How to Withdraw Money from PayPal
Posted by Frank Gogol
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 and send it to someone and withdraw it back into your account in real-time. So how exactly does the whole process of withdrawal work? Read on and find out.
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How To Withdraw Money From PayPal?
PayPal uses the simplest steps to make the process of withdrawing money from your PayPal wallet to your bank account. The whole process is done in just eight steps!
- Open your browser and get on the PayPal website. When you open the site, you will find a Login option in the top right corner of your screen. Press it to go to the login page and give your credentials to access your account.
- Once you are on the login page, type in your PayPal account ID and password in the relevant sections and press Login on the screen or enter on your keyboard to access your Paypal Account Summary.
- On the accounts summary page, you will see your balance in big and bold numbers to the top left of your screen and have a bunch of other PayPal – related information and options available to you 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 the Transfer From PayPal To Your Bank Account on your screen.
- The next screen will give you two options: Instant and Standard. Instant: Choose this option if you would like to have your money immediately for any urgency you might have. However, you are 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 a small part of it transferred to your account. The money will be reflected in your account on the next business day.
- If you have multiple accounts linked to your PayPal account, you can select the button next to the account you want it to be transferred and click Next. Now you will be redirected to a page that allows you to type in the amount that you wish to transfer. You don’t have to type the 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 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 shows a confirmation message that shows your request is processing.
How To Link Your Bank Account With Paypal
Knowing how to withdraw 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 in 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 login 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 the payment, under the Payment method, there is an option called Change. When you press that, you will be given the option 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 already. Or, if you have enough balance in your PayPal account, you can just select PayPal Balance to transfer money directly from your PayPal wallet.
Thus, 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 a free service. PayPal charges you various fees for various transfers while also giving you certain services for free as follows:
Account Opening Charges
PayPal does not require you to pay any amount for opening an account with it. Account opening is a free service offered by PayPal.
There are different rates for sending and receiving money for personal and commercial payments with PayPal.
These are the money transfers that you make for 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 or 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.
If you transfer money to any seller, then 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.
All international transactions are charged at a specific rate depending on the sender or receiver’s country. Both the sender and the receiver are charged for international payments.
There is no fee to withdraw money from your PayPal wallet.
Thus, the steps involved in sending and receiving money and overall using your PayPal account are simple and easy to use.