It can be quite confusing as to whether you can transfer PayPal credit to bank account or not. The answer is that you can but only with a US PayPal account. If you have a UK PayPal account, you can’t transfer PayPal Credit to your bank, even if you want to do so indirectly by first sending the credits to another PayPal. Perhaps, it will be possible in the future.
Now that we’ve eliminated the confusion, this article then goes on to guide you step by step on how to move your PayPal credit to your bank account (US PayPal).
How to transfer PayPal Credit to bank account
You know that you can get cash advances from your PayPal Credit account. However, this only works for the US PayPal account. It doesn’t work for UK PayPal, so if you’re on UK PayPal, sorry mate.
Below are the steps to transfer PayPal Credit to bank account:
1. Find a second PayPal account
You can’t send money to yourself from your PayPal Credit account. But, if you have a trusted friend or family member who has a PayPal account, they can help you out by receiving the PayPal Credit on their account.
2. Enter the recipient’s PayPal email address
Log in to your PayPal account and select “Send Money.” Enter the email address of the person you trust, along with the amount you want to receive as a cash advance.
3. Choose PayPal Credit as payment option
Then, change the payment method to PayPal Credit and click “Send.” Keep in mind that there is a small transaction fee that you’ll need to pay.
4. Send funds
Once your friend or family member receives the money in their PayPal account, they can then send it back to you by selecting “Send Money,” entering your email address, and choosing “PayPal Balance” as the payment method. Again, there will be a small fee charged to the person sending the money, but you can easily pay them back.
5. Redirect the funds to your bank account
Once the money is in your PayPal account, have them transfer it to theirs or your linked bank account by selecting “Transfer to Your Bank.” It typically takes about 2-3 days for the money to be credited to your bank account, depending on your bank’s processing time.
How long does it take to transfer PayPal Credit to Bank Account?
When you initiate a transfer from your PayPal account to your bank account, the transfer time can vary depending on a few factors. One of the main factors that can affect the transfer time to transfer PayPal credit to bank account is your bank’s processing time. Banks typically have different processing times, so it’s essential to check with your bank to see how long it will take for the funds to appear in your account.
Additionally, PayPal states that it can take up to 1-3 business days for the funds to appear in your bank account. However, this is just an estimate, and the transfer time can vary depending on the circumstances.
But don’t worry, there are ways to speed up the transfer process. For instance, PayPal offers an Instant Transfer option allowing you to instantly transfer your funds to your eligible bank account for a small fee. This is an excellent option if you need the funds in your account as soon as possible.
PayPal Credit to bank account fees
When you transfer PayPal Credit to bank account, PayPal typically charges you the same way they charge your traditional funds. So, be aware of the transfer fees. PayPal doesn’t charge any fees for the transfer itself, which is good news. However, your bank may charge a fee for getting the money.
Check with your bank to see if they charge any fees for receiving payments before you start the transfer. Some banks charge a flat fee, while others charge a certain portion of the amount being transferred.
Even though there may be fees, keep in mind how convenient it is to be able to move your PayPal cash straight to your bank account. With just a few clicks, the money will be in your account and ready for you to use however you want. Whether you’re paying bills, making a buy, or just need a little extra cash, being able to move your PayPal credit quickly and easily can be a real help.
Read also: no SSN? No banking problem
Conclusion—transfer PayPal Credit to bank account
It is a no-brainer to transfer your PayPal Credit to a bank account, especially if you reside in the US. Just link your Credit account after approval to Payal to begin the cash advance.
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