Can You Send Money to Yourself with PayPal Credit?

By Jim Marous 6 Min Read

Can you send money to yourself with PayPal Credit? This is a question that has sparked curiosity among PayPal users. While it’s actually possible to send money to yourself with PayPal Credit, there are some caveats involved. So, whether you’re looking to transfer funds between your PayPal accounts or seeking a convenient solution for personal transactions, we’ve got you covered.

Do note that moving your PayPal Credit as cash (cash advance) only works for US PayPal. It doesn’t work for UK PayPal, unfortunately.

What is PayPal Credit?

Can you send money to yourself with PayPal Credit

Before we dive into the details, let’s take a moment to understand what PayPal Credit is. PayPal Credit is a line of credit provided by PayPal to eligible customers. It offers a convenient way to make purchases online or through participating merchants and pay for them over time. It’s like having a digital credit card linked to your PayPal account.

How to send money to yourself with PayPal Credit [Step by Step]

When it comes to transferring funds between your own PayPal accounts, PayPal Credit can be a valuable tool. While PayPal Credit is not explicitly designed for sending money to yourself, it is still possible to do so. PayPal allows transfers between personal accounts as per user agreement. So, you have to get in touch with a friend or family member to receive the Credit as funds for you.

Without much ado, here’s how to send money to yourself with PayPal Credit:

  1. Log in to your PayPal account from which you wish to send money.
  2. Navigate to the “Send & Request” tab located at the top of the page.
  3. Choose the “Send to Friends and Family” option.
  4. Enter the email address or mobile number associated with your friend’s PayPal account.
  5. Specify the amount you wish to send and select the currency.
  6. Select PayPal Credit as your payment option. (If you don’t have PayPal Credit as an option, then it is not supported in your country).
  7. Review the details and click on the “Send” button.

When your trusted friend confirms the money, have them send it to your bank account. That’s how you send money to yourself with PayPal Credit, basically through a friend or family member indirectly.

How long to transfer PayPal Credit?

The transfer duration is similar to your conventional money transfer from your PayPal balance or your linked card as long as you have the option of selecting your PayPal Credit account. It should take a couple of minutes. However, this may not be the case for transactions outside your country due to the currency conversion involved.

If you don’t have the option, then PayPal does not support transferring funds from your Credit account in your country.

What you need to know when sending money with PayPal Credit – considerations and limitations

While you can send money to yourself with PayPal Credit flexibly, it’s essential to consider a few important factors:

1. Credit limit

The amount you can send to yourself is determined by your available credit limit on PayPal Credit. Make sure you have sufficient credit available before initiating the transfer.

2. Cash advances

Keep in mind that using PayPal Credit for self-transfers is considered a cash advance. Cash advances typically accrue interest charges from the moment they are made. Familiarize yourself with the associated fees and interest rates to make informed decisions and manage your finances effectively.

3. Repayment

Since sending money to yourself with PayPal Credit involves borrowing funds, it’s crucial to stay on top of your repayment responsibilities. Ensure that you make timely payments to avoid any potential negative impacts on your credit score or additional fees.

4. Currency conversion

If you’re sending money to yourself in a different currency than your PayPal Credit account, be aware that PayPal applies a currency conversion fee. Familiarize yourself with the exchange rates and any associated charges to make an informed decision.

5. Compliance

Make sure to comply with PayPal’s terms of service and any applicable laws and regulations when using PayPal Credit for self-transfers. If you encounter any issues or have specific questions, don’t hesitate to reach out to PayPal’s customer support for assistance and guidance.

Read also: Direct Express to PayPal funding made easy

Conclusion—send money to yourself with PayPal Credit

Unfortunately, directly transferring PayPal Credit to your personal bank account is not possible since PayPal Credit is designed to be used for online purchases and transactions within the PayPal ecosystem. That’s why you need to send the Credit to your friend and then back to your bank account.

Now that you’re equipped with the knowledge you need, go ahead and explore the possibilities of using PayPal Credit to send money to yourself.

Read also: PayPal has the features of a bank and requires no SSN to open

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Jim Marous is a Top 5 Retail Banking Influencer, Global Speaker, Podcast Host and Co-Publisher at The Financial Brand. I am a co-author here at Finance and Pay, writing on a lot of topics regarding payments, banking software, cards, and investing.
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