PayPal is one of the top methods of sending and receiving money through the internet. PayPal was primarily used for buying merchandise online in its early days, particularly through its parent company, eBay. Now, PayPal is used by employers, merchants, to give and receive monetary gifts and much more.
Transferring funds from a PayPal account to a bank account is easy. First, you must ensure that your bank account is connected to your PayPal account. Then, it is simply a matter of deciding how much to transfer, clicking a few links and waiting.
Connecting a Bank Account to PayPal
Start from your PayPal Wallet. The link is available in the top menu of PayPal website. In the wallet, on the menu to the left, click “Link a Card or Bank.” Choose “Link a Bank Account.”
From this point, a list of banks will appear. Choose your bank or, if it is not listed, click “I have a different bank.” You will need to have your bank account information handy for the next step. You will type your routing and account number, choose whether you want to use a checking or savings account, and then wait for deposits to appear.
It takes about two days to link the account. In this time, PayPal will deposit two small sums into your account. The amounts vary, but will always be under one dollar. Once these deposits appear, you will return to PayPal and confirm your account by entering the exact amounts deposited on the confirmation screen.
Transferring Money from PayPal into a Bank Account
There are a number of ways to transfer money from PayPal to a bank account. The easiest is to go into PayPal Wallet. In the center of the screen, click the large button that reads “Transfer Money.” From here you can choose to transfer money to your bank from your PayPal balance or into PayPal from your bank account. Choose the first option, transfer money to your bank.
If you have multiple accounts linked, the next screen will give you the option to choose the account you wish. You may also have the option to immediately deposit funds into a debit card, though PayPal does charge a small fee.
Next, decide how much money you wish to transfer. You may pick any amount you wish, up to and including the entire balance in your PayPal account. You will have one more chance to decide if the amount you wish to transfer is correct. Click transfer, and you are done.
There is one small drawback to transferring money from PayPal to your bank account. That is the fact that PayPal balances do not immediately appear in your bank. In most instances, it takes about one business day for funds to appear. This means that funds transferred on Tuesday will appear on Wednesday, but funds transferred on Friday won’t show until Monday at the earliest. There are times when transfers take longer, sometimes up to three business days.