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How to Withdraw Money from PayPal

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How to Withdraw Money from PayPal: It is no secret that PayPal was a massive step forwards in the right direction in the fintech world. The service is easy to use. It makes paying and withdrawing money quite seamless.

So how do you actually do it? This guide will give you a complete guide on how to withdraw money from PayPal. Do not let the money you are earning just sit there on your account. So, keep on reading.

A Closer Look at PayPal

how to withdraw money from paypal

Essentially, PayPal is an easy way to send and receive money. The internet has given us great technologies. PayPal is one of the services that leverage the power of the internet to make handling money a complete breeze.

Simply link your PayPal to your bank account and you can send money to your friends, shops and also make online payments as well. It is also a great way to receive money as well.

If you own a business and want to give customers a frictionless way to pay, PayPal is the way to go. If you are working as a freelancer, all major freelance marketplaces like Upwork, Fiverr and Freelancer.com all support PayPal too.

It has truly become a stable of modern online payments. There is a small fee associated with the payments as well and withdrawals. Let us take a closer look. 

PayPal Fees

PayPal has two types of payments that you can make. There is a personal payment. These payments are the payments made to friends or family, there is a fee associated with it.

The fee can be borne by either you or the recipient as well. Then you have commercial payments.

Commercial payments are pretty self-explanatory. If you are a merchant and are requesting money from PayPal or send/receive money for charity, there is a commercial fee associated with it. The rates may vary depending on the country and also the amount as well. For international sales, there can be a currency conversion fee too.

At the end of the day, the ease of use and popularity of the services makes the fee a non-issue overall. Now that you have some idea about PayPal and know about the associated fees, let’s dive into how to withdraw money from PayPal.

How to Withdraw Money from PayPal

Withdrawing money from your PayPal account to a bank account is a very easy and quick process. There are just a couple of steps you need to follow.

Step 1 – Log into your PayPal account

Step 2 – Go to your PayPal account Wallet

Step 3 – From the Wallet, you need to click on the ‘Withdraw’ option

Step 4 – Next up, you need to choose the account you will send the money from

Step 5 – Select a linked bank account

Step 6 – Confirm the withdrawal amount

Step 7 – Review the details of the withdraw and confirm the withdrawal

If you are using the PayPal mobile app, navigate to your PayPal balance and withdraw money from there. The process is much easier on the app as you can see. Although we would not necessarily call the process on the desktop site difficult either.

PayPal Instant Transfer

If you are in the US, you can use PayPal’s new instant transfer. An instant transfer is a great way to instantly withdraw money to your bank without having to wait 1 – 2 business days.

You can pay sellers instantly. The money is paid instantly to the seller and PayPal will process the payment with your bank meanwhile.

Step 1 – Log into your PayPal account

Step 2 – Click ‘Send and Request’

Step 3 – Simply follow the on-screen prompts to finish your transfer.

The service is super easy to use and quite convenient as well. With only three steps you can instantly pay sellers and do not worry about wait times.

Linking Your Bank to PayPal

So, now you know how to withdraw money from PayPal and how easy and convenient the whole thing is. If you are not using PayPal already, you might be wondering, how do you connect it with your bank.

In case you already do not use PayPal, here is how you can link your bank to your PayPal account.

Step 1 – Log into your PayPal account

Step 2 – Click Wallet. This can be found on the top bar

Step 3 – From here, you will need to click on ‘Link a bank’. Click on that to start the process

Step 4 – Add your bank details. You have the option to add your bank details either via wire transfer or bank verification

Step 5 – Confirm your bank card. You will be sent a code to your phone that is linked to your PayPal account and that is all.

FAQ

Q. How long will it take for the money withdrawal to be processed?

Ans.

Q. Can I request a cheque from anywhere in the world?

Ans. You can. However, one point to note is that there might be a currency conversion rate that may be applied.  

Q. Is PayPal secure to use?

Ans. Yes, it is. PayPal keeps your financial data safe and secure. When you pay via PayPal your financial information is not shared with them either. Also, if a purchased item fails to arrive to match the description, PayPal will refund you. Keep in mind though, your purchase needs to be eligible for a refund though.

Q. Can I cancel my withdrawal?

Ans. You cannot cancel withdrawal. Once you confirm the amount you want to withdraw and start the process, you cannot cancel it further.

Conclusion

PayPal is really one of the best ways to send and/or receive money online. You can easily pay and make purchases or even get paid. PayPal is an especially great option for freelancers as well. Hopefully, now you know how to withdraw money from PayPal. So, get started with your PayPal account and bring the convenience of online payments to your life.

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