How to Withdraw Money from PayPal?
If you want to use PayPal for money transfers, you need to know how to withdraw your PayPal balance.
There are essentially two ways you can transfer your PayPal money.
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- You can either move your money to a local bank account
- Or, you can transfer it to a linked debit card
Here is the simple procedure to withdraw money from PayPal.
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- Sign in to your PayPal account
- Click the “Transfer to your bank” option under your PayPal balance
- Select “from” where you are transferring your money
- Select “to” where you are transferring your money
- Choose the amount
- Click “Continue”
- Review the request before clicking “Transfer”
That’s it. Your selected amount will now be scheduled for a transfer to your bank account or debit card. You should know that PayPal reviews all transfers, which can lead to a delay in case there is an issue.
It’s also important to note that PayPal doesn’t charge any fees for these transactions. However, your local bank might deduct a certain amount for every transfer.
So, it’s a good idea to check with your bank before initiating the transfer.
Moreover, you can also withdraw money from PayPal by requesting a cheque, but there’s a USD 1.5fee associated with it.
With that out of the way, let’s talk about a few important things to be mindful of.
PayPal Exchange Rate
It’s free to withdraw money from PayPal if you are dealing with the same currencies. But, there is a conversion fee for transactions that involve different currencies.
For instance, you have US dollars in your PayPal account and want to withdraw them into your UK sterling account.
In that case, PayPal will charge you a certain percentage on the withdrawal.
Getting PayPal Balance at a Better Rate
The exchange rate is an important factor to consider when you transfer your PayPal credits to a bank account.
Fortunately, there is a way to get a fair rate by converting your currency before the withdrawal.
Converting Your Balance with PayPal First
One way to reduce the fee that PayPal takes for transfers involving different currencies is by switching your currencies with PayPal first.
This is because the exchange rate that PayPal charges on an amount without a withdrawal is lower by around 2.5%.
PayPal Fees: With and Without Currency Exchange
PayPal doesn’t charge any fee when your fund transfer involves a single currency. For instance, if you were to withdraw your US dollars into a local US-dollar bank account, there would be zero service charges.
However, PayPal does charge a service fee of 4.5% when you withdraw your PayPal balance into a different currency.
The more efficient way to find out the PayPal currency exchange fee would be to use the currency exchange calculator.
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- Go to the wallet page
- Click “Currency Calculator”
- Select the currencies that you want to convert. The exchange rate will appear there
Note that the exchange rate can vary depending on the market situation.
As mentioned before, your local bank might charge a certain amount on every transaction.
How Does PayPal Set the Exchange Rate?
When you carry out a transaction from PayPal into a different currency, it shows you the conversion rate.
Based on the market conditions, a financial institution determines the exchange rate, which is regularly adjusted.
PayPal includes a processing fee on top of the base rate at which the company receives a foreign currency.
PayPal Debit Card
Source: paypal.com
The PayPal debit card allows you to withdraw your funds from ATMs all around the world. But, you need to have a business PayPal account to qualify for the debit card.
Once you get the PayPal debit card, you can spend your money on online purchases as well.
Another benefit of owning a PayPal debit card is that there is no monthly or annual fee for using it. Not only that, but there is no minimum balance limit as well.
Contacting PayPal Customer Support
There can be questions that only a customer support representative can answer. Maybe you need to ask something specific based on your situation or needs.
If you are a PayPal user and have a PayPal account, you can directly contact customer support after logging into your account.
But, if you aren’t a PayPal user, you’ll have to contact customer support as a guest.
Here are a few ways to get help on matters related to PayPal:
- The PayPal help center is a good resource to get answers to the most commonly asked questions
- Use the resolution center or the community forum to get help on issues that relate to your PayPal account
- You can also chat or email an advisor. As a PayPal user, just log into your account and get in touch with them
- Lastly, you can call the customer service on 08003587911 as a guest if you aren’t a PayPal user
Final Thoughts
PayPal allows easy payment transfers online and is probably the most popular payment platform in the world.
If you have a PayPal account or want to create one, you need to know how to withdraw money from it.
Fortunately, the process is pretty simple. Here is a quick recap.
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- Sign into your account
- Click the “Transfer to your bank” option
- Select where you want to move the funds to and from
- Choose the amount
- Click “Continue”
- Review and click “Transfer”
There is a small percentage that PayPal deducts if the withdrawal of your funds involves two currencies. The currency exchange rates depend on the market conditions mainly.
The currency calculator on your wallet page tells you the currency exchange rate. To reduce the service fee, you can change your currency within PayPal before withdrawing the amount.
