PayPal is an e-commerce company that provides an easy and fast method to send and request money through online funds transfers. It is known as one of the secure methods for online payments and offers low-cost transnational services for businesses and individuals. PayPal simplified money transfer process so that we can transfer money to online shops, auction sites, friend and family located in abroad very conveniently. Anyone can create an account on PayPal platform and simply add credit card, debit card details or bank account and can have full control of cards or account it pays with. PayPal make online transactions more secure and safe as the payor or payee does not require to disclose their debit/credit card or bank account numbers. Apart from online payment services, it also offers other services including credit card readers for small merchants, debit cards for payments and lines of credit.
PayPal is a great medium for people when it comes to paying for goods with a debit or credit card and to managing invoices. While it is very convenient to load money into your PayPal account and keep it there, it is also easy to link your account to your bank accounts so that money can be transferred when required. Before you can add money in your PayPal account itself, you must require to link your PayPal count with your bank account or credit or debit card. Please note that PayPal does not charge any fee for the same. Sending money to your bank account only involves few mouse clicks and your money will be sent securely to your bank account. You must remember few conditions involved in this process. You must require to transfer minimum $1 from your PayPal to your linked bank account and the transactions done after 7 PM ET will take longer to receive in your bank account. Transferring money from your PayPal account to your bank account involved almost no services charges and it is very unlikely that your bank charges transfer fee.
Steps to transfer money from PayPal to your Bank Account:
- Open the PayPal app on your computer or mobile. The icon of PayPal is white “P” outlined on a blue background icon.
- Click Log In button. You will find this in the bottom left corner of the PayPal screen.
- Provide your email address and PayPal account password. After that you require to click Log In when you’re entered the details. If your PayPal account support Touch ID, you need to scan your fingerprint to log in your account instead.
- Go to Manage Balance. It is located near the top of the screen. It will show your current PayPal account balance.
- Go to Transfer Money. This option is located bottom right corner of the screen. You won’t see your PayPal balance if it is less than one dollar.
- Select the bank account you wish to withdraw it to. If you have added checking accounts to your PayPal account your deposit will be free of any charges and it will be cost twenty-five cents if you have added debit card to your PayPal account. Select next to go further. If you wish to make transfer after 7 PM ET, on a weekend or holiday, it will take longer to receive in your bank account. Transfer of payment are also subject to review and can be stopped or delayed if PayPal find an issue on your account.
- Enter the amount you want to withdraw. You will not find a decimal point button on the PayPal keypad instead you will have the traditional 10 single numerical digits from zero to nine, so enter your amount accordingly. You must withdraw at least $1.00.
- Enter Next. You will find this option at the bottom.
- Click Transfer. This is located at the bottom. This will transfer your entered amount from your PayPal account into your bank account. The transfer will be completed by the following day if you make transfer after 7 PM ET.
Points to remember when transferring money from PayPal
PayPal will transfer the money from one account to another and this may take time depending on your bank. If you are waiting for any pending payments to hit your PayPal account prior to transfer, you are advised to do calculation otherwise this may cause you issues. PayPal don’t charge transfer fee, but your bank may change you for electronic transfers. So, you advised to check these details with your bank. Transferring money to your bank account is not instant process, your bank account takes time for the same. PayPal reserves the right to stop the transactions if they find any suspicious activity. In such case you need to contact PayPal customer support to resolve the issue directly.