Having a PayPal account can be a good thing for you. It is one of the most convenient ways of money transaction. In addition, it can be highly beneficial if you can always maintain a certain amount of money in your account.
If you do not have enough balance in your PayPal account, it can create different problems. One of the best ways to send money to a PayPal account is to transfer from bank to PayPal. If you want to conduct a bank to PayPal transfer activity, you need to know how to transfer money from bank to PayPal.
Here is a complete guide with all the simple processes of increasing PayPal account balance.
What is a PayPal Account?
For over a decade, PayPal has been a trusted mobile banking system for customers. Just like the name suggests, the key concept of PayPal is to pay for anything and from anywhere. All you need to have is an internet account.
The way PayPal works is to link the internet account with your credit card, debit card, or any other bank account. Then, you can choose which method the account will use for the payment whenever you want to pay through PayPal. You can also select a default payment method for PayPal to use every time to lessen the hassle.
Moreover, you can even receive payment through PayPal. The money you receive will stay in your PayPal account. That can be later used for other purposes. You can also use this money for PayPal transfer money to bank account. Most users increase the PayPal balance through PayPal transfer from bank.
How to Transfer Money from Your Bank to PayPal Wallet
Adding money to your PayPal wallet is a simple process. However, there are certain steps that you will have to follow. But first, you will need to open a PayPal Cash or PayPal Cash Plus account. This account will be linked to your bank account.
The PayPal Cash account was introduced in 2019, and the account is placed within your initial PayPal account. You can store or add money to this account. However, you do not need this account to use PayPal only. The function of this account is to transfer money from bank or to the bank account. In the following section, we will learn a step-by-step process to transfer money from bank to PayPal.
Step by Step Process: How to Transfer Money from Bank to PayPal
Adding money to your PayPal account is really simple. You have to follow some steps, and that’s it. The first thing you should remember is to log in to your PayPal Cash account.
Once you have logged in, go to the “Wallet” option. The wallet is the place where you will add money from your bank account. Remember, the bank account is already synced with your PayPal account.
Inside the “Wallet” option, you will find the “Transfer Money” option. Click on it, and you will find the “add money” option. The exact words of the option would be “Add money to your balance.” Click on it.
After you click on the last option, you will be directed to selecting the bank you want to transfer money from. Select the desired bank. After selection, the “Add” option will pop up. That is the final step. You will need to click on the “Add” option, and your work here is done.
How to Add Money to PayPal from a Debit Card?
PayPal is an online banking system. Therefore, it will not be possible to add money to your PayPal account with just a debit card. You will obviously need a bank account to be synced with the account.
However, you can also only sync the debit card number to your PayPal account. The process is fairly simple as well. The first step is obviously to log in to your account. Once you have logged in, you can have access to your “My Account” page.
Go into your account page and find the option to add your debit card information. Next, you will need to select the “Add or edit credit card” option. Once you go inside, you will find blank boxes to write relevant debit card information.
After inputting all the necessary information, click Save. You may receive a confirmation question. Confirm the changes, and your work is done. The next time you need to add money to your PayPal account, you can directly select the debit card and add money to your account.
How to Add Money to PayPal without a Bank Account?
Adding money to your PayPal account with a bank account is not exactly possible. However, there are ways around it. People who do not have a bank account cannot use PayPal so fluently. There are options to use a third-party or PayPal credit card. You can also use your credit or debit card instead of directly syncing the bank account to your PayPal account.
Method 1: Using a debit card
The first method is the simplest one, and it is just like the last section of the article. You can easily input the debit card information. Then, follow the steps mentioned earlier, and you will be good to go. So the next time you require money to be added to the PayPal account, all you have to do select the debit card option, and money will be automatically added to the account.
Method 2: Using a credit card
The same goes for credit cards as well. When you click on the “Add or edit credit card” option, you can input information on both credit card and debit card. So fill in the blank boxes with your credit card information and go through the process just as the first method.
Method 3: Using PayPal plus credit card
If you are living in the US, this is one service you can enjoy. However, you will need to pay a service of USD 4.95. The PayPal cash card is a debit card that will allow you to add money or make a purchase through the PayPal account.
You will have to sign up for PayPal plus a credit card. Once you make the request, the company will send you a card that you can use later to add money to your PayPal account. After the arrival of the card, you will need to activate it through your PayPal account.
Then you will have to select “Add Money” and after that the “Add Cash” option. Next, select the nearest retail store that accepts PayPal payment. Go to the store, scan the barcode, and your payment process will start shortly.
Method 4: Using third-party service providers
PayPal itself is a third-party payment method. Several other parties are involved with PayPal. You can easily create an account with those service providers and request to add money to your PayPal account.
List of Banks Allow PayPal Money Transfer
The list of banks that will allow transferring money to a PayPal account is limited. However, some of the banks are as follows:
- BNY Mellon
- Bank of America
- Wells Fargo
- JPMorgan Chase
These are the banks that you would need to have a bank account in. Likewise, if you intend to use only a credit or debit card to add money to your PayPal account, these are the banks that should issue those cards as well.
How Long Does a PayPal Money Transfer Take?
Transferring money to your PayPal account from a bank account works just like any other bank transfer. However, a bank transfer of money may take several working days to be completed. For the PayPal money transfer, you can expect from 3 to 5 working days to complete the transfer.
PayPal Instant Money Transfer Fees
The fee for instant transfer of money from a bank account to a PayPal account is very minimal. However, for a bank transfer to a PayPal account, the company will charge you a percent of the total money. That means you will be charged with a fee of up to $10 at max for every hundred dollars.
Why Should You Use PayPal for Instant Payments?
Cashless and internet transactions are the most convenient payment method out there. Just the convenience it brings you should be enough to convince you to use PayPal for instant payments.
Moreover, the process is as secure as possible. All the necessary things are within the hold of your palm. Furthermore, the monitoring system ensures extreme preventive measures against frauds and thieves.
Final Words: How to Transfer Money from Bank to Paypal
If you want to use PayPal regularly, it will be convenient for you. It is crucial to know how to transfer money from bank to PayPal. There are several methods to do that. PayPal has been there in the business for many years now.
That suggests that PayPal is established and trusted by many users. The best thing about PayPal is probably the linkage with bank accounts with the best security and internet transaction system.
FAQ: Transfering Money to Paypal from Bank Account
Can You Transfer Money from Bank Account to PayPal?
Yes, you can. It is by far the best way to add money to your PayPal account.
Why Can't I Transfer Money From My Bank Account to PayPal?
There could be several reasons behind this. Firstly, you may not have opened a PayPal Cash or PayPal Cash Plus account. Second, there might be a limitation placed on your account. Finally, the feature of transferring money from a bank account to PayPal may not be available in your country or region.
How Do I Send Money to a PayPal Account?
You will find a Send and Request option at the top of your account page. Once you click on it, you can send money to your PayPal account by putting in the recipient's email address and the amount of money to be sent.
How Long Does It Take to Transfer Money from Bank to PayPal?
It usually takes 3 to 5 full working days to transfer money from the bank to PayPal.
How Do I Transfer Money from Visa to PayPal?
When you want to add money to your PayPal account, select the saved visa card option to transfer money from your visa to PayPal.