How to Cash Out Money From Your PayPal Account

PayPal is a widely used digital platform for managing and moving funds. Many individuals use it for online transactions, sending money, and receiving payments. This article guides you on withdrawing money from your PayPal balance to a linked financial account.

Connecting Your Financial Accounts

Before initiating any withdrawal, link a bank account or debit card to your PayPal profile. This ensures PayPal has a secure destination for your funds. To begin, navigate to the “Wallet” section within your PayPal account, then select “Link a bank account” or “Link a card” to enter your financial details.

PayPal offers two primary methods for verifying the linked account. The first, instant verification, allows users to log in with their bank’s online banking credentials directly through PayPal’s interface. This method often provides immediate confirmation. The second method involves micro-deposits, where PayPal sends two small, random amounts to the bank account. These deposits usually appear within one to three business days. Users then confirm the account by entering the exact amounts back into their PayPal account. These small deposits are temporary and will be debited from the bank account after verification.

Transferring Funds to a Bank Account

Once a bank account is linked and verified, users can transfer their PayPal balance. The most common method involves a standard transfer to a linked bank account, which is free of charge. To initiate this, users access the “Wallet” section and select the “Transfer Money” or “Withdraw” option. They then choose their linked bank account as the destination and specify the amount they wish to transfer.

Standard transfers usually process within one to three business days. Weekends and holidays are not considered business days and can extend the transfer timeframe.

Accessing Funds Through Instant Transfer or Check

For situations requiring quicker access to funds, PayPal offers an instant transfer option to a linked debit card or eligible bank account. This method makes funds available within minutes. This speed comes with an associated fee. PayPal charges 1.75% of the transfer amount, with a minimum fee of $0.25 and a maximum fee of $25. Users select the “in minutes” option during the withdrawal process to utilize this service.

Alternatively, if an electronic transfer is not preferred, users can request a physical check to be mailed to their address. This option is available through the “Transfer Money” section, by selecting “Request a check by mail.” A fee of $1.50 applies for this service, and there is a minimum withdrawal amount of $1.51. Physical checks usually take longer to arrive, with delivery expected within five to ten business days. Ensure the mailing address is accurate, as PayPal does not send checks to Post Office boxes.