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 a 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.
How 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.
Why should I verify my 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.
How 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.
How to transfer money from a 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.
How to transfer money instantly from PayPal to a debit card
You can transfer money from PayPal to your debit card instantly as long as you are in the US. Unlike PayPal to bank transfers, the instant transfer attracts some fees. You must link the debit card to your PayPal account to carry out the process successfully.
Instant transfers are complete within 30 minutes and are an excellent option to transfer emergency funds for hospital bills, food, and emergency transport, among others. The service is available for eligible Visa debit cards only.
Instant transfers attract a fee of up to 1% of the transfer amount (up to 10.00 $). The following is the process to transfer money from PayPal to a debit card.
- Log into your PayPal account.
- Hit the Balance button.
- Tap Transfer Money.
- Select the option Transfer to your bank.
- Choose the card to withdraw your balance to. If the card is not available, you will have to link it.
- Confirm the amount to transfer and also check the cost.
- Tap transfer to complete the transaction.
Can I transfer money from PayPal to Cash App?
There is no direct way to transfer money from PayPal to Cash App. The two services do not support the transfer of money to each other. However, you can use a bank account to avail money in Cash App.
The first thing is to connect your bank account to PayPal. Afterward, you can then add the same bank account to Cash App. To link a bank account to PayPal, you can follow the steps below.
- Login to your PayPal Wallet.
- Tap Menu then Banks and Cards.
- Search for your bank or even select it from the list.
- Enter your banking details for your online bank to instantly link it with your PayPal account.
When adding bank account details to your Cash App, you can follow the procedure below.
- Hit on the Banking tab on your Cash App home screen.
- Tap Link Bank.
- Follow the prompts
Now you can move money from PayPal to Cash App. You must first transfer the funds from PayPal to your bank account, then log into your Cash App account to add money from the bank account. That way, you will have sent money from PayPal to Cash App.
Bottom line
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.
