PayPal is an American money transfer company that allows you to move money to over 200 destinations worldwide. It is the most popular money transfer company globally, with over 300 million active users. The company also owns Venmo, a money transfer company that operates in the US only. Unlike the parent company PayPal, you can receive and send money within the US, which allows you to send money internationally. I will discuss how to withdraw money from PayPal using MoneyGram.
Remember that PayPal does not just allow you to use money online only. It allows you to withdraw funds to do various transactions that you cannot do with your PayPal account. PayPal indeed allows you to buy goods and services online. However, not all merchants allow you to pay with PayPal due to a lack of tools and maybe trust issues regarding digital money.
You can withdraw funds from your PayPal account to your bank account or debit card that links to your account. For your information, when transferring money to someone else abroad, PayPal is the best way to send money so that they can withdraw it to their bank account. That is because PayPal to PayPal transactions is instant, and nowadays, it is possible to move money to your bank account within three days. International bank transfer methods can take five days or more.
How to get started with PayPal?
You can get started with PayPal online by creating an account. The platform accepts both personal and business accounts, of which you can create an account within minutes as long as you have all the requirements.
You require a computer, smartphone, or tablet with a secure and reliable internet connection. You also require various details, including a phone number, ID document, an email address, physical address, and a bank account to open your account.
Once you have everything with you, you can open your account by visiting the Paypal website if using a computer or downloading the PayPal App from the Google Play Store with a smartphone. The application is also available for iPhone users as you can get it at the App Store. The following is the process of opening a PayPal account using a computer.
- Visit PayPal website
- Navigate to the platform’s Sign Up page.
- Choose which account type you want to open and click Sign Up Now.
- Enter your details, such as your full email address and a strong password (password must contain at least eight characters which are case sensitive). You will need the details to log in to your PayPal account.
- Tap Next.
- Tap Agree and Create Account.
When creating an account using a smartphone or tablet, you only need to download the application from the relevant sites and follow the step-by-step process to open your account. It is easier and more convenient to create an account with a smartphone than when using a computer.
Once your account is up and running, you will perform various transactions. You will be able to send money through PayPal to friends and family, withdraw to a bank, pay bills, and so on.
How to verify your PayPal account?
You should remember to verify your account to unlock all the necessary features. You can verify your account as follows.
- Move to Paypal to log into your account.
- Hit the Pay & Get Paid option.
- Under Wallet, choose Banks & Cards.
- Select the bank account to verify and proceed as per the instructions.
- Check your bank account or credit card transactions for PayPal’s deposit. Alternatively, you can use an automated system that does not require deposits.
- Confirm your account using either the code (for cards) or deposit amounts (for bank accounts).
After that, you will have verified your account.
What is MoneyGram?
Before looking at how to withdraw money from Paypal using MoneyGram, it is essential to know what MoneyGram is. MoneyGram is an American P2P payment platform and money transfer institution with headquarters in Dallas, Texas, in the United States. It also has various offices across the world. The company facilitates its transaction activities through a network of agents in many countries worldwide.
You can create a MoneyGram account online by visiting its website and creating the sign-up page. After that, you can provide your email address and then create a strong password to safeguard your account.
The password should have a minimum of eight characters, at least one number, and at least one letter. Next, you should enter your mobile phone number and tick the boxes below, then click on the Continue tab and follow the steps that follow.
How to withdraw money from PayPal using MoneyGram?
I can transfer money from PayPal to my bank account either instantly to my debit card or within three days to my bank account. But is it possible to withdraw money from PayPal using MoneyGram? MoneyGram does not accept PayPal as a source of money when carrying out transactions.
However, if you own a PayPal debit card, you can move funds to MoneyGram. MoneyGram accepts debit cards from MasterCard and Visa, and since the PayPal card is from MasterCard, it can work so well with the platform.
Once you transfer money from your card to your MoneyGram, you can move money to a bank account. MoneyGram supports money transfers from your account to a bank account in a few steps, as shown below.
- Sign up or log in to your account. Enter your information for identity verification.
- Select a recipient from your recently sent list or send to a new person and enter the amount you want to send. Also include the place to where you are sending the funds.
- Select ‘Direct to Bank Account.’ You can also select ‘Account Deposit’ depending on your preferences. Select your preferred payment option, which can be directly from your bank account, credit, or debit card. In our case, you will need to choose a PayPal debit card.
- Enter the recipient’s details information. They include your recipient’s full legal names and their bank account information. Remember, these should be your bank account details since you want to withdraw from yourself.
- Review & send! Check whether every detail is correct, then send. The funds will arrive directly to the bank account with no further action required.
How else can you withdraw money from PayPal?
You can see that using MoneyGram is a lengthy process that does not make sense unless your country has issues with withdrawing money directly from your account. There are other ways you can withdraw money from PayPal. They include the following.
i) Withdraw money to a debit card.
You can transfer money from PayPal to a debit card instantly or within a few minutes. The debit card transfer method is available for PayPal users within the US. Instead of transferring to your bank account, you just choose to transfer to a debit card. However, the transfer comes at a fee.
ii) Withdraw to a bank account
The commonest way to withdraw money from PayPal is to withdraw to a bank account. You usually add your bank account to PayPal to fund your transactions or withdraw money when verifying your account. The process below shows how to withdraw money from Paypal to a bank account.
- Log into your PayPal account. Make sure you have a linked bank account before starting the transfer.
- Navigate to “Pay & Get Paid” and choose “Transfer Money” from the menu.
- Decide how much you want to transfer and enter the amount in the provided space.
- Confirm your transfer details to see whether everything is okay and authorized.
The funds should reach the bank account within 1-3 days and go up to 10 days. After five days, then you should contact Paypal support to inquire about the delay. You should also note that it is possible to transfer money from a bank account to PayPal instantly to fund your transactions.
When you added your bank account, the primary purpose was to fund your transactions in times of need and withdraw to the account when necessary.
iii) Withdraw money at an ATM
You can withdraw money at an ATM using the PayPal debit card. The card is just like the ordinary debit cards from banks and credit unions and can easily allow you to withdraw money at an ATM as long as you have the PIN. You just visit an ATM, insert the card into the machine, and then withdraw money.
You should ensure that no one sees your PIN since many fraudsters masquerade around the machines pretending to have issues only to steal from the unsuspecting people.
You can also withdraw money from your account over a bank or credit union counter. You only need to look at a bank that supports Mastercards and request the cashier to withdraw money from your card account. You must have an identification document.
Bottom line
PayPal is a money transfer company with headquarters in the United States. The company has over 300 million users across the world. You can open an account online using either a smartphone, tablet, or computer and use the account to send money online to others.
You can transfer money from PayPal to a bank account. You cannot use PayPal to add money on MoneyGram unless you use the PayPal debit card.
