Ever sold an old guitar on eBay or earned some cash from a side gig and wondered about the cashout method of your PayPal into your bank account?
Don’t worry; it’s easier than you might think. PayPal offers a seamless way to withdraw and deposit funds directly into your linked bank account.
All you need is a verified PayPal account and a verified bank account linked to your PayPal, and you’re ready to withdraw money from PayPal.
PayPal Cashout Method
Withdrawing money from your PayPal account is a simple process. You can transfer money directly to your bank account or debit card by linking a bank account.
Another option is to request a check to be mailed to you.
The following are the cashout method you can use on PayPal:
1. Instant Transfer
For Instant transfer, the funds go into your bank account within minutes. However, the exact timeframe may vary depending on your bank’s processing time.
To make an Instant transfer to your eligible debit card or bank account (with a fee), follow these steps:
- Go to your Wallet.
- Click on Transfer Money.
- Select Transfer to your bank.
- Choose the option for an Instant transfer.
- Follow the provided instructions to complete the transfer.
If you are still waiting to see the money in your bank account after a few minutes, contact your bank directly for further information and assistance.
They will be able to provide you with more specific details regarding the transfer status and any potential delays.
2. Withdraw With Standard Transfer
Standard transfers typically take 1 to 3 business days to complete and do not involve any additional fees.
But, if you initiate the transfer on holiday, it may take another business day for the money to appear in your bank account.
To make a Standard transfer to your bank account without incurring any fees, follow these steps:
- Visit your PayPal Wallet.
- Click on “Transfer Money.”
- Choose “Transfer to your bank.”
- Select the “in 1-3 days” timeframe for the transfer.
- Follow the provided instructions to complete the process.
3. Using the PayPal App
The PayPal app allows you to manage your account and perform various financial transactions using your smartphone or tablet.
To withdraw money using the PayPal app, you should:
- Open the PayPal app on your device.
- Tap on your PayPal balance displayed on the home screen.
- Tap on “Transfer” from the available options.
- At the screen’s end, tap “Transfer to bank.”
- Choose between “in minutes” (which incurs a fee) or “in 1-3 days” (with no fee) as the transfer timeframe.
- Finally, tap “Transfer Now” to initiate the withdrawal.
4. Request a Check
Requesting a check to withdraw money from PayPal allows you to receive funds as a physical check that you can deposit into your local bank account or cashed at a bank.
To request a check through PayPal, follow these steps:
- Go to the Wallet section of your PayPal account.
- Click on “Transfer Money.”
- Choose “Request a check by mail” from the available options (please note that there will charge a fee for this).
- Enter the amount you wish to transfer. The minimum amount is $1.51.
- Click “Next” to proceed.
- Review your transfer details, including the amount, and click “Request [amount] Now” to confirm.
- Once the request is submitted, click “Done” to complete the process.
Your check will be sent to you through the mail, and the timeframe for delivery is typically 5-10 business days.
How to Link Your Bank Account to PayPal
The easiest way to cash out from PayPal is to link your funds to your bank account.
It’s a straightforward process, so there is no need to worry.
- Log in to your PayPal account and click “Link a bank account” under the “Profile” or “Settings” menu.
- Enter your bank account information, like the account number and routing number. These can be found on your personal checks or bank statements.
- Verify the amounts from two small deposits PayPal will make to your bank account. This usually takes 1-2 business days. When you see the deposits, log back into PayPal to enter the amounts.
Your bank account is now linked! Funds will now automatically transfer between your PayPal balance and bank account.
FAQ
Can I Transfer Funds From My PayPal Account to a Bank Account?
You can withdraw money from your PayPal account to a bank account through a standard bank transfer.
Can I Withdraw Money From PayPal Without Having a Bank Account?
Depending on the rules and regulations in your country, you can request a physical check and to be sent to an address of your choice.
Alternatively, you can request a PayPal Debit Card and use your card at any ATM.
Are There Any Fees Associated With Withdrawing Money From PayPal?
When you transfer funds from PayPal to a bank account, it is a regular bank transfer. Except you use instant transfer or request a check.
Also, Paypal will charge you exchange rate fees for foreign transfers.
Can I Cancel a Withdrawal I Made From My PayPal Account?
Once you have initiated a withdrawal from your PayPal account, you cannot cancel it.
However, you can add funds if the transfer has gone through and you need the money back in your PayPal account.
How Can I Withdraw Money Using My PayPal Debit Card?
If you have a PayPal Business Debit Mastercard, you can use it to withdraw funds from most ATMs.
The standard daily limits for the PayPal Business Debit Card are $3,000.00 for purchases and $400.00 for cash withdrawals
How Can I Receive Money With PayPal?
If you have an account with PayPal, you can receive money when someone sends it to your account.
Once you receive a payment, PayPal will notify you, and the money will be available in your account.
You can access the received funds on the home page of your PayPal account. From there, you have the option to:
- Transfer the money to your bank account, or
- Keep the funds in your PayPal balance to send money to friends and family or make online purchases.
Conclusion
PayPal cashout is typically processed within 3 to 5 business days, so plan if you need access to the funds quickly.
Also, you could use an instant transfer and pay the applicable fees. However, the PayPal Debit Card is the quickest cashout method.
Using your card, you can take out a maximum of $400.00 daily from an ATM.
Although there are extra fees for withdrawing cash and making foreign payments at ATMs, it beats other methods.