How Do I Deposit Money from My PayPal Account into My Bank Account?

Written by James Hirby | Fact checked by The Law Dictionary staff |  

As a loyal PayPal customer, you've probably earned and spent quite a bit of money using your PayPal account. The service is a great way to accept and send payments easily and securely over the Internet. Unlike other payment services, it doesn't require the use of a credit card or involve costly processing fees. For the most part, PayPal functions like a standalone bank account. Although the company no longer invests its members' deposits in an interest-producing money market account, its customer accounts remain one of the safest and most convenient places in which to store money in the "cloud."

Of course, your money can't stay locked up in your PayPal account indefinitely. There are plenty of good reasons to transfer funds from your online account into a physical bank account on a regular basis. Despite its widespread use and portability, there are still some entities that don't accept PayPal payments. For instance, many local utilities and mortgage lenders still don't accept third-party electronic payments. If you need to pay your electricity bill or mortgage bill using the funds in your PayPal account, you'll need to transfer them to your physical checking account.

This can be accomplished in a few different ways. The easiest is simply to attach a "confirmed" back account to your PayPal account. In order to do this, you'll need to provide PayPal with your bank's routing number as well as the number to your individual account. In order to complete the "confirmation" process, PayPal will make two small deposits into the bank account that you've provided. You'll need to confirm the amounts of these deposits with PayPal.

Once you've done this, you'll be free to transfer money between your PayPal account and regular bank account via electronic transfer. These transfers typically take three business days. If your account is located outside of the United States, you might have to wait four or more business days. Likewise, you'll need to ensure that the transfer amount is denominated in the proper currency. If you don't specify the proper denomination for an international bank account, your transfer may fail.

Alternatively, you can request a physical cashier's check from PayPal. In order to do this, you'll need to provide your mailing address and certain other pertinent information. Since it can take over a week for PayPal to process check transfers, this option might not be viable in a time-sensitive situation.

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