How To Transfer Money from a PayPal Account

PayPal is a free service for sending and receiving online payments, similar to a checking account.  Its appeal to buyers is that it is safer than giving out credit card or bank information.  For sellers, it provides a way to accept payments securely without the expense of having a full shopping cart or credit card processing method.  Whether you are selling a few items in auctions or have a complete e-commerce website, at some point you'll need to transfer money from a PayPal account into your regular bank account.

Step 1

Get All the Information

  • Your PayPal login information
  • Your bank’s routing number
  • Your bank account number

Your routing number and account number are printed along the bottom of your checks or deposit slips.  If you don’t have checks, look on your bank statement for the account number, and call the bank or look on their website for the routing number.

Step 2

Add Your Bank Account to PayPal

You can have your PayPal account linked to up to eight different bank accounts, letting you transfer money between PayPal and those accounts in just 5 - 7 business days.  To add your bank account details to the PayPal account, follow these steps:

  • Login to PayPal
  • Click on My Account
  • Click Profile
  • Click Bank Accounts (under Financial Information)
  • Click Add
  • Enter your routing and account number then click Add Account

Repeat these steps for any other accounts you want to add (up to eight).

Step 3

Confirm Your Bank Account with PayPal

To make sure that you are the owner of the account, PayPal will ask you to confirm the account.  If your bank allows online access, you can do this by entering your online banking information in PayPal.  If your bank account does not allow that option, then PayPal will make two small deposits into your bank account and ask you to confirm the exact amounts.

To confirm your bank account via online access, follow these steps:

  • Login to PayPal
  • Click on My Account
  • Click Profile
  • Click Bank Accounts (under Financial Information)
  • Click Confirm
  • To confirm via online access, enter the information you use to sign into your bank’s website

If you chose the option to confirm via deposits, you will have to wait 2 – 3 business days for PayPal to make the deposits.  Check your bank account to find out the exact amounts, then use these steps to finish confirming:

  • Login to PayPal
  • Click on My Account
  • Click Profile
  • Click Bank Accounts (under Financial Information)
  • Click Confirm
  • Enter the amounts of the two deposits
  • Click Submit

Step 4

Transfer Money from PayPal

Once your bank account is added and confirmed with PayPal, you are free to move money between the accounts.  To withdraw money from PayPal, you can either deposit it directly into your bank account or you can request PayPal to send you a check.

Moving money from PayPal into your bank account takes about 5 - 7 business days.  Follow these steps to request the transfer:

  • Login to PayPal
  • Click on My Account
  • Click Withdraw
  • Click Withdraw Funds to Your Bank Account
  • Enter the required information then click Continue
  • Click Submit

Withdrawing money from PayPal by check takes about 1 - 2 weeks.  Follow these steps to  request a check from PayPal:

  • Login to PayPal
  • Click on My Account
  • Click Withdraw
  • Click Request a Check from PayPal
  • Enter the required information then click Continue
  • Click Submit


Having a PayPal account gives merchants and sellers an easy and cheap way to accept payments online, even allowing buyers to pay for items with their credit cards.  But you do not want to let money sit in your PayPal account when you could be spending it on other things.  Use the instructions in this article to transfer money from PayPal to your bank account or withdraw the funds by receiving a check in the mail.

 

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