PayPal is a financial tool used by over 300 million people and businesses worldwide to transfer cash, collect cash, order online, pay for gas, and shop in-store. While transfer of funds from PayPal to Venmo or PayPal to Cash App is relatively easy, many people are still confused about the process of how to transfer money from the bank to PayPal and vice versa.
How To Transfer Money From Bank To PayPal?
While you can use a debit or prepaid card, linking your bank account to your PayPal account is usually a better option. This allows easy online transactions for users. Discussed below are the specific steps you’ll need to take to transfer money from your bank to PayPal.
The basic procedure is still the same if you use a credit card, a debit card, or a cash withdrawal. But even so, the sort of transmission you want to make can have an impact on fees, wait times, and other factors.
To initiate any sort of transaction you must first link your bank account to your PayPal account, to do so, follow these steps:
- Navigate to your PayPal Wallet and select link a bank account.
- PayPal will require some information from you, such as your online banking account number and routing number. Make sure you provide the correct data and safeguard your bank account information at all times to avoid scams.
- Both numbers can be found on the bottoms of checks you’ve received from your bank, if not, you can always obtain them from the customer service department of your bank.
- Enter the data, and PayPal will confirm the existence of the account.
Now that you have an existing, legit bank account the series of steps involved in how to transfer money from the bank to PayPal is as follows.
Connect Your Bank Account To PayPal And Confirm It
You must confirm your bank account before you can transfer funds from it to a PayPal account. Doing so will increase your PayPal transfer limits, making future transfers hassle-free. Linking your PayPal wallet to your bank accounts will also increase your credit card and overdraft limit.
PayPal validates bank accounts by depositing two slim amounts of money ranging from $0.01 to $.99 into your account. Within one business week, the amounts will appear on your bank statements. They then disappear once PayPal’s information has been approved.
- Navigate to your PayPal account’s Wallet.
- Choose the bank account that needs to be confirmed.
- Select confirm bank account and then enter the two deposit amounts’ decimal digits.
For instance, if PayPal deposited $.12 and $.15, write in 12 and 15.
- Confirm should be clicked. PayPal will confirm your account’s legitimacy after verifying the information.
PayPal now has a bank account in your name that has been authenticated and approved. You can now move funds both to and from that certain bank account via PayPal Wallet.
Login To Your PayPal Wallet
To access PayPal wallet, follow the procedure mentioned below:
- Open the PayPal app on your phone or web browser.
- Log in to your PayPal account by entering the correct data.
- Click Wallet at the top of the screen to access your PayPal Wallet.
- The left side of the screen will display a list of your linked bank accounts, credit or debit cards, and other financial accounts
Add Money To Your PayPal Account
To add money to your PayPal account, the simple steps are:
- Click the transfer money button in the middle of the screen.
- This will display a few more options.
- To transfer money from your linked bank account to PayPal, click; add money to your balance.
- Choose the bank account to which you want to transfer money. Then click Add.
PayPal charges fees for foreign transactions. The fee for transfers is determined by current market prices. Foreign transactions typically take 5-10 business days to complete.
Sit Back And Wait For The Funds To Arrive
All that remains is for PayPal to receive the money from your linked bank account. The procedure should run on its own without your intervention.
To add cash in this manner, your linked bank account must have the same name as your PayPal account.
How To Send Money From PayPal To Bank?
Transferring funds is simple after you’ve linked your PayPal and bank accounts. PayPal recommends connecting your bank account to your PayPal account in order to make payments quickly and easily. Simply follow these steps to send money from PayPal to a Bank account:
- To proceed, go to the PayPal login page, enter your username and password, and click Log In.
- Transfer Money is located under your PayPal balance on the Summary page.
- If you don’t have a PayPal balance, you might see an option to accept the Money instead.
- Transfer Money from the PayPal web app’s Summary page
- Select Transfer to your bank and then select the bank account to which you want to transfer funds.
- Enter the amount of money you want to transfer and click Next to confirm and voilà! You’ve successfully transferred funds from PayPal to your bank account.
What Are the Charges of Transferring Money From Bank to PayPal?
When you move funds from your bank to PayPal, there are no transaction costs, and you can invariably send them back directly again. However, PayPal charges fees for international payments. The payment for transfers is determined by the existing rate of exchange. PayPal’s website updates these fees on a regular basis.
How Long Will It Take To Send Money From Bank To PayPal?
In most cases, funds transferred from a linked bank account to your PayPal account will show up within 1-3 business days. This, nevertheless, is only a national average. Many factors can influence the speed with which funds appear in your PayPal account. Among them are:
- The day the application is sent. If you apply on a weekend day, you must add one or two days to your approximate time of receipt.
- The time the application is sent. After 7 p.m. Eastern time, requests may take longer to process. Most PayPal offices close up around this time.
- The amount of money you wish to send. Larger transfers may be evaluated by PayPal’s customer services in person. This could cause a hiccup.
- Whether the transaction is domestic or involves an international money transfer.
An alternative way is to Sign up for PayPal’s Instant Transfer service instead. This is significantly faster than the standard transfer function. It allows you to send money to friends or coworkers in seconds. Also, you can accept payments for work that is completed quickly.
Before You Go!
All in all, once you’ve verified your PayPal account, moving funds from your bank to your PayPal account or contrariwise are uncomplicated and easily accessible. This permits users to swiftly transfer money to a PayPal Wallet and is a fantastic way to make sure you always have enough cash in your PayPal account to pay freelancers and friends/families or to make online purchases, whenever you need to.
PayPal is the most popular money managing app used today. When you move funds from your bank to PayPal there are no fees. For international transfers, it charges according to existing exchange rates. PayPal when utilized to transfer cash internationally, in terms of both cost and speed may be a second choice for some users.
Miriam Caldwell is a dedicated & expert freelance writer to educate people about personal finance management and budgeting. She shared her knowledge and published the articles at TheBalance.com, GOBankingRates, and BlissfullyDomestic.com. Many financial institutes pick Caldwell as the brilliant source for educational personal finance content.
