PayPal is an e-commerce website that connects two parties to carry out online payments and online transfers, but of course, you already know that; that’s why you want to know how to transfer money from your existing PayPal account to your bank account.
To transfer money from your PayPal account to your bank account can be done in 2 ways, by using your iPhone or your Android phone or directly through their official website using a web browser. None of these two processes will cost you any extra fees, except if your bank charges you. Money can only be transferred from PayPal to your account if the said bank account is linked with your PayPal account. Thankfully, it takes less than 30 minutes to carry out this transaction.
Therefore, this article will concisely explain the steps you can follow to transfer money to your bank account from your PayPal account. Let’s get started.
How to send money from PayPal to bank using your mobile phone
- Open the PayPal app on your phone or download and install it if you don’t have it on your phone.
- Log in to your PayPal account.
- Tap the “Manage Balance” icon that is at the top of the screen to view your balance.
- Tap the “Transfer” icon.
- Tap the “Transfer Money” icon that is at the bottom right of your screen. You are reminded that if you have less than $1 in your PayPal balance, this icon will not show.
- Select the bank account you want to transfer to, then tap “Next.”
- Type the amount you want to transfer. Note, PayPal’s keypad doesn’t have room for a decimal point, but they have the 00 numeral. For instance, if you want to transfer $5, you will have to type 500. After that, tap “Next.”8. Confirm your transaction by tapping “Transfer $(the amount you want to transfer) Now.”
How to transfer from PayPal to bank using a web browser
- Open their official website by typing www.paypal.com in your URL and log into your PayPal account.
- Click “Wallet” to go to your wallet page.
- Click “Transfer Money”
- Click “Transfer to your bank.”
- Select the bank you want to transfer money to, then click “Next.”
- Type the amount you want to transfer, after which you should click “Next.”7. Confirm your transaction by clicking “Transfer $(the amount you want to transfer) Now.”
Why can’t I transfer money from PayPal to my bank account?
If you have sequentially carried out the steps I mentioned above to transfer money from your PayPal to your bank account, yet, your transaction is declined. Then, I’m going to list out some probable reasons why you cannot transfer your money from PayPal to your bank account.
- The account you want to transfer money to isn’t your own: PayPal only allows money to be transferred to the bank account of the original owner of the PayPal account. So, you have to transfer to yourself first; then, from your bank, you can transfer to your friend or colleague
- A limitation has been placed on your PayPal account: visit https://www.paypal.com/us/brc/article/understanding-account-limitations to learn more about what could cause such limitations and how to get them removed or lifted.
- Your bank account is not eligible for instant transfer.4. An unusual activity is going on in your account.
In conclusion, PayPal is the most trusted e-commerce company; therefore, if you follow the steps I mentioned above sequentially, you should be able to transfer money without any problems. If, however, you encounter any issues, it might be because of one of the issues I mentioned earlier. Hurry to www.paypal-community.com, type in your problem, and PayPal customer care service will attend to you.
Peter Sinenko - Born in Kiev in Ukraine, previously worked as a supply manager at the Zirka Factory. Peter is now officially retired and is happy to share his experience with the readers of Bank Login Lab.