PayPal is a money transfer platform that allows you to send and receive money from others. The institution is a mobile wallet in nature, and users can access their accounts online. Opening a PayPal account is purely online, and all that you require is a smartphone or computer. You can open a PayPal account via the PayPal app or over the web. Today I will explain to you how to transfer money from bank account to PayPal instantly.
Since PayPal is a mobile wallet, there must be a way to top up your balance for various transactions. Using a bank account is one of the significant ways you can top up your PayPal account. We shall see how you can add a bank account and proceed to add money to your account.
It is important to note that PayPal is an international company. That means it operates globally. You can send and receive dollars from any part of the world. Since the start of its operations in 1998, PayPal has seen tremendous growth in its operations. Currently, it serves over 200 countries. Although it faces stiff competition from other mobile wallets such as Payoneer, Skrill, Cash App, and others, PayPal still maintains its reputation that sticks customers around.
Steps To Open A PayPal Account
The first step to using PayPal services is to open a PayPal account. The process is easy, and you require a secure and reliable internet connection to carry out the process.
Before setting up your PayPal account, deciding which type of account you would like to open is crucial. PayPal has two types of bank accounts. We have a Personal PayPal account and a business account. The personal account allows you to send money through PayPal to friends and family members.
If you have a business, you can open a business account and receive payments from your clients. A business account helps you to separate the business money from your personal expenses. That way, you can account for every transaction that you undertake.
The steps below show how you can open a PayPal account. Have a look.
- Visit PayPal.
- Navigate to the opening account section.
- Click on ‘Sign up’.
- Choose whether to open a business or a personal account.
- Enter a phone number.
- Next, fill a form asking for your name, email address, and password.
- Hit ‘Continue’.
- Type in your physical address and any other required info.
- Hit ‘Continue’.
- Add a debit, credit card, or bank account.
- Verify your email address to have your account fully functional. You will do this by clicking the link sent to your email address.
Reasons Of Verify Your PayPal Account
Verifying your PayPal account is very important to ensure that you enjoy all the features of a PayPal account. Also, when you verify your account, your account remains secure so that no one can withdraw money from it fraudulently.
To verify your account, you have to connect your PayPal account with a bank account or credit/debit card. If you had not done so when signing up, then this is the time to do it. The following is the process of verifying your account.
- Visit PayPal.com to log into your account.
- Hit on the ‘Pay & Get Paid’ tab.
- Under wallets, select ‘Bank & Cards’.
- Hit on the ‘Bank account or card’ to verify.
- Check your bank account or debit/credit card for PayPal’s deposit.
- Confirm your card using either the 4-digit code for a card or two deposit amounts if confirming a bank account.
Once you complete the process, you will now have full access to all PayPal features. If you add another bank or card, you will have to verify them as well.
Some Ways To Use PayPal
Once your PayPal account is functioning, you can start using the account. There are various ways you can use your PayPal account. They include the following:
1) Send and receive money
PayPal allows one to send money to other PayPal account holders instantly. You only require the recipient’s email ID or phone number, and you are good to go. The following is the process of sending money using PayPal.
- Click ‘Send & Request money’ at the top of the page.
- Select from the three options.
- Enter the email or mobile phone number of the recipient.
- Enter the amount of money to send.
- Click ‘Continue’.
- Review and confirm the details on the screen and click ‘Send Money Now’.
If your friend or relative wants to send money to your account, you only need to give them your PayPal ID. Once they send money, you will get a notification from PayPal about the transaction.
2) Pay for goods and services
PayPal also allows you to pay for goods and services. Various online merchants allow using PayPal when checking out. You get a prompt to log in to your PayPal account to make the payment. If you have a two-way verification process, you will receive a code in your phone number to authorize the transaction.
3) Transfer money to a debit card
PayPal allows you to move money to an eligible Visa and MasterCard debit instantly. The funds reflect in your bank account that links to the card.
4) Transfer money to a bank account
I can quickly transfer money from PayPal to my bank account and use it for various transactions. That makes it possible to receive payments through PayPal since you can access the funds in your account. It takes 3-5 business days for PayPal to bank transfer to complete. Furthermore, PayPal to bank transfer is free.
You can use the following steps to transfer money from PayPal to a bank account.
- Navigate to ‘My wallet’.
- Hit on ‘Transfer Money’.
- Tap ‘Transfer to your bank’.
- Select the bank account to deposit the money.
- Click ‘Continue’.
- Enter the amount to withdraw and click ‘Next’.
- Review the transfer details and click ‘Transfer Now’.
Process To Transfer Money From Bank Account To PayPal Instantly
Apart from transferring money from PayPal to a bank account, you can also transfer money from a bank account to Paypal. That way, you can have money to fund your PayPal transactions.
Instant transfer from your bank to PayPal is possible but requires enough money in your bank account. Also, you need to have a backup credit/debit card. PayPal will use the card to get their money if your bank declines the transfer.
The instant transfer happens when you want to pay a merchant some amount of money. When you request the transfer, PayPal credits the merchant with the amount of money you requested and then goes back to your bank to request the payment.
If your bank declines the request, PayPal will return one more time after three days to try to get the money. If your bank declines for a second time, PayPal will turn to your backup debit or credit card to get their money.
The instant bank to PayPal transfer service is available for US bank accounts. PayPal should confirm the account to be eligible for the service. The process below shows how you can transfer money instantly from your bank account to PayPal.
- Tap ‘Send & Request’.
- Follow the prompts to complete your payment.
Final Words
PayPal is a money transfer platform that allows you to move money from one person to another. The service operates in over 200 countries worldwide, and you can open a personal or a business account online. PayPal supports both a smartphone and a computer, and one can transfer money from PayPal to a bank account or debit card. PayPal instant transfers are only available for people in the US. You cannot directly transfer money from PayPal to Cash App unless you use a bank account.
