If you’re using PayPal as a new user and exploring it through, you’ll notice a ton of features that makes you confused. However, they are all there for your convenience of online presence and to boost your business or online profession. You can easily receive money from your client, friends, or customers and transfer the money to your local bank and get the cash on hand.
However, as I said, there are too many features to confuse you; it may apply for transferring the money as well. You should know the right procedure of how can you transfer money from PayPal to your bank and cash the balance. There are multiple ways to complete the transaction, and I’m going to talk it all through and get you the right process. So, stay with me as I get you through the process of getting your money in your hands.
Can you transfer money from PayPal to your bank?
PayPal is readily the best option for any online transaction, whether you’re doing casual transfers or getting payments from your customers. However, getting the money from a person and getting the money from PayPal to your hand as cash isn’t the same. It can be difficult with other payment systems, and that’s where PayPal rocks and gets you cash within minutes.
If you have a balance on your PayPal account to cash out, you can transfer the money to your bank account. However, you have to link the bank account before transferring the PayPal balance. You cannot use that bank account to any other PayPal account but the account you’re transferring the money from. On top of that, there are two different ways of transfering the money, so you have to know how can you transfer money from PayPal to your bank.
How to transfer money from PayPal to your bank account?
As I mentioned earlier, there are two ways you can choose to transfer your money from your Paypal account to your bank account. You can either choose the regular withdrawal option to transfer the money or choose the instant transfer. Both of them have their pros and cons; I’ll explain them both here to help you decide which one you’re using. On top of that, the transfer method and amount won’t be the same for a personal account to a business account. Here are the transfer limits for both account types and the processes of how you can transfer the amount:
Transferring PayPal balance from a personal account
If you have a personal PayPal account in the US, you can withdraw your PayPal balance in two ways. Depending on the situation, either you can go for a delayed transfer, or an instant transfer if you need the money immediately. Plus, you can either transfer it directly to your bank account, or to your debit/credit card.
The transfer methods are the same for a business account, too; they both have regular and instant transfer methods. The regular process takes up to 4 days to complete the transfer, and the instant one takes a few minutes. The only difference between them is the limitation on the transaction money, which I’ll talk about in a moment.
Now, here is how to transfer the balance from your PayPal to your bank account:
- To transfer your PayPal balance to your linked bank account, log in to your PayPal account, and go to your PayPal balance.
- You will see the balance you have there, click on “Transfer money”, then select the option, “Transfer to your bank”.
- Now, select the bank account or the debit/credit card you’re transferring the money to, and click on “Next”.
- Put in the amount you’re transferring, recheck all the details, and click on “Transfer” to complete the transaction.
Charges for instant transfer
A distinguishing difference between the instant transfer and regular transfer is the charges for conducting the transfer. With the regular transfer, you can get your money for free, without paying anything to PayPal as charges. If you use the instant transfer method, Paypal will charge you 1% of the total amount you’re transferring and a fixed charge of up to $10.00, whether you have a personal or a business account.
Limitations on instant transfer
You can instantly transfer up to $5,000 per transaction with a verified personal account with a maximum limitation of $5000 a week and $15000 per month. And that’s for transfering to a debit card. For the bank account, the limitation is up to $25000 for each transaction.
With a business account, the limitation is much higher to help you with your business. The maximum transaction limitation is up to $50,000 per transaction, with a maximum limit of $100,000 per day. You can transfer up to $250,000 per week and $500,000 per month, but the maximum amount per transaction is still $25,000.
Frequently asked questions
Here are the most frequently asked questions about transferring Paypal balance to a bank account that people ask across the internet:
Yes, It’s completely safe to transfer your money from your PayPal account to your bank account. If you don’t compromise your Paypal account, there are no safety issues with Paypal itself.
If you’re transferring the money with regular withdrawal, it will take 3 to 5 business days. But, with the instant transfer method, you can get the money within a few minutes.
The transferable amount is up to $15,000 per month and $5,000 per transaction with a personal account. It’s up to $500,000 per month for business accounts with $10,000 per transaction.
With over 320 million users worldwide, PayPal is the largest online transaction system on earth. It’s the best solution for anybody who does transactions online, whether for a small-scale personal transaction or a large business.
You need to have a clear idea of how can you transfer money from PayPal to your bank and know the charges and limitations. However, for the limitations, there are different aspects you should keep in mind that you must have a verified profile. If you have an unverified account, you cannot transfer any money to a bank account except up to $500 to other PayPal accounts per month.