If you link your bank account or a debit card, you can withdraw money from PayPal. As long as you have funds, you are ready to move on and make the amount available for use. Through the platform, it’s possible to manage purchases online, send or receive money worldwide, and make donations. It works as a middleman between you and what you want to reach (a shop, friends, family or employees, social institutions).
In this article, we will share details of how to withdraw money from PayPal using an ATM machine or a bank account, including fees. Get ready to make a move with your account!
So how to withdraw money from PayPal?
No matter the method — ATM with a debit card or an eligible bank account — it’s easy to withdraw money from your PayPal. You can access the app or log in through the website using your phone, notebook, or tablet. The process will lead you to your summary page, where you can see your balance before managing any transaction.
If you click on “Transfer Money” under the amount, you will be redirected to a new page to add or withdraw money from your account. Then choose from one of the two options available to take the money out, but first, check out the following topics of this guide to learn how each one works.
Remember that fees may be charged according to the area where your account is registered. We will also cover them for you further ahead.
Can I withdraw money from PayPal at an ATM?
Yes. An ATM is one of the options available to withdraw money from your PayPal account. By using a linked debit card, you can convert your balance into cash and take it out from ATMs worldwide. It doesn’t apply to credit cards. Beyond that, only eligible debit cards from certain regions offer this possibility. For now, Brazilian cards can’t transfer funds from PayPal.
To find out if your card aids this operation, check the list by accessing the “instant” section on your transfer money page. In addition to this, you may need a business account to use a debit card.
If you are good to go, you can withdraw cash from an ATM without any monthly or annual fee. Also, a minimum balance to use the card is not necessary, but there is a withdrawal limit — from 1.00 GBP (about 1.18 USD) to 7,500.00 GBP (8.890 USD).
If you are willing to exchange currency during a withdrawal, then be ready to pay a conversion fee and keep an eye on the rates. We will bring more information about the costs (or not) at the end of this guide. So keep reading it for more details.
Can I withdraw money from PayPal to my bank account?
You can. Besides the ATM option, you can withdraw money as a regular bank transfer if you link your bank account to your PayPal account. Before the withdrawal, you must verify your PayPal account to complete the transaction without any inaccuracy.
For transfers with local currency, it usually takes one business day until it’s complete. Sometimes it can take up to five days according to your bank’s process.
However, when you want to transfer money to any bank account in a different country, pay attention to the conversion fees, plus additional from your bank fees regarding the transaction. If everything is ready:
- Log in to your PayPal account through the website or the app;
- Click on “Send Money” and go to the transfer page;
- Choose between Instant or Standard;
- Select your bank account;
- Enter the recipient’s data and the amount to transfer;
- Review the details and then confirm the transaction;
- Check the confirmation message PayPal will show you.
Before submitting the payment, you can choose Instant or Standard Transfer. The latter is the recurrent process you are already used to (if you are not in a hurry), while the former gives you the option of an instant transfer. As the name suggests, the money will be transferred after you complete all the steps above (and as long as you have enough balance). Plus, you will be charged 1% of the amount.
Linking your bank account to PayPal
If your bank account is not linked, go to “Wallet” and click on add a card or a bank account. After doing it, you will find two options to link: instantly (if available) or manually. The first way requires your ID and password to access your online banking.
Once the information matches, your bank account will be linked instantly. For the second way, you need your bank account details manually and confirm them before any transfer or withdrawal. You may also need to complete a few security steps, which include a verification process.
How much does it cost to transfer money from PayPal to your bank account?
It depends on the type of transaction you are willing to do. While you open your account, no charge is applied. There are some fees to send and receive international payments once no currency conversion is involved.
When you withdraw money from PayPal, you don’t need to pay for it unless the transaction happens from one country to another. If this is the case, it’s worth knowing the exchange rates used by the platform.
Are you looking for more alternatives to deal with international remittances? Then a multi-currency account might work better to save your precious time and money. With Husky, you can ensure a fair rate whenever you need to withdraw money from PayPal.
Rather than using the platform’s exchange rates, you can do it easily and cheaply through Husky with a unique account for multiple currencies. All transactions are bureaucracy-free and have both low and transparent fees.
Open your multi-currency account with Husky to send and receive money without worrying about conversions.