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How To Transfer Money From PayPal To Bank Account (A Detailed Guide)

how to transfer money from paypal to bank account

Money transfer from one platform to another might seem challenging, but it is a very easy process.

Online platforms like Google Pay, Cash App, Apple Pay, Paytm App, PayPal, and many other platforms provide you with a virtual wallet where you can store virtual cash.

The money in the wallets can be used to pay bills, do online shopping, and can also be transferred to other users on the platform. Also, this money can still be transferred from one platform, like PayPal, to another, like a linked bank account.

In this article, we will be given the best guide on how you can transfer money from your PayPal wallet to your bank account.

How To Transfer Money From PayPal To Bank Account 

Before looking at how to add money to a bank account from a PayPal wallet,  first understand what PayPal is.

What is PayPal?

PayPal is an American multinational financial technological company that operates an online payment system in the majority of countries that support online money transfers.

PayPal has helped in replacing the use of checks and other traditional paper payment methods.

This platform allows for money transfer within American States and out of America, including countries in Africa like Cameroon. 

With PayPal, you can add money to your linked bank account or to a linked eligible credit/debit card. People used this app to make online purchases, transfer money, pay bills, and also to receive payments.

This is one of the oldest online payment platforms, which was founded in December 1998 at Palo Alto, California, U.S.A., by Dan Schulman. 

What are the features of PayPal?

The features of PayPal are as follows:

  • It allows instant payments.
  • It accepts different types of credit and debit cards.
  • It accepts and processes eChecks and ACH payments  as a form of payment.
  • It allows users to process payments in multiple currencies.
  • PayPal provides an online payment portal where customers can make payments.

How to transfer Money from PayPal  to Bank account

To be able to transfer money from PayPal wallet to your bank account, the following steps are required:

  1. Open the PayPal app on your mobile device by clicking on the app icon.
  2. In the app menu, tap on the "Go to wallet" option.
  3. Tap on the PayPal balance in the wallet
  4. Tap on Transfer Money.  Many transfer options will be displayed if you have them linked to your PayPal, like your bank account or a credit card. Select your preferred bank account.
  5. Enter the amount to be transferred.
  6. Click Transfer to your bank at the bottom of the screen.
  7. If you want to do an  instant payment to your bank account, select In minutes, and the money will be added to your bank account within minutes. But for Standard payments, select in 1-3days and there are no fees applied since it will take days for the transfer to be  approved.
  8. Fellow instructions: review the transfer details you have entered. This is the information to be checked: the amount you are transferring to your account,  transfer fees in any, the final amount to reach your account, the eligible bank that you are sending your money to.
  9. Click Transfer Now 

Also see: Steps to transfer money from PayPal to Bank account

How can I Create a Verified PayPal Account?

After seeing how you can  add money to a bank account from a PayPal wallet, let's now see how you can create a verified PayPal account that can enable you to link it with your credit card or debit card. Follow steps below:

  1. Download the PayPal app on the Google Play Store or Apple Store and install it on your mobile device.
  2. To create your account on PayPal, enter your first and last names, your email, and your password in the form that will be provided. And click Next
  3. In the next form, enter your personal information. That is: Nationality, Address line 1 and 2, Locality, Date of birth, Phone type (e.g., mobile), and  Phone number. Verified the information by agreeing that you have read and clicking on Agree and creating an account.
  4. To link a credit or debit card for payments, click on the ADD Card button and enter the card number, expiry date, CVV, and Billing address. Then tap continue. But if you don't have a card, tap on I'll link my card later.
  5. To link your bank account for withdrawal purposes, click on payment method and select bank account. Enter your bank details: Account number, account name, user name, and password. confirm the details and click done.
Also See: How To create a Verified PayPal Without a Bank account

How Can I Add Money to My Credit Card Using PayPal Wallet?

Open the PayPal app on your mobile device by clicking on its icon.

  1. Click Go to wallet
  2. Tap on the PayPal balance in the wallet
  3. Click Transfer money. Many transfer options will be displayed if you have them linked to your PayPal, like your bank account or a credit card.
  4. Enter the amount to be transfer
  5. Click Transfer to your credit card at the bottom of the screen.
  6. Review the transfer details
  7. Click Transfer Now 
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Final Thought

PayPal is an American multinational financial technological company that operates an online payment system in the majority of countries that support online money transfers.

With PayPal, you can add money to your linked bank account or a linked eligible credit/debit card. People used this app to make online purchases, transfer money, pay bills, and also to receive payments.

To add money to your bank account from PayPal, follow the steps mentioned above. PayPal is a safe and secured platform due to the fact that it protects your personal information from reaching online scammers.

It also allows for national and international monetary transactions at lower or no charge fees. 

Frequently Asked Questions(FAQ) On PayPal Money Transfer  

How Can I Request a Check on PayPal?

To request a check, follow the steps below.

  1. Open the PayPal app
  2. Go to Wallet
  3. click Transfer money
  4. Click Request a Check by Mail ( You will be charged a fee depending on the check).
  5. Enter the amount you want to transfer. The minimum amount is $1.51USD.
  6. Click Next
  7. Review your transfer details then click Request (amount).
  8. Click Done to confirm

How Long Does It Take for PayPal to Transfer Money into a Bank Account?

PayPal to bank transfers have different waiting times depending on how you chose to transfer the funds:

  1. For instant transfers, it can take between 1 and 30 minutes and requires a fees of 1%
  2. Standard transfers normally take 1-3 business days but sometimes up to 3-5 business  and do not require any fees.

How can I make payments or Send Money Using PayPal?

To send money to someone through mobile number or email address using PayPal;

  • Click Send &Request at the top of the page menu
  • Enter the email address or  mobile number of the recipient
  • Enter the amount you are  you want to send
  • Click continue
  • Review and confirm the details you have entered on the screen.
  • Click Send Money Now.

How Can I Add Money into My PayPal Wallet from My Bank Account?

You can add money to your PayPal account using your Visa or MasterCard Debit card and also from a linked bank account.

  1. Go to your PayPal wallet
  2. Tap Add Money just beside your balance
  3. Select your preferred way of adding  money. Select Bank 
  4. Enter the Amount
  5. Choose 'up to 5 days with  your bank' or, if with a debit card, 'in seconds'.

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