Financial Apps
Updated on December 30, 2023
Written by
Frank Gogol
Written by
Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
See all posts Frank Gogol
Reviewed by
Rohit Mittal
Reviewed by
Rohit Mittal
Rohit Mittal is the co-founder and CEO of Stilt. Rohit has extensive experience in credit risk analytics and data science. He spent years building credit risk and fraud models for top U.S. banks. In his current role, he defines the overall business strategy, leads debt and capital fundraising efforts, leads product development, and leads other customer-related aspects for the company. Stilt is backed by Y Combinator and has raised a total of $275M in debt and equity funding to date.
See all posts Rohit Mittal
At a Glance
- Log in to your PayPal account and click “Transfer Money.”
- Select “Transfer from PayPal to Your Bank Account.”
- Choose between instant or standard transfer, enter the amount, and confirm the details.
- Proceed, and PayPal will provide a confirmation message during the withdrawal process.
PayPal is a payment system that has revolutionized the way we send and receive money. All you have to do is link your bank account, and you can add money, send it to someone, or withdraw it back into your account in real time. So how exactly does the whole process of withdrawal work? Read on to find out.
In This Article
How to Withdraw Money From PayPal
PayPal uses simple steps to make the process of withdrawing money from your PayPal wallet to your bank account as easy as possible. The whole process is done in just eight steps!
- Open your browser and go to the PayPal website. When you open the site, you will find a Log in option in the top right corner of your screen. Press it to go to the log in page.
- Once you are on the log in page, type in your PayPal account ID and password in the relevant sections and press Log in on the screen or hit “enter” on your keyboard to access your PayPal Account Summary.
- On the account summary page, you will see your balance in big and bold numbers to the top left of your screen—you will have a bunch of other PayPal-related information and options available as well. However, just click on the Transfer Money option right under the balance amount shown on the screen to withdraw your money.
- You will be redirected to a new page that has the option to either add money to your PayPal account or withdraw it from PayPal to your bank account. Since you would like to withdraw now, click on Transfer From PayPal To Your Bank Account.
- The next screen will give you two options: Instant and Standard. Instant: Choose this option if you would like to have your money as quickly as possible. However, you will be charged 1% of the amount transferred to your bank account. Standard: If you’re not in a hurry, you can choose the standard option and have your entire PayPal balance, or any part of it, transferred to your bank account. The money will be reflected in your account when it is available.
- If you have multiple accounts linked to your PayPal account, you can select the button next to the account you want to transfer to and click Next. Now you will be redirected to a page that allows you to type in the amount you wish to transfer. You don’t have to type any decimals or commas, and you don’t have to deduct the 1% fee yourself. PayPal will do it all for you. Once you verify that everything is in order, select Next and continue.
- On the next page, PayPal will give you a breakdown of your money and show you the exact amount of the 1% fee if you choose instant. Now, if everything is in order, just press Confirm.
- In the last step, PayPal gives you a confirmation message that shows your request is processing.
How to Link Your Bank Account With PayPal
Knowing how to withdraw money from PayPal is great, but if you wish to link your bank account with your PayPal account, you will need the following steps:
- After you log in to your PayPal account, click the Wallet option at the top of your page.
- On the next screen, you will find the Link Your Account option. Click it to link your bank account.
- You will be redirected to a list of all popular or known banks. If you don’t see your bank on the list, click Don’t See Your Bank? Otherwise, select your bank and click on next.
- Some banks allow you to link them with your PayPal account instantly. While convenient, this option is not available to every bank. If you have this option, you can add your bank account using your online banking login information. If not, all you have to do is submit your banking details and click Agree and Link.
The Process of Linking Instantly and Linking Manually
Instant Process:
To link your account instantly, you will have to give your bank’s online login ID and password. PayPal will then verify these credentials with your bank, and upon successful verification, your account will be added.
Manual Process:
After you submit your details for the manual process, PayPal will prompt you to look out for two deposits of the size of $0.01 and $0.99 within three business days. Upon successful verification that this money is deposited in your account, your bank account will be added to your PayPal wallet.
How to Instantly Transfer Money From PayPal
Once you have added your bank account to your PayPal wallet and added some amount to your PayPal wallet, it is time to transfer your money to others instantly. The process itself is quite simple:
- On the log in page, press Send Money to go to the Transfer page.
- Then, enter the recipient’s details and the amount you wish to transfer and press Continue.
- Before going through with the payment, under the Payment method, there is an option called Change. When you press that, you will be given the option of Instant Transfer to make this particular payment an Instant Transfer.
- To make an instant transfer, you will be required to add your credit or debit card to your PayPal wallet. Or, if you have enough balance in your PayPal account, you can just select PayPal Balance to transfer money directly from your PayPal wallet.
Then, your money will instantly be transferred to your recipient’s wallet.
PayPal Transfer Fees
While the service provided by PayPal is truly extraordinary, it is not free. PayPal charges you various fees for various transfers while also giving you certain services for free. Here is a list of some of the services PayPal provides:
Account Opening Charges
PayPal does not require you to pay a fee for opening an account. Account opening is a free service offered by PayPal.
Personal Payments
These are the money transfers you make to your friends and family. Or any account that is not registered as a seller account with PayPal.
Sending and Receiving Money
There are no fees to send or receive money through your PayPal wallet, your bank account, or a combination of both. However, if you or your sender uses your credit or debit card, you will be charged a certain fee depending on the bank you use.
Purchase Payments
If you transfer money to a seller, there is no payment to be made in the form of fees to PayPal. However, you will have to pay a certain percentage of the transaction amount as fees if you receive money.
International Transactions
All international transactions are charged at a specific rate depending on the sender’s or receiver’s country. Both the sender and the receiver are charged for international payments.
Withdrawing Money
There is no fee to withdraw money from your PayPal wallet.
Read More
- How to Cancel a Paypal Payment
- How to Use PayPal
- How to Close a PayPal Account
- How to Set Up a PayPal Account
- How to Add Money to PayPal
- How Does PayPal Work?
Conclusion
As you can see, the steps involved in sending, receiving, and withdrawing money from your PayPal account are simple. The service is also easy to use overall.
Frequently Asked Questions (FAQ)
How do I link my bank account to PayPal?
To link your bank account to PayPal, follow these steps:
- Log in to your PayPal account.
- Go to the “Wallet” page.
- Click on “Link a bank account” and follow the instructions provided.
How long does it take to withdraw money from PayPal to my bank account?
The time it takes to withdraw money from PayPal to your bank account can vary. Typically, it takes 1-3 business days for the funds to appear in your bank account.
Are there any fees for withdrawing money from PayPal?
PayPal may charge a fee for withdrawing money to your bank account, depending on the country and the type of transfer. It is recommended to check PayPal’s fee structure for accurate information.
Can I withdraw money from PayPal to a credit card?
No, you cannot directly withdraw money from PayPal to a credit card. However, you can link your credit card to your PayPal account and use it for online purchases or transfer funds from PayPal to your bank account linked to the credit card.
What is the minimum withdrawal amount on PayPal?
The minimum withdrawal amount on PayPal can vary depending on your country and currency. It is recommended to check PayPal’s website or contact their customer support for specific information.
Can I cancel a withdrawal from PayPal?
Once a withdrawal from PayPal has been initiated, it cannot be canceled. It is important to review your withdrawal details carefully before confirming the transaction.
Are there any limits on how much money I can withdraw from PayPal?
Yes, PayPal may have withdrawal limits in place. These limits can vary based on factors such as your account status, verification level, and country of residence. It is advisable to check PayPal’s website or contact their customer support for detailed information on withdrawal limits.
Can I withdraw money from PayPal in a different currency?
Yes, you can withdraw money from PayPal in a different currency. However, PayPal may charge a currency conversion fee for this service. It is recommended to review PayPal’s fee structure for accurate information on currency conversion fees.
What should I do if my withdrawal is not showing up in my bank account?
If your withdrawal from PayPal is not showing up in your bank account within the expected timeframe, it is recommended to check the following:
- Ensure that you have entered the correct bank account details.
- Contact your bank to confirm if there are any issues on their end.
- Reach out to PayPal’s customer support for further assistance.
Is it safe to withdraw money from PayPal?
Withdrawing money from PayPal is generally considered safe. However, it is important to ensure that you are using secure internet connections and following best practices to protect your PayPal account. It is also advisable to review PayPal’s security guidelines for additional measures to safeguard your funds.
Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
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