How - ToLearn

How to Withdrawal Money From PayPal to Your Bank Account

PayPal allows its users to send or withdraw their PayPal balance to their bank accounts or credit or debit accounts.

Well, this article is directed to PayPal users that reside in countries/regions, where you have the ability to send and receive payments but you cannot withdraw money unless you use third-parties options which we shall look at shortly.

PayPal is one of the many online payment systems used globally to make payments for things online and send and receive money safely and securely. When you link your bank account, credit card, or debit card to your PayPal account, you can use PayPal to make purchases online with participating stores, securely send money to your clients or friends and family as well as receive money from people.

But the question you would ask yourself is, is it possible for me to withdraw my PayPal balance? The answer is, Yes you can.

Finding out how to withdraw your PayPal balance is one of the first concerns every PayPal user asks themselves — because not all the time will you be shopping online and sending money. The money you receive — well, you would love to withdraw some and physically use it for your other daily needs.

So if you’ve got money in your PayPal account, you’ll need to know how to withdraw the balance. The good news is that it should be relatively quick and easy, provided your PayPal account is all set up. As I mentioned before, this article only applies to users that reside in countries/regions where PayPal doesn’t allow them to withdraw money from their accounts directly to their bank accounts. For this particular case, you need a third-party service — I would personally recommend is Payoneer. [won’t go into detail about what Payoneer is, you can Google that]

If you have a PayPal account, well and good — but if you don’t, creating one is free and you can either create a personal or business account — I recommend a business account. Either way, any works and you can withdraw your money anytime.

1. You need to have a PayPal Account >> 2. Link your Bank Account >> 3. Have PayPal Balance >> 4. Withdraw.

How to create a PayPal account

You can create a PayPal account from your computer, mobile browser, or through the PayPal app. Here are the steps you’ll need to follow:

  1. Go to paypal.com or download the PayPal app from the App Store or Google Play.
  2. Click the Sign-Up button.
  3. Select the Account you want to create.
  4. Add your phone number and you’ll receive a text with a security code to enter on the next screen.
  5. Enter your legal first and last name, email address, and a secure password.
  6. Then, enter your mailing address and agree to PayPal’s privacy policy. This will create your account.
  7. Finally, add a credit card, debit card, or bank account to your PayPal account.
How to link your Bank Account with Paypal

Here’s how to link a bank account to your PayPal account:

  1. Click Wallet at the top of the page (if you’re on a mobile device, tap Menu then Wallet).
  2. Click Link a bank account.
  3. Select your bank, or click Don’t see your bank? at the bottom.
  4. Depending on the bank you select, you may have the option to link your bank instantly using your online banking login information. If the instant option isn’t available, just enter your bank account details manually and click Agree and Link.

You may also need to complete a few security checks. This usually involves a verification process, where PayPal will debit a dollar [will be refunded upon verifying your account] from your account. There’s a 4-digit code you are sent as well to confirm that you are the owner of the account.

Note: You can use the same process to add your credit or debit cards.

But here’s the kicker, for countries/regions that PayPal doesn’t support, you can use Payoneer as your middleman to withdraw money from your PayPal account to your Bank account. Payoneer creates a Community Federal Bank Account that you add to your PayPal account.

To create a Community Federal Bank Account;

  1. Go to the Payoneer website to create an account. Follow all the prompts needed including the security checks.
  2. Once your Payoneer account is created, sign in and go under the “Help” menu and choose “Support Center – Home”.
  3. Select the “Receive Payments” tab and scroll down and select “Global Payment Service”.
  4. From the pull-out options, select “I want to apply for a receiving account in another currency”.
  5. Click on “Contact Us” and in the message section type “Hi, I want to add Community Federal Account. Can you please add a Community Federal Bank account to my existing account?” Note: if the Live Chat option is on, you can opt for that since it’s much better. In the Live Chat type the same message.
  6. After about 3 hours or more, check your email. Payoneer will send you a confirmation email stating that your Community Federal Bank Account has been created. Note: If you don’t get the confirmation email, we suggest that you reach out to them for support.
  7. Go back to your Payoneer account, under the “Receive” menu, select “Global Payment Service” and you will see a bank account created for you.
  8. Click on the account created for you, it will have the Bank Name, Bank Address, Routing (ABA) Number, Account Number, Account Type, and Beneficiary Name.
  9. Now go back to your PayPal account. Under the account settings, select “Money, Banks, and Cards” and click on “Link new bank account”.
  10. Enter the bank details [refer to 8.] Payoneer created for you and then click on “Link bank”. Complete the security checks if asked.
  11. Then that is it.

Note: When creating your Payoneer account, make sure to add your bank details so that you’re able to withdraw your money right from Payoneer to your Bank.

In case you don’t know how to add your bank account details to your Payoneer account;

  1. Log in to your Payoneer account and go to settings and select bank accounts.
  2. Select “Bank accounts for withdrawal”.
  3. You can add up to four banks of your choice.
  4. Once done, all is now set.
How to transfer money from PayPal to a Bank Account Using Payoneer

Note: You will incur PayPal and Payoneer transaction fees in the process.

On your computer:

  1. Log in and go to your Wallet.
  2. Click Transfer Funds.
  3. Click Transfer to your bank account, and choose the Community Federal Account you added.
  4. Follow the instructions to complete your withdrawal. The withdrawal takes 1-3 business days.

PayPal app:

  1. Tap PayPal Balance on the home screen.
  2. Tap Withdraw Funds, and choose the Community Federal Account you added.
  3. Follow the instructions to complete your withdrawal. The withdrawal takes 1-3 business days.

Once you receive your funds on your Payoneer account you can now withdraw the money to your bank account.

  1. When logged in to your Payoneer account.
  2. Select the withdraw menu and select “to bank account”.
  3. Select the account to withdraw from and select the bank account to which you want to withdraw to.
  4. Enter the amount you want to withdraw.
  5. Review your details to complete the withdrawal.
  6. It takes 1-3 business days for the money to come to your account. (NOTE: The currency will be converted to your home currency).

Note: You will receive a confirmation code on your phone number to verify withdrawing funds. A withdrawal cannot be canceled and make sure that all banking details are correct beforehand.

Tags
Back to top button
Do NOT follow this link or you will be banned from the site!
Close

Adblock Detected

Please disable your adblocker to continue accessing this site.