Discover how to withdraw money from PayPal to your card or bank account completely free. Especially, you will receive money after only 30 minutes instead of 1 day like before.
Money in PayPal can be used very flexibly: buy goods online, pay bills or withdraw to a bank account.
However, to be able to withdraw money from PayPal to the bank, you need to make sure your PayPal account has been linked to your bank account.
1. Conditions to withdraw money from PayPal to bank account
In general, as long as your PayPal account has enough balance and you have added your bank account to PayPal, you can make this transaction.
Also you need to make sure your bank account allows foreign currency transfers. And the most important thing is to make sure to add the correct and correct bank account for the successful withdrawal/transfer.
In the case of adding the wrong bank account, the money will be kept for a few days and then transferred back to the PayPal account.
2. Payment methods from PayPal
You can withdraw money from PayPal in 3 ways:
- Withdraw money from PayPal to visa card
- Withdraw money from PayPal to bank account
- Withdraw money from PayPal to Payoneer
There are 3 methods of transferring money from PayPal to bank account: standard money transfer, fast money transfer and automatic money transfer.
Fast money transfer: there will be a fee but no more than 10$ per transaction and you will receive your money in just 30 minutes.
Standard Money Transfer: No fee but will take longer, minimum 1 business day.
Automatic Funds Transfer: On the first day of each month, your available balance will automatically be transferred to your Visa card or bank account. This automatic transfer is free. However, this form is only applied in the US and some other countries.
3. Time to withdraw money from PayPal to bank account.
The process of making a transfer from PayPal to the bank is quite fast. However, because it depends on the clearing process of the bank receiving the transfer, this process will take at least 1 day or longer. Learn legit ways to avoid PayPal fees.
4. What currency in PayPal can be withdrawn to a bank account?
PayPal only supports transfers in local currency. For example, if you have a PayPal account in the UK and want to transfer it to your Vietnam account, you will have to pay an additional cross-border currency conversion fee.
5. Steps to withdraw money from PayPal to bank account
- Step 1: Prepare a bank account
- Step 2: Go to your PayPal account
- Step 3: Select Wallet
- Step 4: link a bank account
- Step 5: Fill in your bank account information and press Ok
Note that you need to fill in the correct bank account information and the bank’s information to be transferred, including:
- Bank name: the full and correct English name of the bank.
- Swift code: the bank’s transaction code
- Account number: bank account number.
Note that it is not a Visa card number. Bank account number you can check at the bank, on the bill when withdrawing money at the ATM, access to internet banking to know.
All this information you must actively check and fill in correctly. PayPal will not check for you, If the bank account information is correct, the money will be returned to the account. And vice versa, the information after the money will not be transferred and pushed back to your PayPal account.
6. Withdrawal from PayPal to bank account
You need to make sure your PayPal Wallet has been successfully linked to your bank account. Then just follow these steps:
Withdraw from PayPal Wallet via Website
- Step 1: Login to PayPal Wallet (Wallet)
- Step 2: Click on Withdraw money
- Step 3: Choose where you transfer the money and then choose a bank account.
- Step 4: Choose the amount you want to withdraw
- Step 5: Click the “Continue” button Continue
- Step 6: Review the request again and click on transfer (Transfer)
Withdraw via PayPal App
- Step 1: Click on your PayPal balance (PayPal balance)
- Select withdraw (Withdraw Money)
7.Reason for not transferring money
If in the process of transferring money to your bank account you receive an error message, it may be due to the following reasons:
- Your PayPal account sets a transfer amount limit. And you are transferring the amount beyond this limit.
- You will need to be checked to confirm your identity so you will have to go through a security check before transferring.
- You have attached a debit card or a bank account that is not eligible for money transfers
- PayPal’s security system detects unusual activity in your account.
How to fix:
- Link a debit card or an eligible bank account and transfer funds to this account.
- Get a PayPal Cash card for direct access to your PayPal account balance.
- Request for withdrawal by check
So the most important thing when withdrawing money from PayPal to a bank account is to correctly fill in the account information and make sure the account is eligible to receive the transfer.