I’m quite sure you’ve heard about PayPal already. Given its popularity and success so far, it seems almost impossible to elude one’s awareness.
But if you haven’t, no worries. In this article, we are going to explore PayPal a little, and more specifically learn how to send money to your bank account using PayPal. PayPal is your go-to online platform involving funds transactions.
PayPal is an online transfer company that creates a safe medium for making an immediate transfer of funds between two parties. The two parties might be two people.
Which is of importance when referring to the buying and selling of services between two individuals. The two parties could also be a company, or an institution or a bank and a person.
Options For Withdrawing Money From PayPal
When for any reason, you decide to do a transfer or withdraw money from your PayPal account to your bank account, you are usually presented with two options. The two options presented, are made available for you to decide how you want it done. Either by a bank transfer or a paper check sent to your mail. Amongst the two options, the former is faster. The paper check is a bit delayed and it also costs extra service charges.
Also, the possibility of transferring money from your PayPal account to your bank account requires that you have along with it a PayPal cash or PayPal cash plus account. Else any transaction would be sent directly to your bank account using PayPal as a medium for the transfer only.
But with the PayPal cash and the PayPal cash plus account, you can store money in the account. This write up is helpful to users with such accounts or planning to open one.
How to Withdraw Money From PayPal to Bank Account
In this section, we present your guided procedure you have to follow to guarantee successful withdrawal.
Select instant or standard bank transfer
Again here is another time-dependent options to choose from. While the instant bank transfer completes the transaction instantly as the name implies, the standard plan transfer takes around 24 hours. The standard bank transfer option is also free of extra charges, while the instant transfer option takes up to one percent of the amount transferred.
Link Bank Account
Before payout is approved, you will be required to link the bank account of interest to your transaction. This is where you link your bank account to your PayPal account. Click on link money, then click link new bank.
You will be required to provide simple bank information such as the nature of account as in current or savings amongst others. After doing this you will have to wait for PayPal to confirm your account. This usually takes two to three days.
Confirm Account Before You Send Money to Bank Using PayPal
PayPal has a method of confirming accounts by sending a very little amount to the provided bank account. When you receive the deposits, it helps PayPal know it has the right account information. When you see this deposit you have to make a confirmation to assure PayPal of its validity.
Click on money, then click on the bank account you want to confirm. You will then be required to type in the exact amount of the tiny deposit received from PayPal to your bank. After this, your bank account gets confirmed immediately.
After confirmation, you can simply click on withdraw money, then enter the amount you want to send from your PayPal account to your bank account.
There you have it. Given the steps stated above, you can tell its quite easy to make a successful withdrawal from your PayPal account to your bank account. But along with this ease comes a highly secured platform for making a successful transfer of funds.
No significant breaching has yet troubled the reliability of PayPal in its delivery. If you run a business selling services internationally and seek a means of making the transfer of funds between you and a third party, you can definitely give PayPal a try today and enjoy its numerous benefits.