In a World with a lot of competition, there is also competition on the money market; especially on the money transfer apps. The first money transfer app was brought out around the 1990s, and since then, money transfer apps have been the most recommended platforms online.
There are several money transfer apps in the world right now, with the likes of Paypal, Cash App, Zelle Pay, Apple pay, Netspend and many others. But today, we will be talking more about Paypal.
If you have a PayPal account, you may be wondering how to transfer money from PayPal to your bank account. Well, there are several ways to do this, and each has its own advantages and disadvantages.
And so, in this article, we will explore three of the most popular methods for transferring money from PayPal to your bank account.
What we will advice you is that for you not to miss out these amazing processes, you should keep on reading and you will know how to easily send money from Paypal to Bank account.
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How to Send Money from Paypal to Bank Account - Simple Steps
The first of these three methods, is to use PayPal’s built-in transfer feature. This is the easiest way to transfer money but it can take up to four business days for the funds to be available in your account.
The second method, is to use a third-party service like TransferWise or Xoom. These services allow you to transfer money quickly and easily, but to use them, then you'll definitely have to pay a certain fee.
And finally, the third method is to use a peer-to-peer (P2P) payment service like Venmo or Square Cash. These services are free to use but they have limits on how much you can transfer in a single transaction.
Which method you choose will ultimately depend on your personal preferences and needs. With that, we will quickly pas you through all these three processes and show you each method step by step.
Method 1. Using PayPal’s built in transfer feature
To transfer money using PayPal’s built-in transfer feature, you will need to link your bank account to your PayPal account if you have not yet done that already. Once your bank account is linked, follow these steps:
- Go to your PayPal account homepage and click “Transfer Money”.
- Choose the account you want to transfer money from and the account you want to transfer money to.
- Then enter the amount you want to transfer and click “Next”.
- Review or recheck the details of the transfer and click “Transfer” to complete the process.
Keep in mind that it can take up to four business days for the funds to be available in your bank account.
Method 2. Using a third-party service
Third-party services like TransferWise or Xoom allow you to transfer money quickly and easily often with lower fees than PayPal’s built-in transfer feature. These services are also some types of money transfer apps who have the specialty to make transfers easier between money apps or platforms.
Well, this is how this method works:
- Sign up for an account with the third-party service(TransferWise, Xoom, Zelle etc...) of your choice.
- Then link your PayPal account to your new account.
- Transfer money from your PayPal account to your new account.
- Then finally transfer the money from your new account to your bank account.
Note that there may be fees associated with this method since there are usually the standard transfer method and the instant transfer method. So, be sure to check the details before making any transfers.
Method 3. Using a P2P payment service
P2P payment services like Venmo or Square Cash are free to use but typically come with transaction limits. If you are looking forward to using a P2P payment service, this is how you should proceed.
- Sign up for an account with the P2P payment service of your choice.
- Link your PayPal account to your new account.
- Transfer money from your PayPal account to your new account.
- Transfer the money from your new account to your bank account.
Keep in mind that the transaction limits for P2P payment services may not be enough for larger transfers, so this method may not be suitable for everyone.
Some Frequently Asked Questions(FAQs)
1. Why Can't I Transfer Money from Paypal to my Bank Account?
Well, there should probably be a limitation to your Paypal account and to your country.
Paypal works in all country but not at a 100% in all countries since some countries can send money and not receive, others can receive without sending, and others can do both. You just have to check if your country is limited or not.
2. How long does it Take to send Money From Paypal to Bank Account?
It all depends on you. In that, there are two different transfer types: standard transfer and the instant transfer methods.
The standard transfer will take about 5days to be completed meanwhile the instant transfer takes at most 15minutes to be done.
3. Should I link Paypal to Bank Account to Receive money?
No not forcefully. Linking them is for sending of money not receiving of money. And so if you want to send money, you will have to link them both: if not you don't have to forcefully link them.
4. Is it Safe to Transfer Money from Paypal to Bank Account?
Yes! Paypal is the most secured money transfer app in the world right now. And sending money through is also very safe. Except if you are sending money to someone you don't know(which can likely be a scammer).
5. What is the minimum and maximum transfer on Paypal?
Paypal's minimum transfer lies at $1 for a normal transfer, meanwhile the maximum amount you can send for a single transfer is at $5000.
But you can send up to $60,000 per day which at times paypal limits it at $10,000 per day.
Conclusion or Final Remarks on How to Withdraw Money from Paypal
Transferring money from PayPal to your bank account can be done in several ways, each with its own advantages and disadvantages.
Whether you choose to use PayPal’s built-in transfer feature, a third-party service, or a P2P payment service will depend on your personal preferences and needs. Be sure to consider the fees, transaction limits, and processing times when making your decision.