Can You Transfer Money From PayPal to Chime?
Understand how to transfer money from PayPal to Chime. This guide details account linking, withdrawal methods, and key considerations.
Can You Transfer Money From PayPal to Chime?
PayPal and Chime are prominent financial technology platforms that facilitate digital money management and transactions for millions of users. It is possible to transfer money from PayPal to Chime by linking your Chime account to PayPal as a standard bank account.
Connecting PayPal and Chime
To enable transfers from PayPal to your Chime account, you must first establish a secure link between the two platforms. This involves adding your Chime account details to your PayPal profile as a linked bank account. You will need your Chime account number and the routing number associated with your Chime account. These numbers are available within the Chime mobile application or through their website, typically found in the “Move Money” or “Direct Deposit” sections.
Once you have gathered your Chime account and routing numbers, log into your PayPal account. Navigate to the “Wallet” or “Banks and Cards” section, then select the option to “Link a bank account.” You will be prompted to enter the nine-digit routing number and your account number.
PayPal then initiates a verification process to confirm ownership of the linked account. This often involves PayPal sending two small micro-deposits, typically a few cents each, to your Chime account within one to three business days. Once these small deposits appear in your Chime account, you will return to PayPal and enter the exact amounts to complete the verification.
Transferring Funds from PayPal to Chime
After successfully linking and verifying your Chime account with PayPal, you can initiate a transfer of funds from your PayPal balance. Log into your PayPal account, either through the website or the mobile application.
From your PayPal dashboard, locate the “Wallet” section and select “Transfer Money” or “Withdraw funds.” You will then choose the linked Chime account as the destination for the transfer. Input the amount you wish to transfer from your PayPal balance. After reviewing the transfer details to ensure accuracy, confirm the transaction to initiate the withdrawal to your Chime account.
Understanding Transfer Times and Fees
When transferring funds from PayPal to your linked Chime account, you typically have two options regarding speed and cost. The standard transfer option usually processes funds within one to three business days. This method is generally free of charge for non-urgent transfers. However, external factors such as weekends or bank holidays can extend this processing time.
For situations requiring quicker access to funds, PayPal offers an instant transfer option. Instant transfers typically complete within minutes, often appearing in your Chime account in 30 minutes or less. This expedited service comes with a fee, which is generally 1.75% of the transferred amount. There is a minimum fee of $0.25 and a maximum fee of $25.00 for instant transfers to a bank account in U.S. dollars.