Finding out how to withdraw money from PayPal is obviously a key question for every PayPal user. Show
The good news is that withdrawing money is a relatively easy task. However, the process can be handled in different ways, so in this article, we'll explain in detail what you need to do for withdrawing your Paypal balance. We'll also share some handy tips and information to help you with the withdrawal. In short, there are 2 ways to withdraw funds from your PayPal account. You can either transfer the balance to your bank account or withdraw cash from an ATM using the debit card linked to your Paypal account. How to withdraw money from PayPal to your bank accountTo 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 PaypalFollow the steps below to connect your bank account to your PayPal account:
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:
Some important notes:
Transfer money from PayPal to your Bank AccountOnce your bank and Paypal accounts are linked, the process to withdraw money is quick and easy.
In case you want to withdraw funds through your PayPal app:
Note that you will have to verify your Paypal account before withdrawing funds to your linked bank account. A withdrawal cannot be canceled, so make sure that all banking details are correct before instructing the bank transfer. What are the fees charged by Paypal?Depending on where your Paypal account is opened, how you withdraw money, and in which currency, fees may be applied. These fees can represent up to 1.75% of your Paypal balance transferred out of the account. Check out the details by clicking this link and going to ‘fees' located at the bottom of the page. How to withdraw money using your PayPal Debit CardIf 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 Rate
If you are looking to exchange the currency upon withdrawal you will have to pay a conversion fee. PayPal has an integrated currency calculator within the app where you can view the PayPal exchange rate. Here's how to access it:
How does PayPal set its exchange rate?
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. It's a simple process, but make sure you know your stuff beforehand! 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? Check out what’s possible with a Statrys Business Account; you'll be able to make payments smarter, with no limits, and full functionality. You might also be interested in how to make payments with PayPal. Or possibly adding money to PayPal. How do I transfer money from my PayPal account to my bank?Transferring money from your PayPal account to your bank is even easier on mobile.. Log Into Your PayPal App.. Tap Your PayPal Balance. ... . Tap “Transfer” ... . Indicate Where You Want Your Money Transferred to. ... . Enter the Amount You Want to Transfer. ... . Double Check Your Transfer Details.. Why can't I transfer money from PayPal to my bank account?"Your debit card or bank account may not be eligible to process Instant Transfer." This error appears if you're trying to do an instant transfer to an unsupported bank. To get around this, select a different bank or transfer method, or stick to a standard transfer.
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