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How To Transfer From PayPal To Your Bank 2023

So you've set up your PayPal account, and have received some money from family, a friend, or some gig work.

You may be wondering how to move your money from PayPal into your bank, so you can use your money.

Today, we're going to show you exactly how to transfer money from PayPal into your bank.

Thankfully, it's pretty easy and can be quick to set up.

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Transferring From PayPal To Your Bank

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In order to move money to your bank from your PayPal account, you'll need to link your bank account and PayPal together. After your bank is set up inside PayPal, you'll be able to easily move your money between these accounts through either an instant transfer, or a standard transfer.

We'll go over both options after we show you how to link your bank account!

Link Your Bank Account To PayPal

If you haven't linked your bank account to PayPal, you'll have to do that before transferring any money over.

Thankfully, connecting your bank to PayPal has never been smoother.

Go into your PayPal app, or log in to your account online, and follow these steps:

  1. Select the "Wallet" icon on mobile, or the Wallet tab at the top of the page
  2. Select "+" icon on mobile, then choose to link a bank account
  3. Search for your bank and select it
  4. Log in to your bank account with your online banking login information to instantly link your bank account

In the event that your bank isn't eligible for an instant link, you can still add your bank through a "manual" option, where PayPal will send 2 microdeposits to your bank, which it will withdraw, and ask you to verify the deposit amounts.

Here's how to manually link your bank to PayPal:

  1. Follow the steps above, and choose "Link your bank another way" when you're asked to log in to your bank
  2. Enter your bank's routing number, and your bank account number
  3. Wait up to 3 business days for PayPal to send the 2 microdeposits to your account
  4. Review your bank transactions, and enter the amounts online to finish linking your bank

Setting up your bank account in PayPal will allow you to perform standard transfers of money for free, while also allowing for instant transfers with a set fee.

Transferring Money from PayPal To Your Bank

As mentioned prior, once you've linked your bank to PayPal, you can perform either an instant transfer for a fee, or a free standard transfer that takes a few business days to process.

First, we'll show you the transfer steps for the website, and then we'll go over how to transfer money using the PayPal app.

PayPal Website Transfers

Log in to PayPal online, and take the following steps:

  1. Choose Transfer Money beneath your shown PayPal balance
  2. Select "Transfer to your bank"
  3. Choose between instant or standard transfer
  4. Select your linked bank and click "Next"
  5. Enter the amount of money you'd like to transfer
  6. Review your transaction details, and click "Transfer $ Now"

PayPal App Transfers

Open and log in to your PayPal app, and take the following steps:

  1. Go to your dashboard (main screen)
  2. Select "Transfer" below your displayed balance
  3. Enter the amount of money you'd like to transfer
  4. Choose between an instant or standard transfer
  5. Select your linked bank, and choose "Transfer $ Now"

With instant transfers, PayPal deducts a 1.75% fee from your transferred funds (minimum $1.50).

Standard transfers can take between 1-3 business days to transfer. Be sure to remember any business holidays when performing standard transfers, as they can add to the processing time for your transfer.

Transferring From PayPal To Your Bank: Final Thoughts

PayPal is a major payment processor, used by an enormous amount of people, banks, and online stores.

The services they offer are quite efficient and offer a smooth user experience for most.

Once you've linked your bank for PayPal transfers, things only get smoother.

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Article written by Drew Cochran

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