Virtually anyone can set up a PayPal account and receive payments via the internet, but did you know that it’s also possible to transfer money from a PayPal account into a bank account? For some people, moving money from PayPal to the bank may be easier or safer than using a check. Here are step-by-step instructions on how to transfer money from your PayPal account to your bank account.
How to Verify Your PayPal Account?
Log into your PayPal account and click on your account name at the top-right corner of your PayPal account page. Click on Profile. In the Profile page, scroll down to the Account Information section and click on Add or Edit bank account button. Input your credit card or checking account’s information into the PayPal’s form provided and then hit enter. PayPal will make a small test deposit into the account and ask you to verify it. Click on Enter code, and enter the four-letter code from your bank statement. After inputting the code, click on Submit. PayPal will instantly verify your account once you have filled out all the required information and submitted it.
Step 1. Link an Eligible Credit/Debit Card and/or Bank Account to your PayPal Account
PayPal now offers the option of adding a credit card and/or checking account to make payments even more convenient. If you choose this option, you can link up to two bank accounts and eight (8) debit or credit cards to your account. That will allow you to transfer money from your PayPal balance into your linked bank account or onto your linked credit/debit card in just one step. Note that you don’t have to link your bank or credit card account to your PayPal account to receive money. For security reasons, PayPal only allows you to link your bank account and/or credit card to withdraw funds from it. PayPal also has a $500 withdrawal limit for anyone who hasn’t verified their PayPal accounts. This limitation bars you from transferring an accumulated total of $500 from your PayPal balance to your bank account or another PayPal member. You must first verify your PayPal account by inputting your bank account or credit card information into your account page’s “Profile” section to lift the ban. Once this is done, you’re free to transfer up to $10 000 in a single transaction.
Step 2. How to Transfer Money from Your PayPal Account to Bank Account
Log into your PayPal account by entering your username and password. Click on “Log In” to continue. You’ll be directed to the summary page, where you’ll see your PayPal balance and recent transaction history if any. Now go ahead and click on “Transfer Money” (found below your PayPal balance). You’ll be directed to the Withdrawal Section, where you’re to select the bank account (in this case, it’s “Bank account”). After selecting your Bank Account, click on Next. You’ll then be prompted to enter the amount that you wish to transfer out of your PayPal balance into your bank account. Now go ahead and click on the “Review Withdrawal” button. You’ll then be directed to the verification page, where you’ll see your bank account name, amount of money that you’re about to withdraw, and transaction fees (if any). Please note that you must enter the correct bank account information for this transaction to go through successfully. If the information is incorrect, PayPal won’t be able to transfer your money successfully. If you need help, please visit PayPal’s official website for more information on how to send a withdrawal request.
Step 3. Send the Withdrawal Request
After choosing the bank account from which you’ll send your money, click on the Confirm & Pay button. You’ll then be taken to PayPal’s secure page, where you can input your security information. Input the requested information and press confirm button once done. The next thing you’ll see is a confirmation message saying that your withdrawal request has been sent for processing. You may edit or cancel this request by logging into your PayPal account anytime before it’s processed. Once the money gets transferred from your PayPal balance to the bank account, you’ll receive a confirmation email as well as notifications at the top of your PayPal page. If, for some reason, you cannot see those notifications, then go to “History” on your PayPal page and click on Withdrawal Sent. You should then be able to see a record of your withdrawal request there. It may take up to six business days for your withdrawal request to be completed and processed by PayPal, which is why it’s always better to send the money as soon as possible.
Four Things to Keep in Mind When Transferring Payments from Your PayPal Account to Your Bank Account
While the process of transferring money from your PayPal account to your bank account is straightforward, there are some things that you need to keep in mind. Here are the four most important things you should consider before making a withdrawal request:
The Process Isn’t Instantaneous
The withdrawal process can take up to six business days, which is why it’s suggested that you send the money as soon as possible. You’ll receive an email notification once your request has been processed and transferred successfully into your bank account.
There are Some Fees Involved with the Process
Depending on your country of residence, you may be charged a fee for withdrawing funds from PayPal to your bank account. Fees are usually deducted from the amount that you’re transferring out of your PayPal balance into your bank account. You might want to check out with your bank to find out how much they charge for the transfers. If you encounter any issues when sending out the transfer, please visit PayPal’s official website for details on how to resolve them.
PayPal Might Decline Your Withdrawal Request if You Don’t Meet Certain Requirements
PayPal may decline your withdrawal request if you don’t meet their minimum requirement or if you’re new to PayPal. Note that you’re only allowed to withdraw money from your PayPal account once it has been verified. There are also certain requirements that you need to fulfill if you want to withdraw funds to another country’s bank account. You’ll need to check with PayPal first on whether or not you meet their requirements.
You Can Cause Serious Damage to Your PayPal Account if You're Not Careful with the Withdrawal Process
When sending out your withdrawal request, be sure to double-check all the information you input. Any mistake you make may raise a red alarm prompting PayPal to limit your account. Meaning, you won’t be able to withdraw funds from your PayPal balance if this happens. Worse, you might even lose access to your account altogether.
Written by Allen Lee
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