1 PayPal Transfers require a PayPal Balance account and a personalized card, which arrives within 10 business days after activation of your instant-issue card. If you do not already have a PayPal Balance account you will link to this Card, visit www.paypal.com to get one, or you may get one when you activate this card online. PayPal Balance account required for certain features, but not to have the PayPal Prepaid Card. Transfers may not exceed $300 per day/$2,000 per rolling 30 days and are limited to the funds available in your PayPal Balance account. Transfers may only be made in the name of a valid PayPal Prepaid Mastercard Cardholder. Only one (1) PayPal Prepaid Mastercard may be linked to one (1) PayPal Balance account. PayPal Transfers cannot be reversed or canceled. The Bancorp Bank and Mastercard are not affiliated with, and neither endorses nor sponsors the PayPal.com online account to which various funding sources, including a PayPal Prepaid Card, may be linked.
2 IMPORTANT INFORMATION FOR OPENING A NEW CARD ACCOUNT: To help the federal government fight the funding of terrorism and money laundering activities, the USA PATRIOT Act requires us to obtain, verify, and record information that identifies each person who opens a Card Account. WHAT THIS MEANS FOR YOU: When you open a Card Account, we will ask for your name, address, date of birth, and your government ID number. We may also ask to see your driver's license or other identifying information. Card activation and identity verification required before you can use the Card Account. If your identity is partially verified, full use of the Card Account will be restricted, but you may be able to use the Card for in-store purchase transactions. Restrictions include: no ATM withdrawals, international transactions, account-to-account transfers and additional loads. Use of Card Account also subject to fraud prevention restrictions at any time, with or without notice. Residents of Vermont are ineligible to open a Card Account.
3 While this specific feature is available at no cost, certain other transaction fees and costs, terms, and conditions are associated with the use of this Card. See the Cardholder Agreement or Online Account Center for more details.
The PayPal Prepaid Mastercard is issued by The Bancorp Bank, Member FDIC, pursuant to license by Mastercard International Incorporated. Netspend is an authorized representative of The Bancorp Bank. Certain products and services may be licensed under U.S. Patent Nos. 6,000,608 and 6,189,787. Use of the Card Account is subject to activation, ID verification and funds availability. Transaction fees, terms, and conditions apply to the use and reloading of the Card Account. See the Cardholder Agreement for details.
Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Card may be used everywhere Debit Mastercard is accepted.
PayPal and the PayPal logo are registered trademarks of PayPal, Inc. Designated trademarks and brands are the property of their respective owners.
This retailer engages in money transmission services as an authorized delegate of Netspend Corporation (NMLS #932678). State licenses, disclosures, and complaint information may be found here www.netspend.com/help/licenses.
© Netspend Corporation. All rights reserved worldwide. Netspend is the federally registered U.S. service mark of Netspend Corporation. All other trademarks and service marks belong to their owners.
Do you need to transfer money to your friends and family abroad? One of the easiest ways to do so is through PayPal. Though PayPal is more well-known as an online payment service provider, you can also use it as a money transfer platform. Although it’s free to use locally, using PayPal can be quite expensive when sending money abroad. To give you an idea on Paypal’s funds transfer service, we’ve laid out some information below on how you can do it and how to transfer money from PayPal to bank account.
Sending money with PayPal
It’s easy and straightforward to send money to a bank account through PayPal. Though it’s free to transfer money locally, PayPal may not necessarily be the cheapest option when sending funds overseas.
PayPal collects fees from the sender’s payout amount and adds a markup on the exchange rate. As a sender, you’ll be charged for both the service and conversion fees, so you’ll end up paying more, but your receiver will end up getting less.
Using remittance services like Kabayan Remit will cost you less. Kabayan Remit offers competitive service fees and very minimal markup on the exchange rate, so you’ll get more from your money’s worth. See for yourself using both companies’ calculator:
For more information on PayPal’s fees, click here.
If you wish to send money using PayPal, here’s how to transfer money from PayPal to bank account.
How to transfer money from PayPal to bank account
There are different ways on how to transfer money from PayPal to bank account. You can do so either on their website or mobile app.
Once you’ve linked your bank account to your PayPal account, it’s quick and easy to withdraw your PayPal balance. Here’s how:
How to transfer money from Paypal to bank account using the website
- Go to Paypal.com and log in to your account.
- Go to the “Wallet” tab on top of the page.
- Click the “Transfer Money” button.
- Select “Transfer to your bank”.
- Choose the bank you wish to transfer the funds to, then click “Next”.
- Enter the amount you’re sending then click “Next”.
- Review the transaction details then click “Transfer Now”.
How to transfer money from Paypal to bank account using the mobile app
- Download the PayPal mobile app and log in to your profile.
- Go to “My Wallet” and click “Transfer Money”.
- Click “Transfer to your bank” then select the bank you’re sending the money to. Then, click “Next”.
- Enter the amount you wish to transfer then click “Next”.
- Check the transfer details and once ready, click “Transfer Now”.
Paypal international money transfer
If you’re in the UK and send money from PayPal to a UK bank account, the transfer will be free of charge. However, when you transfer funds to a bank account abroad, there are fees associated with every transaction.
PayPal includes a conversion fee on the currency exchange, which is about 2.5% to 4%, and it can vary depending on the transaction. This currency conversion fee is then added on top of the transaction fees they charge.
In the end, you’ll be paying more than what you might have anticipated.
Another factor to consider when making international transfers with PayPal is the time it takes to process the transaction. They have a cut-off time on the weekdays at 7:00 PM ET. Transfers made after the cut-off time, as well as on weekends and bank holidays, may take longer.
If you wish to transfer money overseas, remittance providers like Kabayan Remit turn out to be a better option.
Why use Kabayan Remit?
Kabayan Remit offers money transfer services from the UK to the Philippines, making it easier and more affordable for Filipinos to send money back home.
Here’s why Kabayan Remit is a better alternative to PayPal when sending money from the UK to the Philippines:
- Higher exchange rates and low fees. Kabayan Remit adds little to no markup on the exchange rate, with set fees for every amount transferred.
- No hidden fees. You’ll know exactly how much you’re paying before you send your transfer. (Check calculator.)
- Instant money transfer. Funds can usually reach your beneficiary within an hour.
- 24/7 bilingual customer support. You can speak to our bilingual customer service specialists whenever you need assistance.
- Flexible delivery and payment methods. Choose from a variety of payment (debit card or online bank transfer) and delivery methods (credit to bank account, deposit to cash pickup outlet, door to door delivery).