When you spend money online for shopping, you can do so in different ways. You can use your credit card or net banking. Another convenient and popular option for online payments is PayPal. This is an online payment service that allows you to spend money online while shopping or for any other purpose. The website where you shop or the person you need to pay needs to have a PayPal account. Transferring money is easy and quick, which is why PayPal is very popular. There are more than 280 million active PayPal accounts, which shows how popular this service is.
Apart from using PayPal to spend money, you can also receive money in your PayPal account. If you are running an online business, you can enable payment through PayPal for convenience of your customers. Customers can pay you using PayPal. The money is instantly transferred into your PayPal account. Once the money reaches your PayPal account, you can use it to spend online for your needs. You can transfer the money to your bank account, if you so wish. More than 22 million merchants use PayPal to reach out to receive money from customers.
If you have a PayPal account, you can easily use it to receive money. Once the money is transferred, you can transfer it into your bank account. We tell you how you can transfer money from PayPal to your bank account. You can use either the PayPal website or its app to transfer money. Let’s see how to transfer money from the website first.
Step1: Login to your account
To transfer money from your PayPal account to your bank account, you need to first login to your PayPal account from the PayPal website. When you login, you can see the balance in your account. You can then decide how much money you want to transfer to your bank account.
Step2: Select Transfer Funds
Select the TransferFunds —> Transfer to your bank option. It shows you the details of the bank linked to your PayPal account. Select the bank and click on Next to proceed further.
Step 3: Select the amount to transfer
You are prompted to enter the amount to transfer from your PayPal to bank account. Type the amount and then click on Next.
Step 4: Confirm the transfer
The details of your transfer including the bank name and amount are displayed. Confirm if it is right and click on Transfer now to complete the transaction. The amount will be transferred from your PayPal account to your bank account within 1-2 working days. There are no fees for transferring money from your PayPal account to the bank account linked to PayPal. If you transfer to any other account, you may be charged for it. Charges are displayed on the screen prior to confirmation.
In case, you are using the PayPal app to transfer money, here’s how you can do it.
- Open the app and login to your PayPal account using your login ID and password
- Tap on the Manage balance option you see on the screen. This will show you the balance amount in your PayPal account.
- Search for the option Transfer Money and tap on it.
- You will see the list of bank accounts linked to the account. Select the bank account to which you want to transfer money.
- Type in the amount and tap on Next.
- The amount you are transferring, the name of the bank, and fee (if any) are displayed. Once you confirm that what you have entered is right, select Transfer now to complete the process. The amount is transferred to your bank account within 1 – 2 working days.
Transferring money from your PayPal account to your bank account is quite easy. You can do it either using the PayPal app or through the website.