You can choose to withdraw money from PayPal account in two ways. It’s either by a transfer to your bank account or by a paper check sent to your mail. In order to store money and also withdraw from your PayPal account, you will need to open an additional account called the PayPal cash account or the PayPal cash plus account. Whenever you decide to make a withdrawal from your PayPal account you are presented with two transfer options. The first is the instant transfer option, and the other, the standard transfer option.
Any business which involves the buying and selling of services online would immensely benefit from PayPal. PayPal has proved itself over the years to be a stress-free way of receiving money from buyers, and also making payments for purchased services over the internet. PayPal is indeed a leading company amongst others involved in the electronic transfer of funds.
If all you want to do is transfer money quickly to friends and family without the need of storing it in your PayPal account, then you do not need the PayPal cash or PayPal cash plus account. However, should you want the feature of storing money in your PayPal account then you will need to open the PayPal cash or cash plus account. If you are just going to be a buyer of services then you don’t really need this feature, but for those on the receiving end, usually involved in business would require these accounts to store the payments made to them.
Steps to Withdraw Money from PayPal
Follow these simple steps listed below to link your bank account to PayPal. For you to carry out transfers your PayPal account needs validation. One method of doing that is to link your bank account with your PayPal account.
- Instant or standard bank transfer. Upon requesting a transfer, you will be asked to select either instant bank transfer or standard bank transfer. There are different speeds at which transfers can be made to your bank account from your PayPal account. For the instant bank transfer, you are charged 1% of the funds you transfer and the money will be sent to your bank instantly as the name implies. This usually takes at most thirty minutes. As for the standard transfer option, it comes at no cost, but it will take longer, usually around 24 hours.
- Link bank account to PayPal. In your PayPal account web page navigate to the tab labeled link money, and then click on link new bank. Answer the easy questions that follows. They are easy questions to know more about the kind of bank you are trying to link to your PayPal account.
- Confirm your account. PayPal is going to send you a very little amount in about 3 days. This is just to ensure they have been provided the correct information about your bank account. Once this money has been received, go back to the link account page and type in the amount that you received in the space provided on the page as required.
PayPal is not a complicated platform to use at all. It might require some time to get your account validated and ready for use. If you have followed the steps highlighted above and your PayPal account has been successfully linked to your bank account. You can now proceed to transferring money from your PayPal account to your bank account.
Making the Transfer
In order to transfer money from your PayPal account to your bank account, log in to your account and click on withdraw money. Now we have talked about the instant and standard bank transfer earlier. Upon requesting a transfer, you will be asked to choose either of the above options. Make your decision based on the knowledge you now have about the two options and choose whichever appeals to you.
Also select the bank account you wish to transfer the money to and the amount to be transferred from your existing balance in your PayPal account. You’re done. Now it looks easy, but that is what PayPal excels at. They deliberately provide an easy to use platform for their customers. But they still maintain high standards in terms of the quality of delivery coupled with a very sound security system. And that’s why PayPal has remained the number one online transfer platform for millions of users around the world. If you have any needs that PayPal caters for, you can be sure to get the best should you choose to use PayPal.