Receiving and withdrawing money from PayPal are both easy. That means if you want to know how to store money in PayPal, the solution and process will be quick. That is, of course, provided that the account is already connected to a bank account. But before we discuss any further, make sure to check out our other PayPal guides here on Money Brighter.
PayPal has made its user experience simple and easy to understand. To enjoy that ease, you must first realize some important details—these steps are related to being a verified PayPal account user.
As you may have learned from PayPal or from a friend who knows about PayPal accounts, there is no limit to receiving money into your account. But when it comes to withdrawing funds from your PayPal dashboard to your bank account, it becomes strict.
As a matter of fact, it is not just with transferring to bank accounts—any form of withdrawal like using your balance to purchase items online or for money transfer. When you exceeded the set threshold for a basic account, your PayPal will be held pending review until you submit some documents for identification.
On this page, you’ll learn about the following:
How to get a verified PayPal account
Before we tell you how to withdraw money from PayPal, you need first to learn how to get your account verified to lift off the limitation of your purchase and transfer amounts. If you already have a verified account, feel free to skip this short tutorial and head straight down to the next tutorial.
The first is to open a new tab on your web browser and go to the PayPal official page.
Click on the “Log in” button in the top right corner of the page.
Type in your PayPal registered email address and password before hitting that Enter key.
Once you see your PayPal account dashboard, go see and click the “Add a bank account or card” button just below your current funds.
On the next page, choose the “Bank Accounts” button.
Next is the page where you will need to fill up the blank areas with your bank account details. Before you click on the “Continue,” make sure that all details are correct.
When you are sure about the details, click “Continue.”
Now, verify your bank account. To do this, have PayPal deduct $2 from your bank account. Don’t worry. It will be paid back to you once the verification is completed.
That’s it! When you have a verified account, you can withdraw all your money anytime you want without restrictions.
How to withdraw money from PayPal
Now, here is where you learn how to do bank transfers into your account so that you can get a hold of your physical money. You should be done with this in just a couple of minutes. Just follow the step-by-step guide, and you should be just fine.
- First, open a new tab on your web browser and go to the PayPal official page.
- Click on the “Log in” button at the top right corner of the page.
- Type in your PayPal registered email address and password before hitting that Enter key.
- Just right at the bottom of your current funds, click on the “Withdraw Funds.”
- Enter the amount of money that you want to transfer to your bank account.
- On the next page, click on the bank account that you want to use. That is, if you have registered multiple bank accounts to your PayPal account.
- That’s it. You just withdrew the money out of your PayPal account.
These are just some of the many perks of having a PayPal account, especially when it is premier or a verified business account. You get to enjoy most, if not all, of PayPal’s products and services like sending money to friends. Only a few similar services can provide what PayPal can. Anyway, it will still depend on what a person needs are daily. Not all people feel suited to PayPal after all.
So what do you think about PayPal’s way to withdraw money from your account to the bank? Are you okay with the simplicity and the ease of the user interface? Let us know what you think in the comment section below. We would be pleased to know your thoughts. From exchange rate margin, Transfer Funds, real exchange rate, base exchange rate, conversion rates, electronic funds transfers, instant transfer request, currency exchanges, international money transfer, foreign exchange rate, card withdrawal currency, minimum balance/ Balance Limits, PayPal Business, bank statement, card balance, or Bank Account with Paypal, drop in your queries. And do not forget that you are always welcome to leave suggestions and even ask questions in the comment section. Rest assured that we will try to answer all your queries as soon as we can.