If you happen to be a seller of services online and have received payments from customers via PayPal into your PayPal account, or family and friends have done some transfer of funds into your PayPal account, what matters next is how you can withdraw the money from your PayPal account to your bank account to access the money.
PayPal is a very vital tool for processing the transfer of money from person to person and also for making payments online but it can’t be used for every kind of spending. For example, making purchases in a local store will require you have physical money. What you can simply do is to withdraw from your PayPal account, a process which PayPal has made easy for its users, if you follow the right procedure. In this post, we help you understand how the process works, and how you can withdraw money from your PayPal account to your bank account instantly.
Conditions for Withdrawing Money from PayPal Account to Bank Account
It should be pointed out clearly that withdrawing money from your PayPal account to your bank account does not occur instantly for the standard bank transfer option. When you request a withdrawal, you might have to wait for up to 3 working days before seeing the deposit reflected in your bank account. But this depends on the option of withdrawal you selected, your location and the bank you use.
For the options in withdrawing, you can choose between instant or standard bank transfer options. As the name implies, the instant bank transfer option is fast, taking only about a couple of minutes to process your request. But you would have to pay some extra charges for this service, otherwise, you just have to go with the standard option, which is free. Please also be aware that once you request a withdrawal from your PayPal account, you cannot reverse your decision. And lastly, you must have linked and verified your bank account with your PayPal account before you can successfully request a withdrawal
Steps to Transfer Money from PayPal to Bank Account Instantly
In this section I breakdown the process on how to transfer money from your PayPal account to your bank account in an easy to follow step by step guide. Note for you to withdraw money from your account instantly you must choose the instant transfer option. This is pivotal for you to execute your transfer instantly. Also, note that the charge for the instant bank transfer is %1 of the amount of money you wish to transfer but it will not exceed $10 per transfer.
Step 1
Visit PayPal’s website
Step 2
Log into your account
Step 3
Click on money
Step 4
Click on transfer money
Step 5
Choose the bank account you want to transfer money to and choose instant bank transfer option.
Step 6
Enter the amount you want to withdraw
Step 7
Click on continue
Step 8
Confirm your request and click on transfer
You’re done. After confirming your request, the transfer will be carried out successfully. All you need to do is wait for a while for PayPal to process the request. Since we chose the instant bank transfer option, it would only take about 30 minutes.
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