How to withdraw money from PayPal

If you ’ ve got money in your PayPal report, you ’ ll need to know how to withdraw the balance. The good news program is that it should be relatively quick and easy, provided your PayPal account is all set up .
In this guidebook, we ’ ll walk of life you through everything you need to know on how to withdraw money from PayPal. This includes how to use Wise to avoid expensive exchange rate mark-ups when withdrawing balances in different currencies .

How do I withdraw money from PayPal?

You can withdraw money from your PayPal account balance through the PayPal app, or by logging into your account on-line. then, you ’ ll have a choice of two options – withdrawing square to your bank report, or to a linked debit card .

How to transfer money from PayPal to a bank account¹

ready to send money from your PayPal balance to your bank report ? Here are the steps you need to follow to do it online :

  1. Head to the PayPal website and log into your account
  2. Go to ‘Wallet’
  3. Select ‘Transfer money’ and then ‘Withdraw from PayPal to your bank account’
  4. Choose the linked bank account you want to send the money to – if you haven’t already linked a bank account, skip ahead to the next section to find out how to do it.
  5. Enter the amount you want to transfer, check the details and confirm.

Withdrawing money using the PayPal app is tied easier, as all you need to do is tap your PayPal balance and then select ‘ bow out money ’ .

How to link your bank account with PayPal²

Before you can withdraw your PayPal balance as above, you ’ ll need to first link your bank account to PayPal. Follow these steps :

  1. Go to ‘Wallet’ after logging into your PayPal account
  2. Select ‘Add a bank account’
  3. Enter your bank account details, including sort code and account number.

You may besides need to complete a few security checks, particularly if you want to use your trust account as a fund source for PayPal transactions. This normally involves a confirmation summons, where PayPal will deposit 1p in your account along with a 4-digit code. You ’ ll function this code to confirm that you are the owner of the account .

PayPal exchange rate

Have a PayPal poise in a unlike currency to your bank account ? For exercise, if you ’ ve been paid by an overseas client in US dollars, your PayPal balance will be in US dollars .
If you want to withdraw it to your UK sterling bank bill, you ’ ll need to know about PayPal ’ randomness exchange rates for currency conversion .
PayPal adds a mark-up³ to the mid-market exchange rate – this is the rate you ’ ll find on Google or using an on-line currentness converter, and the rate that Wise uses. The margin added may depend on the currency, and the exact transaction you ’ re carrying out .

How to get a PayPal balance for a better rate

Exchange rate matters when you need to send and receive money in other currencies, so how do you ensure you get a carnival pace ? One option is to use Wise to avoid PayPal ’ mho exchange rate mark-up .
Open a Wise multi-currency bill and you can get your own local report details for multiple currencies, including USD, EUR, AUD and many more. You can use these external account details to withdraw your PayPal balance .
thus, if you hold a PayPal remainder in USD, you can withdraw it using your US bank details from Wise. This means that PayPal doesn ’ t need to do a currentness conversion, so you can avoid the mark-up on the substitute rate. If you do need to convert to GBP, you can do it well and cheaply with Wise – benefit from the mid-market exchange rate and bantam fees .
Join Wise nowadays

PayPal fees: How much does PayPal charge?

Here’s a roundup of the most common withdrawal costs you need to know about, to get you started .

Service PayPal fee³
Withdraw money to a registered UK bank account – no currency conversion Free
Withdraw funds to a bank account – including currency conversion Mid-market exchange rate + 3% (mark-up)

It ’ s besides important to remember that some banks may charge to receive incoming payments – you ’ ll necessitate to check your account terms and conditions for details .

PayPal withdrawal limit in the UK⁴

With PayPal, you can withdraw any measure to your confirm bank history provided you have enough money in your PayPal balance. however, there may be delays and restrictions imposed for security reasons, such as to comply with anti-fraud processes. And modern users may have limitations on their PayPal natural process until they are able to verify their bank account⁵ .

PayPal debit card

If you want to convert PayPal to cash, then you ’ ll need a PayPal debit MasterCard to spend the money held on your report. In regulate to get a PayPal debit card, you ’ ll motivation to have a PayPal Business account⁶. At the prison term of write, PayPal does n’t offer a linked debit card for personal customers in the UK. If you have a PayPal Business report, then you will be able to spend your PayPal balance handily, online or in stores .
If you don ’ t have a business explanation with PayPal, but you inactive want to spend with a linked debit card from a commodious on-line report – there are alternatives out there, such as the Wise multi-currency history with a linked debit menu .
It lets you spend in any currency you hold on your account, and remove up-to the currentness equivalent of £200 a calendar month from ATMs for no tip. There ’ randomness no substitute rate markup, if you need to switch from one currency to another – just a small transparent fee .

Contact PayPal

If you ’ re having any issues relating to PayPal withdrawals, here’s how to get help ⁷ :

  • Login to your PayPal account and go to ‘Help’
  • Send a message via the PayPal Assistant live chat service
  • Use the Resolution Centre to resolve issues with transactions or your account
  • Call PayPal Customer Service on 0203 901 7000 – for a quicker service, you can use a one-off passcode generated in your online account.

After reading this, you should have all the information you need on how to withdraw money from PayPal, including the steps to follow, fees and how to get help if you need it .
equitable remember that when it comes to withdrawing money from your PayPal balance in other currencies, there are cheaper options available. Wise offers the real, mid-market exchange rate and fair, crystalline fees – and it could save you a pile if you regularly receive PayPal payments in other currencies.

Sources used for this article :

  1. PayPal – how do I withdraw money from PayPal to my bank account
  2. PayPal – how do I add my bank account to my PayPal account
  3. PayPal – PayPal fees
  4. PayPal – withdrawing money
  5. PayPal – how can I remove sending, receiving and withdrawal limits
  6. PayPal – PayPal Business debit MasterCard
  7. PayPal – contact

Sources checked on 27-September-2021 .
This publication is provided for general information purposes only and is not intended to cover every expression of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any carry through on the footing of the capacity in this issue. The information in this issue does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a alike consequence. We make no representations, warranties or guarantees, whether express or implied, that the contentedness in the publication is accurate, accomplished or up to date .

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Category : How

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