The basic steps to transfer PayPal money to your bank

To move money from PayPal to your bank account, you log into PayPal, go to your Wallet, select your bank account, and request a transfer. PayPal then sends the money to the bank account you have connected to your PayPal profile. The transfer usually takes one to three business days, though it can occasionally take longer depending on your bank.

You do not need to pay a fee for standard transfers to a U.S. bank account. PayPal does offer a faster option called when ready Transfer, which moves money in minutes instead of days, but that service costs between 25 cents and $2 per transfer depending on the amount.

Before you can transfer money, you must have already linked a bank account to your PayPal profile and verified that account. If you have not done this yet, that step comes first and takes a few extra days.

Key Takeaways

  • Standard transfers from PayPal to your bank account are free and take one to three business days.
  • You must link and verify your bank account with PayPal before you can transfer money, which involves PayPal sending small test deposits to confirm you own the account.
  • when ready Transfer moves money in minutes instead of days but costs 25 cents to $2 per transfer.
  • The transfer happens through your PayPal Wallet, not through your bank's website or app.

How to link your bank account to PayPal for the first time

Open PayPal on a computer or in the app and go to Settings (the gear icon). Select Wallet, then Banks and Cards. Click Add a Bank Account and enter your routing number and account number. You can find both on a check, or log into your bank's website to look them up.

PayPal will then send two small deposits (usually between 1 and 3 cents each) to your bank account over the next one to two business days. Once you see those deposits in your bank account, go back to PayPal and confirm the amounts. This verification step proves you own the account and prevents someone else from linking your bank account without permission.

After verification is complete, your bank account is ready to use for transfers. You can now move money from PayPal to that account whenever you want.

The difference between standard and when ready transfers

Standard Transfer is free and takes one to three business days. Your money arrives during your bank's normal processing window. This is the right choice if you do not need the money urgently and want to avoid fees.

when ready Transfer moves money to your bank account in minutes, but PayPal charges a fee. The fee is a percentage of the amount you transfer — it ranges from 25 cents on small transfers up to $2 on larger ones. You choose when ready Transfer at the moment you request the transfer, and you see the exact fee before you confirm.

Not all banks support when ready Transfer. If your bank is not on PayPal's list, you will only see the standard option available. You can check whether your bank supports it by starting a transfer and seeing what options appear.

What happens if your transfer fails or takes longer than expected

If a transfer fails, PayPal usually tells you why. Common reasons include a closed bank account, a mismatch between the name on your PayPal account and the name on your bank account, or a problem with your bank's system. If PayPal rejects the transfer, the money stays in your PayPal balance and you can try again.

If a standard transfer is taking longer than three business days, check your email for messages from PayPal. Sometimes your bank flags the incoming transfer as suspicious and holds it. Contact your bank to ask whether they are holding a deposit from PayPal, and tell them to release it.

when ready Transfers occasionally fail too, usually because your bank's system is temporarily down. If an when ready Transfer fails, PayPal refunds the fee and you can try again or use standard transfer instead.

Limits on how much you can transfer

PayPal sets limits on how much you can transfer in a single transaction and over a period of time. These limits depend on how long you have had your account, how much money you have received through PayPal, and whether PayPal has verified your identity. New accounts have lower limits than established ones.

You can see your current transfer limit by going to Settings, then Wallet, then Banks and Cards, and looking at the limit shown next to your bank account. If you need to transfer more than your limit allows, you can request a limit increase through the same menu, though PayPal may ask you to verify additional information before raising it.

when ready Transfers have their own separate limit, which is usually lower than your standard transfer limit. If you want to move a large amount, standard transfer may be your only option.

Why your bank account name must match your PayPal name

Your bank account must be registered under the same name as your PayPal account. If you go by a nickname on PayPal but your bank account is under your legal name, the transfer may fail or be delayed. Banks use the account name to match incoming deposits to the right account, and a mismatch can trigger fraud checks.

If your names do not match, update your PayPal name to match your bank account exactly. Go to Settings, then Personal Info, and change your name there. You may need to verify your identity with PayPal before they allow the change.

Transferring money from PayPal to a different bank account

You can link multiple bank accounts to PayPal and transfer to whichever one you choose. To add a second account, go to Settings, Wallet, Banks and Cards, and click Add a Bank Account. You will need to verify the new account the same way you verified the first one — by confirming the two small test deposits PayPal sends.

When you request a transfer, PayPal shows you all your linked accounts and lets you pick which one to send the money to. You can change which account you transfer to each time, or set a default account that PayPal uses unless you choose otherwise.

If you want to remove an old bank account, go to Banks and Cards and click the account you want to delete. You can only delete an account if it is not your default transfer account, so if you want to remove your current default, you must set a different account as default first.

Frequently Asked Questions

Can I transfer money from PayPal to someone else's bank account?

No. You can only transfer PayPal money to a bank account registered under your own name. If you want to send money to someone else, use PayPal's Send Money feature instead, which lets you transfer directly to another PayPal account or to their email address.

What if I do not have a bank account yet?

You cannot transfer from PayPal without a linked bank account. You would need to open a checking or savings account at a bank or credit union first. Some credit unions and online banks have lower minimum balance requirements and simpler opening processes if you are new to banking.

Does PayPal charge a fee for transfers to my bank?

Standard transfers are free. when ready Transfers cost 25 cents to $2 depending on the amount. PayPal shows you the exact fee before you confirm the transfer, so you always know what you are paying.

Can I cancel a transfer after I have requested it?

You can cancel a standard transfer before it leaves PayPal, which is usually within a few hours of requesting it. Once the money reaches your bank, you cannot cancel it through PayPal — you would need to contact your bank. when ready Transfers cannot be cancelled once they are initiated because they move so quickly.

Why does my transfer say it is pending?

Pending means PayPal has received your request but has not yet sent the money to your bank. Standard transfers usually stay pending for a few hours to a day before they process. If a transfer stays pending for more than three business days, contact PayPal support to find out what is holding it up.