- You can transfer money from PayPal to your bank account in just a few steps after you've linked your bank with PayPal.
- It's possible to transfer money from the Wallet page of the PayPal website or the main screen in the mobile app.
- There are no PayPal fees for transferring money to a linked bank account — as long as your bank doesn't charge you, it should be totally free.
- Visit Business Insider's homepage for more stories.
There are a couple of ways to get money out of your PayPal account, but some methods — like requesting a check to be sent to you through the mail — cost an additional fee.
Transferring money from PayPal directly to your bank account is almost always free (unless your bank charges a transfer fee, which is unlikely).
As long as you have linked your bank account to your PayPal account, you can transfer money using a web browser or the mobile app on your iPhone or Android phone.
Check out the products mentioned in this article:
iPhone 11 (From $699.99 at Best Buy)
Samsung Galaxy S10 (From $899.99 at Best Buy)
How to transfer money from PayPal to your bank account using the mobile app
1. Start the PayPal app on your phone and log in, if needed.
2. Tap your PayPal balance.
Open the app and tap your balance. Dave Johnson/Business Insider3. At the bottom of the screen, tap "Transfer," and then tap "Transfer Money."
Tap Transfer to start the process of getting money to your bank account. Dave Johnson/Business Insider4. Tap the bank account that you want to transfer money to and then tap "Next."
Choose the bank account to transfer to if you have more than one, or simply choose your account. Dave Johnson/Business Insider5. 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 $xxx Now."
How to transfer money from PayPal to your bank account using a web browser
1. Open PayPal.com in a web browser and log in, if needed.
2. If you're not already on the Wallet page, click "Wallet" at the top of the screen.
3. Click "Transfer Money."
Click the Transfer Money link on the PayPal web page. Dave Johnson/Business Insider4. Click "Transfer to your bank."
5. Select the account you want to transfer to and then click "Next."
Select your account and then follow the remaining instructions to transfer your money. Dave Johnson/Business Insider6. Enter the amount of money you want to transfer and then click "Next."
7. Confirm that you want to complete this transaction by clicking "Transfer $xxx Now."
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Dave Johnson
Freelance Writer
Dave Johnson is a technology journalist who writes about consumer tech and how the industry is transforming the speculative world of science fiction into modern-day real life. Dave grew up in New Jersey before entering the Air Force to operate satellites, teach space operations, and do space launch planning. He then spent eight years as a content lead on the Windows team at Microsoft. As a photographer, Dave has photographed wolves in their natural environment; he's also a scuba instructor and co-host of several podcasts. Dave is the author of more than two dozen books and has contributed to many sites and publications including CNET, Forbes, PC World, How To Geek, and Insider.
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PayPal instant transfer lets you send money from your PayPal balance to an eligible bank account in just a few minutes for an extra fee.
We’ll cover everything about PayPal instant transfers, including the PayPal instant transfer fee structure, limits and more.
Ready to get started with a PayPal instant bank transfer? Let’s dive right in.
But first, a word.
If you want to send money abroad fast for low fees, take a look at Wise. It takes just a few minutes to get a free account.
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How do instant transfers work with PayPal?
A standard PayPal transfer takes about 1-3 days to reach a bank account.
However, if you have a PayPal balance, you can use instant transfers to move your money to your bank or debit card up to 30 minutes for an extra fee.
Maybe you sold something online and got paid via PayPal, or a friend sent you some money with PayPal to cover a split bill. If you need to withdraw the money to your bank account fast, an instant transfer might be the best option.¹
There are costs involved with using this withdrawal method, so make sure you read on to the fee section before you get started.
How to link your bank account or card to PayPal to do instant transfers?
If you’re shopping online or using PayPal to send money to family or friends - and don’t hold a current PayPal balance - you’ll need to link your PayPal account to your bank account or card to allow instant transfers from bank to PayPal.² ³
To add a credit or debit card to your PayPal account, take the following steps:
- Create your PayPal account, or log in if you already have one
- Go to Wallet if you’re on a computer, or Menu, and then Wallet if you’re using the app
- Choose Link credit or debit card
- Add the details of the card you want to use, following the on-screen prompts
- Hit Link and you’re all done
To add a bank account:
- Log into your PayPal account
- Find the Wallet button if you’re using a computer, or click Menu, and then Wallet if you’re on a phone
- Choose Link bank account
- Add the account name and number, including routing number, following the on-screen prompts
- Confirm the details and you’re ready to go
It’s worth noting that this process doesn’t mean you’re withdrawing money from your account or adding money to your PayPal balance. It just means your card or account is linked so the next time you use PayPal to make a payment or transfer, the amount will be deducted from the payment method you select.
How to transfer money from PayPal to bank account instantly?
So, if you’re withdrawing the money to your regular bank, you’ll have the option of a standard withdrawal or instant transfer. The standard withdrawal takes longer, but is usually fee-free - you’ll pay a charge to get your money faster with instant transfer.
Here’s how you can use instant transfer: ¹
- Log into your PayPal account and hit the Balance button. This shows you how much you can transfer to your bank
- Select Transfer Money
- Select the option Transfer to your bank
- Choose the account or card you want to withdraw your balance to. If you want to transfer your money to a different account you’ll need to link it, following the steps set out above, before you can proceed
- Confirm how much you want to transfer, check you understand the costs, and tap Transfer to complete the transaction
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PayPal instant transfer fees
Is PayPal’s instant transfer free?
No, as we mentioned above, there are some charges you need to know about if you want to use PayPal instant transfer.
Here’s a run through of the key costs - full details are available online on the PayPal website.
Withdrawing money to your bank account
PayPal instant transfer | For a faster withdrawal you can pay 1.75% of the withdrawal amount, for a fee of $0.25 - $25. Transfers to bank accounts usually happen within minutes, or up to half an hour for a transfer to a linked card |
PayPal standard transfer | Free to arrange, a standard transfer takes 1 - 3 days to process |
Fees effective from 17 June 2022
Other types of transfer
If you’re using PayPal as a way to send money to friends or family from your linked bank account or card, there are different fees depending on the transfer details. Here’s an overview.
Sending money to friends or family in the US |
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Sending money to friends or family with a PayPal account based outside of the US |
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PayPal instant transfer limits
Is there a limit on PayPal instant transfers?
Yes. If you want to use the instant transfer service, there are some limits you need to know about:
Instant transfer to a card | Up to $5,000 per transaction, $5,000 per day and $5,000 per week in total. Up to $15,000 per month |
Instant transfer to a bank account | Up to $25,000 per transaction |
Frequently asked questions
PayPal has resources online, including an FAQ section and community answers to specific questions. If you need personal advice, you can also notify the PayPal support team. Here are a couple of common issues and how to resolve them.
PayPal instant transfer pending: Why and what does it mean?
If you get a notification that your transfer is pending, or if it takes longer than you expect, it could be because it’s being checked by PayPal. Transfers are subject to review to help stop fraud, which can cause a delay.⁵
Other reasons your payment may be pending can be to do with your bank or card provider’s own processes. There’s advice online, and in the PayPal community forums which may help you troubleshoot in this situation.⁶⁷
PayPal instant transfer not working?
If you’re still struggling to get instant transfer to work it could be as a result of the following issues:⁸
- A limitation or block on your PayPal account
- Pending security checks
- Your linked card or account may not allow transfers
- PayPal may have blocked or delayed this transaction for your own security if there is a suspicion of fraud
You could try to use an alternative linked card or account to process the payment, or use a PayPal Cash Card. You’ll also be able to order a check to get your money. There are fees for some of these services, so be sure to look at the full terms and conditions online before you make a decision.
If you need to get in touch with someone at PayPal to ask questions about your account, or file a complaint, you can use the contact form available on the PayPal website.⁹
If you use PayPal regularly, instant transfer can be an easy way to send money to your bank account or linked card quickly. However, as we have covered above, there are fees you need to consider before you use the service.
Do a bit of research before you start using instant transfer to make sure it’s the best option available for you, and to avoid paying more than you need to for your PayPal balance withdrawal.
Sources:
- PayPal - Press Release: Upcoming Changes to PayPal and Venmo Instant Transfer Pricing
- PayPal: Send Money, Pay Online or Set Up a Merchant Account
- How PayPal Works | How to Set Up an Account
- PayPal - Fees and transfers
- PayPal Community - 'Instant" Transfer to my debit card still has not shown up nearly 24 hours later
- PayPal Community - How long does it normally take for Paypal to instant transfer to your debit card?
- PayPal Community - Instant transfer nor working with debit card
- PayPal Help Center - Why can't I transfer money to my bank
- PayPal - Contact Us
All sources last checked on 2 May 2022
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