In this article, you shall learn how to withdraw your money from your PayPal account. To withdraw your money, the first thing you need to do is ‘Login’ to your account by entering your ‘Username/Password’. The moment you ‘Login’ to your PayPal account, you will reach the ‘Overview Menu Option’ page. In this menu, you’ll find different menu options such as; Overview, Add Funds, Withdraw, History, Resolution Center. Among these options, you will have to click on ‘Withdraw’. The moment you do so the Withdraw Funds Heading web page will open, where the PayPal Company allows you to withdraw your money through three simple ways:

 

1) The money will get transferred straight to your bank account.

2) You can get your money through Cheque at the address you’ve specified in your PayPal account.

3) You can get your money transferred to your Debit Card / Credit Card Account.

 

Out of all the three options, the safest way is to get your money transferred to your bank account, because cheque can get lost or even get returned, in which case you’ll have to pay a fine of Rs 250. On the other hand, you can transfer your money to your Debit Card / Credit Card Account when you’ve already linked and confirmed your Debit Card / Credit Card in your PayPal account.

 

To link your Card to your PayPal account is an easy task, but the card can only be confirmed by the PayPal Company when your bank has an online banking facility because to confirm your card the PayPal company sends you a four-digit code. But the code can only be seen in your online bank account. Also with this confirmation, the PayPal company takes $1.95(about Rs 100), and this money will be returned to you only when you use the 4 digit code to confirm your card.

 

Withdrawing Money from PayPal Account to Bank Account

 

When you transfer the money from your PayPal account to your bank account, then for that transaction to be confirmed, meaning for the money to come into your bank account, it takes 5-7 days. Also if the withdrawal amount is Rs 7000 or more then no service charge will be required but if it is up to Rs 6999, then you’ll have to pay Rs 50 as commission to the PayPal company service charge. Other than that, the bank will also charge a certain amount of service charge. When you transfer your money from PayPal account to your bank account then at least $10 must be transferred. Any amount lesser than that cannot be transferred.

 

Withdrawing Money from PayPal Account through Cheque

 

When you wish to withdraw money from your PayPal account through cheque, then you will get the Cheque in 4-6 days. Also in exchange of the issued Cheque, PayPal charges you $5 as service charge. When PayPal issues a Cheque then it can only be deposited in the bank account on whose name it was issued. If your PayPal account and bank account are different, then you cannot deposit your cheque in your bank account and nor can you stop the Cheque. That’s why the Cheque is returned to PayPal, for which the PayPal Company will fine you a charge of Rs 250. So, you should create your PayPal account only on the name of your bank account.

 

Withdrawing Money from PayPal Account to Bank Card

 

If you want to transfer the money from your PayPal account to your card, the first requirement is that you must have a VISA debit card. Also when you want the money transferred to your card, then PayPal charges you a service charge of $5 and the money will be transferred in 5-7 days. Also if you wish to convert your money into another currency, then PayPal charges you an extra charge that you’re required to pay. 

 

If the facilities provided and charges fined by PayPal needs to be summarized, then it can be done as following:

 

1) On PayPal website, it is absolutely free to create a PayPal account.

2) Online payment to anyone is completely free using PayPal account

3) Any amount more than Rs 6999 can be transferred to your bank free of charge. But if the amount is equal to or lesser than that you will be charged an amount of Rs 50.

4) If you’ve created a PayPal account, then you can transfer money from someone else’s to your PayPal account absolutely free of charge. But if you want to acquire money that someone sent you through credit/ debit card to your PayPal account, then for a whole year you can take only five such payments, and also from the payment 5.5% commission should be given to PayPal company. But if you’ve created ‘Premium PayPal account’ or ‘Business PayPal account’, then you only have to pay up to 2.5% or 3.5% commission and you can receive any number of payments through credit/ debit card.

5) If PayPal has to convert the currency while you’re withdrawing your money, then for this conversion PayPal charges you 2.5%. 

If you want any more information on the fees charged by PayPal, then click on the ‘Fees’ hyperlink on any page of the PayPal website.

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Written by
Abhishek Dass
Know who you are, and be it. Know what you want, and go out and get it!

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