Transfer Money from PayPal to a Bank Account

This article teaches you how to transfer money from your PayPal account both to your personal bank account and to another person's PayPal account. Unfortunately, you cannot transfer money from your PayPal account directly into another person's bank account.

Steps

Withdrawing Money from PayPal (iPhone/Android)

  1. Open the PayPal app. It's the white "P" outlined on a blue background icon.
  2. Tap Log In. You'll see this option in the bottom left corner of the screen.
  3. Enter your email address and password. You'll need to tap Log In when you're finished.
    • If your PayPal accepts Touch ID, you can scan your fingerprint to open PayPal instead.
  4. Tap Manage Balance. It's near the top of the screen; this tab displays your current balance.
  5. Tap Transfer to Bank. This option is in the bottom right corner of the screen.
    • You won't see this option if you have less than one dollar in your PayPal balance.
  6. Type in the amount you wish to withdraw. There isn't a decimal point button on the PayPal keypad, so you'll an extra two zeroes on the end of what you plan on withdrawing.
    • For example: if you want to withdraw three dollars, you'd type "300".
    • You must withdraw a minimum of $1.00.
  7. Tap Next. It's at the bottom of the screen.
  8. Tap Withdraw. This option is at the bottom of the screen. Doing so will transfer your selected amount of money from PayPal into your bank account.
    • The transfer usually occurs by the following day if submitted before 7:00 PM (ET), though it can take longer if you submit a transfer on a weekend or a holiday.[1]

Withdrawing Money from PayPal (Desktop)

  1. Open the PayPal webpage. Since PayPal is essentially a banking service, you'll need to log in to view your PayPal account.
  2. Click Log In. It's in the top right corner of the page.
  3. Enter your email address and password. You'll do this in the fields in the middle of this page. When you're done, you can click Log In below the password field to log into your account.
  4. Click My PayPal. It's in the top right side of the page. Doing so will take you to your account page.
  5. Click Transfer to your bank. This link is below the "PayPal Balance" window on the left side of the page.
  6. Type in the amount you wish to withdraw. You'll do this in the window in the middle of the page.
  7. Click Continue. It's at the bottom of the page.
  8. Click Transfer. Doing so will transfer your money to your account. As long as you do so before 7:00 PM Eastern Time, your money will be in your account by the following day.

Sending Money with PayPal (iPhone/Android)

  1. Open the PayPal app. It's the white "P" outlined on a blue background icon.
  2. Tap Log In. You'll see this option in the bottom left corner of the screen.
  3. Enter your email address and password. You'll need to tap Log In when you're finished.
    • If your PayPal accepts Touch ID, you can scan your fingerprint to open PayPal instead.
  4. Tap Send Money. It's in the "Send and Request" section in the middle of the screen.
    • When you send money from PayPal, money is withdrawn from your bank account if you have no PayPal balance.
  5. Type in a contact's email address or phone number. You'll do this at the top of the screen.
    • If this is your first time sending money, tap Let's get started! at the bottom of the screen.
    • You can also tap a contact's name below the search bar if there are any.
  6. Tap a person's name. If the person whose name you typed in has a PayPal account, their name will appear below the search bar.
  7. Tap a payment option. You have two payment options here:
    • Friends and Family - Personal payments; PayPal doesn't withhold any percentage of these payments.
    • Goods and Services - Business-related payments; PayPal withholds 2.9 percent of the amount you send, plus an additional 30 cents.
  8. Type in the amount you wish to send. There isn't a decimal point button on the PayPal keypad, so you'll an extra two zeroes on the end of what you plan on withdrawing.
  9. Tap Next. It's at the bottom of the screen.
  10. Tap Send now. This option is at the bottom of the screen. Doing so will send your determined amount to the person you chose.
    • You can review where the money is being sent from (e.g., bank account vs. PayPal account) at the bottom of the page.
    • If you want to add a note to your payment, tap Add a note near the top of the screen and type one in, then tap Done.

Sending Money with PayPal (Desktop)

  1. Open the PayPal webpage. Since PayPal is essentially a banking service, you'll need to log in to view your PayPal account.
  2. Click Log In. It's in the top right corner of the page.
  3. Enter your email address and password. You'll do this in the fields in the middle of this page. When you're done, you can click Log In below the password field to log into your account.
  4. Click My PayPal. It's in the top right side of the page. Doing so will take you to your account page.
  5. Click Pay or send money. You'll find this option near the top of the screen, just below the magnifying glass icon.
  6. Click a payment type. You have two options at the top of the page:
    • Pay for goods or services - Your recipient will pay a 2.9 percent fee, plus 30 cents.
    • Send money to friends and family - The transaction is free for both you and your recipient.
  7. Type in an email address, phone number, or name. You'll do so in the search bar at the top of the page. Whatever you type here has to pertain to the person to whom you're sending money.
    • You can also click on a contact's name if there is one below the search bar.
  8. Click Next. It's to the right of the text field.
    • If you clicked on a contact's name, skip this step.
  9. Type in the amount you wish to send. You'll do this in the window in the middle of the page.
    • You can also click the Add a note field to type in a note here.
    • If you wish to change the currency, click the box below the amount number and then click a currency type.
  10. Click Continue. It's at the bottom of the page.
  11. Click Send Money Now. This is at the bottom of the page. Doing so will send your determined amount to the person you picked. They'll have to accept your money before it's taken out of your account.

Tips

  • PayPal always logs you out of the app when you close it.

Warnings

  • Attempting to transfer more than you have in your PayPal balance to your bank account may result in getting your PayPal account frozen.

Sources and Citations

  1. ↑ https://www.paypal.com/us/selfhelp/article/How-do-I-withdraw-money-to-my-local-bank-account-FAQ1189
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