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Written by Sam Pennington on June 22, 2022
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How To Transfer From PayPal To BlockFi 2022

BlockFi is a cryptocurrency platform that offers members a number of unique perks. After signing up for an account, members can earn interest on their holdings and even borrow against their portfolio.

Funding a BlockFi account is most commonly done through an ACH transfer from your bank.

In this article, we highlight the process to transfer from PayPal to BlockFi, step by step. While you can't transfer your PayPal funds directly or purchase your crypto directly through PayPal, you can follow the steps below to move your PayPal funds to BlockFi.

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How To Transfer From PayPal To BlockFi

Transferring your PayPal funds to BlockFi can't be done directly. Instead, you will need to transfer your funds first to your bank and then to BlockFi.

The steps to complete this transfer are as follows:

  1. Create A BlockFi Account
  2. Transfer PayPal Funds To Bank
  3. Link Bank Account To BlockFi
  4. Transfer From Your Bank To BlockFi

Let's take a closer look at each of these steps.

1. Create A BlockFi Account

BlockFi is a popular platform for cryptocurrency investing. The app grants access to the top cryptos available and lets you earn interest on your holdings. Additionally, you can even borrow against your holdings to avoid selling your assets.

Already signed up with BlockFi? Skip down to start step 2!

Use the button above to earn up to $250 in free Bitcoin!

When opening a BlockFi account, you'll need to have the following:

  • Social security number
  • Phone number
  • Valid ID
  • A real-time selfie

In order to sign up with BlockFi, you'll have to be 18 years or older. BlockFi's features are not available in all 50 states, including New York and Kentucky.

Check and make sure your state is in the clear here!

During signup, you'll have to make a new password, check their terms of service, and go through their ID verification process. This includes taking a photo of the front & back of your driver's license.

When BlockFi verifies your info and approves you, you'll receive an approval email with steps to sign in.

Getting approved usually just takes a few minutes, but it could potentially take up to 1-2 business days.

2. Transfer from PayPal to your Bank

paypal logo

Now that you have created an account with BlockFi, you are ready to get started. You will need to move your PayPal funds to your bank. Transferring from PayPal to your bank is very simple. Follow the steps below:

  1. Start the PayPal app on your phone and log in, if needed.
  2. Tap your PayPal balance.
  3.  At the bottom of the screen, tap "Transfer," and then tap "Transfer Money."
  4. Tap the bank account that you want to transfer money to and then tap "Next."
  5. Enter the amount of money you want to transfer and then tap "Next."
  6. Confirm that you want to complete this transaction by tapping "Transfer $X Now."

This transfer can take between 1 and 3 business days.

If you need to link a bank account to PayPal, you can do so by clicking on the wallet icon in the bottom navigation menu in the app. In the "Banks and cards" section, you will see a + icon. Tap the icon to add a new account. You will simply search for your bank and login to select an account to link.

3. Link Bank Account To BlockFi

Linking a bank account is a simple process on BlockFi's website. Follow the steps below:

  1. Login to your BlockFi account
  2. Click on the drop down arrow next to your name in the top right corner
  3. Click "Profile Settings"
  4. On the left side of the screen, click on the "Bank Accounts" option
  5. Near the top right corner of the page, click the "Add bank account" button
  6. BlockFi uses Plaid to connect to a bank account. Plaid is a third party security company. You will be prompted to choose your bank and login using your bank login credentials
  7. After logging in, you will be prompted to select which account you want to link
  8. Click "Continue" to finish the process

You can also link to a bank account in the app. The process is similar. After logging into the BlockFi app, you will tap on the "Fund" button in the main dashboard. Select the Bank Transfer ACH method. Finally, tap the manage bank account option to use Plaid to link your bank account.

4. Transfer from your Bank to BlockFi

Now that you have linked a bank account, the transfer is fairly straightforward. Follow the steps below to execute the transfer:

  1. Login to the BlockFi app
  2. Tap the "Fund" button from the dashboard tab
  3. Tap the "Bank Transfer (ACH)" option
  4. Select the bank account you linked in the previous step
  5. Enter in the amount in USD that you would like to move to BlockFi (There is a $20 minimum)
    • This is actually a conversion from USD to GUSD, which is a crypto stablecoin pegged to and backed by US dollars held in FDIC-insured bank accounts
  6. Tap "Review"
  7. After reviewing the details, agree to the terms and conditions and tap "Confirm"

The funds will be instantly ready to trade in the BlockFi app.

Transfer From PayPal To BlockFi: Final Thoughts

Transferring funds from PayPal to BlockFi cannot be done directly. Instead, you will need to transfer to your bank account first and then to BlockFi.

This process only takes a few minutes and can all be done in the app.

If you want to learn more about BlockFi, be sure to check out our complete BlockFi review.

Article written by Sam Pennington
Sam is a personal finance writer. While in college, he dedicated his spare time to learning about personal finance, investing, and real estate. Sam currently works as a business analyst for one of the top food manufacturers in the world.

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