't know what to do or have never done it before. And it only keeps getting harder in 2023 when the rules on other payment platforms change!
If you want to safely make sure your PayPal money actually goes into your bank account or debit card, follow this step-by-step guide below that outlines what you need to do.
How to withdraw money from PayPal to your bank account?
To transfer money from PayPal to your bank account you can either use the PayPal application (mobile app) or transfer online via the PayPal website.
However, the first thing to do is to associate Paypal with your bank account.
How to link your bank account with PayPal?
Follow the steps below to connect your bank account to your PayPal account:
Click Wallet at the top of the page (if you're using the Paypal app, tap Menu then Wallet).
Click Link a bank account.
Select your bank, or click Don't see your bank?
Depending on the bank you select, you may have the option to connect to your bank instantly using your online banking login information. If the instant connection isn't available, just enter your bank account details manually and click Agree and Link.
Linking Instantly and Linking manually: how it works?
1. Linking Instantly
To connect your bank account instantly, you'll need to enter your user ID and password for your online banking.
PayPal will match this information with your bank to confirm your account ownership.
Once this information is entered correctly, your bank account will be confirmed instantly.
2. Linking Manually
If you enter your bank account number manually, you'll be prompted to confirm this bank account. For security reasons, withdrawing money from your PayPal account is only possible in your confirmed bank account.
Within 3 business days, review your bank statement to find 2 small deposits (each between $0.01 and $0.99 USD) that Paypal has sent to your bank account.
You will need this information to complete the confirmation process which can be done by following the steps below:
Click Wallet at the top of the page.
Click the bank you want to confirm.
Enter the exact amounts of the 2 deposits made to your account.
For example, if you receive two deposits of $.05 & $.15, enter .05 & .15 on the screen
Click Submit.
Some important notes:
Sometimes the two deposits are merged together into one depending on the bank. If this is the case, you will have to contact Paypal.
You can link up to 8 bank accounts to your PayPal account. Each bank account can only be linked to one PayPal account at a time.
The transfer time taken is usually 1 business day but it can vary depending on where the target checking account is located.
Transfer money from PayPal to your Bank Account
Once your bank and Paypal accounts are linked, the process to withdraw money is quick and easy.
Log in to your PayPal account and go to your Wallet.
Click Transfer Funds.
Click Transfer to your bank account.
Follow the instructions to complete your withdrawal.
In case you want to withdraw funds through your PayPal app:
Tap PayPal Balance on the home screen.
Tap Withdraw Funds.
Follow the instructions to complete your withdrawal.
You will have to verify your Paypal account before withdrawing funds to your linked bank account. A withdrawal cannot be cancelled, so make sure that all banking details are correct before instructing the bank transfer.
How to withdraw money using your PayPal Debit Card
If you would like to spend the PayPal balance held on your account immediately, another way of converting it to cash is to have a PayPal debit Mastercard.
However, only PayPal users with a registered business account are eligible to receive and use the debit card.
If you have a business account you will be able to spend your balance conveniently, anywhere, and anytime in shops or online stores.
Your linked debit card can be used to withdraw cash from most ATMs worldwide. There are no monthly or annual fees as well as no minimum balance required to use the debit card.
PayPal Fees and Exchange Rates
When using PayPal to withdraw money from your account, it is important to be aware of two common fees associated with the service: PayPal’s fee and an exchange rate fee.
PayPal charges a flat fee for all outgoing withdrawals, no matter the size of your withdrawal or currency. This fee typically ranges between 2% and 4%, depending on whether there are any other fees associated with the transaction.
In addition to PayPal's fee, any withdrawal that involves converting currencies may also incur an exchange rate fee. This means that you may not receive the exact amount you asked for due to the fluctuating values of world currencies.
Depending on where your Paypal account is opened, how you withdraw money, and in which currency, fees may be applied.
You can see a detailed list on PayPal Global's page and go to ‘fees' located at the bottom of the page.
How does PayPal set its exchange rate?
PayPal receives a wholesale rate quote from its bank twice a day and adds a percentage to determine the retail foreign exchange rate to apply to transactions that involve a currency conversion.
According to PayPal themselves, their exchange rates are competitive with conversion rates used by banks.
Note that when you transfer from your PayPal account to your local checking account, PayPal automatically converts the money into the local currency when the transfer is initiated.
How to get a better rate when exchanging your PayPal balance?
What if you would like to pay less when making transfers into different currencies?
One way to do this is to switch your funds first within PayPal before making your withdrawal.
This is because the exchange rate margin is lower by about 2.5% when converting the currency without withdrawing.
In conclusion, there is a lot of information offered by PayPal on how to withdraw money however there are some things that you should know about before making withdrawals.
PayPal might not explicitly give such as the exchange rate mark-ups and certain charges or how to ensure that you get a fair rate by transferring your currency first.
Are you looking for more alternative ways to make payments? Is PayPal reaching its limits for your business payment needs?
Fintech alternatives such as Statrys provide a payment platform with transparent fees, and fast and secure payment processing, all of which will help you manage your financial transactions with ease.
The multi-currency account enables you to make payments in 11 different currencies and withdraw money with a linked debit card. Statrys offers fair and transparent fees which can help you streamline your business if you regularly make payments in other currencies.
