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You have 2 options to withdraw money from your PayPal account: transferring to your bank account and ATM withdrawals with your PayPal debit card.

It usually takes 1 business day for the withdrawal to complete, but it can vary depending on where the target checking account is located. If you need money instantly, withdrawing from ATMs is the recommended choice.

The PayPal Debit Card is the fastest way to withdraw money from your PayPal account. You can withdraw up to USD 400 from your ATM account daily.

PayPal is a popular payment platform for many to transfer and store money. It's convenient and secure and allows you to withdraw money from your account quickly.

This article will show you every possible way to withdraw money from PayPal from start to finish so you can start withdrawing your money.

At the end of this article, we will also show you some alternatives to PayPal that you can consider alongside your current payment solutions.

How To Withdraw Money From PayPal

There are 2 ways to withdraw money from your PayPal account.

  1. Transferring to your bank account
  2. ATM withdrawals.

To withdraw money from PayPal, you can either use the PayPal application (mobile app) or transfer online via the PayPal website.

Make sure your internet connection is safe before logging into your PayPal account. To safeguard financial information and login credentials, use a free VPN.

Next, you will need to link PayPal with your bank account.

💡 Want to top-up your balance instead? Read our article to learn how to add money to PayPal.

How To Withdraw Money From PayPal to Your Bank Account

Withdrawing money from PayPal to your bank account is a simple process. Simply follow the steps below:

Link Your Bank Account With PayPal

First, you must link your bank account with PayPal. You can follow the steps below to connect your bank account to your PayPal account or look at our guide for more detailed steps.

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

1. Linking Instantly

To connect your bank account instantly, you'll need to enter your user ID and password for your online banking.

PayPal will match this information with your bank to confirm your account ownership.

Once this information is entered correctly, your bank account will be confirmed instantly.

2. Linking Manually

If you enter your bank account number manually, you'll be prompted to confirm this bank account. For security reasons, withdrawing money from your PayPal account is only possible in your confirmed bank account.

Within 3 business days, review your bank statement to find 2 small deposits (each between USD 0.01 and USD 0.99) that PayPal has sent to your bank account. 

You will need this information to complete the confirmation process, which can be done by following the steps below:

  1. Click “Wallet” at the top of the page.
  2. Click the bank you want to confirm.
  3. Enter the exact amounts of the 2 deposits made to your account.
    For example, if you receive two deposits of USD.05 & USD.15, enter .05 & .15 on the screen.
  4. Click “Submit.

Important notes:

  • Sometimes, the two deposits are merged together into one, depending on the bank. If this is the case, you will have to contact PayPal.
  • You can link up to 8 bank accounts to your PayPal account. Each bank account can only be linked to one PayPal account at a time.

How To Transfer Money From PayPal to Your Bank Account

Once your bank and PayPal accounts are linked, the process of withdrawing money is quick and easy.

PayPal allows you to transfer money to your linked bank account for free. The transfer time taken is usually 1 business day, but it can vary depending on where the target checking account is located.

Alternatively, instant transfer is available with a fee applied. The limit for each transaction is USD 25,000. Typically, your money should reach your bank account within minutes.

Still, the exact timeframe can vary depending on the bank. If you don't see the funds after 30 minutes, PayPal advises you to contact your bank for more information.

Here are steps to transfer the PayPal balance to your bank account:

  1. Log in to your PayPal account and go to your “Wallet”.
  2. Click “Transfer Money.
  3. Click “Transfer to your bank account.
  4. Choose “in minutes or 1-3 days.
  5. Follow the instructions to complete your withdrawal.

In case you want to withdraw funds through your PayPal app:

  1. Tap PayPal Balance on the home screen.
  2. Tap “Transfer”
  3. Tap “Transfer to your bank account.
  4. Choose “in minutes or 1-3 days.
  5. Follow the instructions to complete your withdrawal.

You will have to verify your PayPal account before withdrawing funds to your linked bank account. It’s important to note that a withdrawal cannot be canceled, so make sure that all banking details are correct before instructing the bank transfer.

quote

Very convenient to withdraw money from PayPal once you successfully linked the bank account. The feature is simple and easy to use.

However, it took me 3 days to complete the process and receive my transfer, which was longer than I expected. Also, the transfer fee can be pricey for a small amount, as I paid 8% of the amount transferred for the fee.

Djon Ly, Digital Marketing Manager at Statrys
Djon Ly
Product Marketing Manager
IconEmailActionIconLinkedIn
quote
a call to action that leads to Paypal fee calculator

How To Withdraw Money Using Your PayPal Debit Card at an ATM

If you would like to spend the PayPal balance held on your account immediately, another way of converting it to cash is to have a PayPal debit Mastercard®. 

Get Your PayPal Debit Card

To apply for your debit card, you need to

  1. Be an active PayPal member with no unresolved issues in the Resolution Center.
  2. Click “Request Your Card” on the PayPal debit card page, or tap “Get a PayPal Debit Card” on the Finance menu in the mobile app.
  3. Complete the application form.

Once applied, PayPal will dispatch your physical debit card via mail, and it typically arrives within 10 days. If it doesn't:

  • Check Your Details: Ensure all provided information is accurate.
  • Cancel and Reapply: Cancel your pending request and place a new one.

📌 Note: If your PayPal debit card has been inactive for 13 months, you will need to request a new card.

How to Withdraw Money With PayPal Debit Card

Here are steps to use your PayPal debit card for ATM withdrawals.

  1. Insert your PayPal cards at the ATM.
  2. Enter your PIN code.
  3. Follow the instructions to complete your withdrawal.

With a PayPal debit card, you can quickly access your funds at ATMs, making it an ideal option for urgent cash withdrawals. This card is accepted at most ATMs around the world, allowing you to withdraw up to USD 400 daily from your account.  

Withdrawals are free when using the MoneyPass ATM network. However, fees are applied when using other ATMs.

There are no monthly or annual fees as well as no minimum balance required to use the debit card. In addition, there are no fees when making in-store or online purchases with your card.

💡 Tip: You can earn 3% cashback on all PayPal purchases and 2% cashback on other eligible purchases.

PayPal Withdrawal Fees and Exchange Rates

When withdrawing money from your PayPal account, it is important to be aware of two common fees associated with the service: PayPal’s fee and an exchange rate fee.

Depending on where your PayPal account is opened, how you withdraw money, and in which currency, fees may be applied.

Type of Transaction Currency Conversion Spread
PayPal Debit Card
Standard transfer Free (when no currency conversion is involved)
Instant transfer 1.5% of the transferred amount (starting from USD 0.5)
MoneyPass ATM network Free (when no currency conversion is involved)
Non-MoneyPass Domestic ATM network USD2.50 per withdrawal (plus any fees charged by the ATM owner)
International ATM network USD2.50 per withdrawal
PayPal Business Debit Card
Domestic ATM network USD 1.50 per withdrawal within the US (plus any fees charged by the ATM owner)
International ATM network USD 1.50 per withdrawal outside the US.

You can see a detailed list of personal and business accounts on Paypal’s fee page.

In addition to PayPal's fee, any withdrawal that involves converting currencies may also incur an exchange rate fee. This means that you may not receive the exact amount you asked for due to the fluctuating values of world currencies.

Here’s an overview of PayPal currency markup.

Type of Transaction Currency Conversion Spread
• Paying for goods or services in a currency other than the currency the goods or services are listed in.

• Sending money to a friend or family member such that they receive a different currency from the currency in which you pay.

• Sending money using PayPal Payouts such that your recipients receive a different currency from the currency in which you pay.
4.00%, or such other amount as may be disclosed to you during the transaction.

• All other transactions

3.00%, or such other amount as may be disclosed to you during the transaction.

How Does PayPal Set Its Exchange Rate?

PayPal follows a 3-steps process to determine its currency conversion rate.

  1. PayPal receives a wholesale rate quote from its bank twice a day.
  2. PayPal then adds a certain percentage to determine the retail foreign exchange rate.
  3. This rate is applied to all transactions that involve currency conversion.

According to PayPal themselves, their exchange rates are competitive with conversion rates used by banks.

It’s important to note that when you transfer from your PayPal account to your local checking account, PayPal automatically converts the money into the local currency when the transfer is initiated.

How to Get a Better Conversion Rate on Withdrawals From Your PayPal Account

What if you would like to pay less when making transfers into different currencies?

One way to do this is to convert your funds first within PayPal before making your withdrawal. 

This is because the conversion rates within PayPal are typically more favorable when you convert currencies that don't involve additional transactions.

Therefore, you can avoid the marked-up conversion rates that are often applied to direct currency conversions during transactions, which helps you manage your PayPal balance in different currencies more efficiently.

Alternative Solutions to PayPal

  Revolut logo Wise logo
Supported Currencies Hold, receive, and send money in 25+ currencies Hold, receive, and send money in 40+ currencies
Personal Account yes yes
Website Integration yes yes
Business Account yes yes
Transaction Limit If exceeds an account plan’s limit, you’ll pay:

• GBP250,000/ transaction
GBP30 million / day
• Wire transfer: USD1,000,000/ transfer

• Local transfer: USD50,000/ day (Personal account),
USD400,000 / 60 days (Business account)
Transaction Fees Local transfer – GBP0.2 International transfer – GBP5 International wire transfer: USD 6.4
Local transfer: USD 5.5
Customer Reviews on Trustpilot 4.2/5 based on 147,113 reviews  4.2/5 based on 203,883 reviews
Credit/Debit Cards Virtual and physical debit cards Virtual and physical debit cards
Withdrawal Fees • GBP 200/ month or 5 withdrawals: Free

• Otherwise: 2% per withdrawal
• USD100/ month or 2 withdrawals: Free

• For the 3rd and more: USD 1.5 per withdrawal

For amounts exceeding USD 100/ month: 2% fee on the excess amount
a call to action that leads to a paypal fee calculator

FAQs

Can I withdraw money from PayPal with a bank account?

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You can withdraw money from your PayPal account to any bank account as a normal bank transfer.

Can I withdraw money from PayPal without a bank account?

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Do I have to pay to withdraw money from PayPal?

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How to withdraw money from PayPal

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Why is PayPal not allowing my withdrawal?

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Disclaimer

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