How to Withdraw Money From PayPal With (and Without) a Bank Account
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Summary:
You can withdraw money from PayPal using multiple options. If you link a bank account to your PayPal account, you can withdraw your money using an instant or standard transfer, use a PayPal transaction card, or get a check. Without a bank account, you’re limited to requesting a paper check or applying for the PayPal Cash Card or PayPal Debit Mastercard to withdraw funds from the ATM.
Since its founding in 1998, PayPal has become one of the most popular payment methods for online shoppers. Because of its popularity, you may already be familiar with using the platform to purchase goods or services, but what about if you’re the one getting paid? How do you withdraw money from your PayPal account?
The good news is PayPal makes withdrawing money easy and offers several methods for withdrawing your funds. In this article, we’ll talk about how to link your bank account or debit card to PayPal, what you can do if this isn’t an option, and how to withdraw money from PayPal.
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How to withdraw money with a bank account
To withdraw money from PayPal, you’ll have to log in to your account and link a debit card or bank account. This can be done on its website or through the PayPal app.
When you go to withdraw PayPal payments, you can do so through a standard transfer or an instant transfer. A standard transfer is free and can take between 1 and 3 business days. Depending on the bank’s clearing procedure, a standard transfer may take up to five business days. An instant transfer happens instantly and can incur a fee.
And without a bank account?
Unfortunately, you don’t have as many options to withdraw your money without a bank account. At this point, there are two options available to you: a paper check or a PayPal Debit Card.
You can request a physical check to receive your money without connecting PayPal to your bank account or debit card. You can also apply for the PayPal Debit Card, which you could then use to withdraw money at an ATM. Otherwise, you will have to use a bank account or your own bank card.
Link your bank account to PayPal
To start withdrawing your PayPal funds, make sure to link a confirmed bank account to your PayPal either through the computer or the PayPal app.
Link your bank account to your PayPal account
- Select Wallet at the top of the page.
- Choose Link to a bank account.
- Pick your bank, or select Don’t see your bank at the bottom.
- Enter your bank account details. Click Agree and Link.
Link a bank account on the PayPal app
- Tap Wallet.
- Tap “+” across from Banks and cards.
- Select Banks.
- Sign in to your online bank account and link your account.
Pro Tip
Make sure the name associated with your PayPal account matches your bank account. Otherwise, you may have to go through additional verification steps to link your accounts.
Confirm your bank account
Before withdrawing money or using PayPal as a funding source, you’ll need to verify your bank account. To do this, PayPal will send a payment between $0.01 and $0.99 to your account with a 4-digit code in the transaction line shortly after you input your banking details.
When you receive the code, enter your PayPal app and choose the bank account you wish to confirm. There should be an “Unconfirmed” label you can click on. PayPal will then prompt you to input the 4-digit code and the payment amount you received.
IMPORTANT! You may receive more than one payment to confirm your account. If these payments merge for some reason, contact PayPal for further steps.
Transfer money from PayPal to a bank account
Once you link your bank account, you can transfer money out of your PayPal account. You’ll have two options for withdrawals: instant or standard.
An instant transfer will withdraw your money from PayPal that same day. However, it will be subject to a fee of 1.5% of the transferred amount. A standard transfer will take between 1 and 3 business days, but you won’t be charged a fee for this service.
Instant transfer
- Select Transfer Money under your PayPal balance.
- Choose Transfer to your bank.
- In the “Instant” section, select your bank account. Click Next.
- Enter the amount you want to transfer.
- Review the information, then click Transfer (amount) Now.
- Select Done to finish the transfer.
Standard transfer
- Select Transfer Money under your PayPal balance.
- Choose Transfer to your bank.
- In the “Standard” section, select your bank account. Click Next.
- Enter the amount you want to transfer.
- Review the information, then click Transfer (amount) Now.
- Click Done to finish the transfer.
Pro Tip
Some banks may charge fees for transfers. Contact your bank for more information.
PayPal app
Just like you can on the computer, you can send and manage money from the PayPal app through an instant or standard transfer to a linked bank account or linked debit card. Please note that instant transfers are subject to the same 1.5% fee.
Instant transfer via PayPal App
- Select the Dashboard.
- Tap PayPal balance.
- Tap Withdraw Funds.
- Enter the amount you want to withdraw.
- Select Transfer Now.
Standard transfer via PayPal App
- Select the Dashboard.
- Tap PayPal balance.
- Tap Transfer.
- Enter the amount you want to withdraw.
- Select Transfer Now.
PayPal cards
You can quickly withdraw money from PayPal by using a PayPal Credit or PayPal Prepaid Mastercard for personal use or the PayPal Debit Mastercard for business use. Most ATMs accept PayPal cards, but there may be a fee involved.
You can use a PayPal debit card to complete purchases where MasterCard is accepted. However, you do need to qualify for each card separately, so keep that in mind before you apply.
Checks
You can also withdraw money from your PayPal account balance by requesting a check. This usually takes about 5 to 10 business days. Withdrawing funds with a check also results in a $1.50 fee for the physical check.
To request a check, follow these steps:
- Click Transfer Money under your PayPal balance.
- Click Request a check by mail.
- Enter the amount, review your address and click Next.
PayPal exchange rate
If you were paid in multiple currencies that are different from your bank account (i.e., you were paid in euros and want to withdraw it to your U.S. bank account), you need to know about the PayPal exchange rates.
To determine the exchange rate, follow these steps:
- Go to your Wallet.
- Select Currency Calculator.
- Select the different currencies you want to convert your money from and to. The exchange rate will automatically populate.
PayPal gets a wholesale rate quote from their bank and adds a percentage (usually 3% or 4%) to decide on the exchange they apply to currency conversion transactions. These exchange rates are competitive with bank and currency exchange conversion rates, but you’ll have to pay a little extra for the convenience.
If you initiate a transfer from your PayPal to your bank account, your funds will be automatically converted to whatever the local currency is. Keep this in mind before you start to transfer funds.
FAQs
How do I turn my PayPal money into cash?
You can turn your PayPal money into cash by using the PayPal Cash Card or transferring it to a bank to withdraw cash at an ATM.
Can I get money off my PayPal without a card?
You can withdraw money from your PayPal account without a card by linking your bank account to PayPal or by requesting a check. If you need to withdraw cash from your account but still don’t have a bank card, don’t worry. There are many ways to withdraw cash without an ATM card.
What happens if you use PayPal with no money in your account?
If your account balance is zero and you try to pay for something using PayPal, the platform will ask which of your saved payment methods you prefer to use. This could be your bank account, debit card, or credit card. By linking your PayPal to a source of funds, you can use your PayPal account with no balance.
Key Takeaways
- You can withdraw money from PayPal by linking your bank account or debit card to your PayPal account or the PayPal app
- PayPal offers users two withdrawal options: instant and standard. You can receive your money the same day using the instant transfer for a fee, or a standard transfer where you’ll get it in 1 to 3 business days.
- You can request a check from PayPal, but you will incur PayPal fees for the check.
- If you want to withdraw money in a different currency, it will be subject to PayPal’s currency conversion exchange rate.
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