174 174 people found this article helpful Updated on December 13, 2021 Link your bank account and move funds with a few clicks
What to Know
This article explains how to transfer money from PayPal to your bank account. These instructions apply to PayPal in a web browser, but the process for moving money to your bank account in the PayPal app is similar.
Link Your Bank Account and PayPal Account
Before you can transfer money to your PayPal account or from your PayPal account to your bank, you'll need to link the two. Connect your PayPal account with either your bank account or your bank card. PayPal does not charge a fee for this service.
How to Transfer Money From PayPal Into a Bank Account
After linking your PayPal and bank accounts, transferring funds requires only a few steps.
Go to the PayPal login page, enter your username and password, and select Log In to continue.
From the Summary page, click Transfer Money below your PayPal balance.
If you don't have a PayPal balance account, you might see an option to Accept the Money instead.
Select Transfer to your bank and choose the bank account to which you want to transfer money.
Type theamount of money that you want to transfer and select Next to confirm it.
Transferring money to your account takes a few clicks, but there are a few stipulations. You'll need to transfer at least $1 from PayPal to your bank account, and transfers made after 7:00 p.m. ET take longer to process.
Things to Remember When Transferring Money From PayPal
While moving money out of your PayPal account is straightforward, keep these other details in mind.
Timing PayPal Transfers to Your Bank Account
PayPal transfers the money from one account to another, and, depending on your bank, this may take time. If you have any pending payments about to hit your PayPal account, this may cause you issues, so do your math before you trigger a transfer.
Transferring money to your bank account isn't instantaneous if you choose the standard transfer, which can take one to three business days.
If you're pressed for that money, connect your PayPal account with your debit card. Those transfers usually go through in about 30 minutes, as long as it isn't after hours or a federal holiday.
Fees Associated With Transfers From PayPal
While PayPal doesn't charge you to make a transfer, check with your banking institution. Depending on your account type, you may encounter charges from your bank for electronic transfers.
To accelerate the process, request an instant transfer and pay the associated fee. Instant transfers from PayPal to your bank account typically take a few minutes.
When PayPal Intervenes During Transactions
PayPal reserves the right to stop or stall transactions if they suspect suspicious activity. You'll need to reach out to customer support and deal with the issue directly in those cases.
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Many people don’t know how to add money to PayPal, but PayPal is frequently used for regular subscriptions and payments. From Netflix to eBay, if you have regular payments leaving your bank account via your PayPal account, adding money to PayPal will ensure you can meet those payments on the day they’re due. That being said, having a linked bank account to simply debit funds straight from your account via PayPal could actually be quicker.
How to transfer money from your bank to PayPal
If you want to make a PayPal money transfer using your bank account, first, you need to link your bank account to your PayPal account, follow the following steps:
- Login to your PayPal account
- Go to the Account tab, and select ‘My Money’ from the drop-down menu when you hover over the link to your Profile.
- Update your bank account information in the Bank Account section
- If you have access to online banking, you can click ‘Confirm Instantly’. Otherwise, select the ‘Confirm in 2 – 3 days’ button and follow the prompts to complete the process.
Once you’ve connected your bank account, you can then easily add money to your PayPal account. To do this:
- Make sure you’re logged in to your PayPal account
- Under the section on your dashboard that displays your PayPal balance, click ‘Add Money’
- You can then select to add money from your linked bank account
- Enter your withdrawal amount and click ‘Next’
- Check all the details are correct and then click to confirm your withdrawal from your bank account
How long does it take to add funds to your PayPal account?
Depending on your bank, it can take between 3 – 5 working days to add money to your PayPal account. If you are trying to transfer money from a bank account to PayPal instantly because you need to do it urgently, preparing ahead of time is your best bet. Alternatively, there a plenty of companies who will allow you to send money instantly.
How to make an instant payment with PayPal?
Despite it taking several working days to transfer funds from your bank account to your PayPal account, it is possible to make an instant payment with PayPal. When making an online payment or signing up for a subscription, rather than entering your card details you can choose to pay via PayPal.
When you do this, the seller or merchant will be credited immediately, while your bank processes PayPal’s request for the money. To complete an instant transfer with PayPal, you’ll need to have linked your bank account to your PayPal account already using the steps listed above. PayPal will usually email you once the transaction is successfully completed.
What are the PayPal fees for adding money to my account?
It should be free to transfer money from your account to PayPal, and to make purchases with your PayPal account. However, there are fees to send and receive money from PayPal in some cases.
Make sure to check overseas charges beforehand
For example, sending money outside the UK in a currency other than GBP can incur charges between around 3.5 – 4%.
Bottom line: watch out for the fees
PayPal is a convenient way to make online payments because you can simply log in with your email address rather than having to enter your card details every time. Likewise, PayPal can be a useful way to send and receive smaller payments from friends and family, however the fees are very high and if you’re looking to send money internationally you’ll find Paypal one of the most expensive options available. Particularly for larger sums using Paypal should be avoided.
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Yasmin Purnell is a Content Writer and Editor for MoneyTransfers.com. Having over 5 years’ experience writing across a range of industries including finance, insurance, and travel, Yasmin joined the team with a mission to make international money transfers and everything they encompass accessible to all.