PayPal Transfer to Bank Fees: How to Get Them Waived
With so many people using the internet exclusively to handle transactions, conduct business, and get paid, the popularity of platforms like PayPal has exploded in recent years. PayPal is a digital wallet that allows you to easily buy, sell, and transfer money from your PayPal account to sellers. You can also transfer payments from PayPal to your bank account - which opens up a lot of questions for those who have been burned by bank fees in the past.
PayPal transfer to bank fees can be tricky, especially if you regularly use the platform for handling business transactions. If you want to avoid excess fees from PayPal and put more money back in your pocket, read on - DoNotPay has everything that you need to know about eliminating unfair PayPal transfer to bank fees.
Is PayPal Free to Use?
If you have a valid email address, you are eligible to set up a PayPal account. You can use your PayPal account to send money securely to family and friends, pay for purchases, and to shop online or in person. While PayPal is free to use, there are fees associated with certain services offered by PayPal. This is the case with the bank transfers that PayPal offers.
How Much Is a PayPal Transfer to Bank Fee?
Whether you use the PayPal mobile app or the standard website function, you have the option to transfer funds from your PayPal account to your bank. If you are someone who sells goods or services and uses PayPal to collect a payment, this might be especially useful for you. Here are some things to note about PayPal transfer to bank fees:
- You can transfer your PayPal balance from your PayPal account to your eligible linked bank account from your PayPal account. It will take one to three business days before your funds become available in your bank account.
- It can take up to five business days for your bank transfer to show up in some cases. If this happens, notify PayPal and reach out to your bank to see if there is some sort of internal issue that is holding up your transfer.
- If you want to fast-track your PayPal to a bank transfer, you can do an instant transfer. This allows you to transfer money from PayPal to your bank in just minutes.
|Standard Bank Transfer||$0|
|Instant Bank Transfer||1.5% fee|
|Minimum Transfer Charge||From 25 cents up to $15|
If you need to initiate bank transfers regularly, you could be looking at spending a lot of money on fees.
Ways to Avoid a PayPal Transfer to Bank Fee
PayPal instant transfer fees can add up over time, especially if you are transferring a few hundred dollars every week. There are some strategies you can utilize to minimize these fees, however:
- If you don't need the money right away, you can choose a standard PayPal to bank transfer. The standard bank transfer doesn't have any fees attached, so you don't have to worry about getting charged a fee every time to move money from your PayPal account to your bank account.
- If you want to utilize the instant transfer, be mindful about how much money you are transferring - if you don't need the full amount to be in your bank account, you can only transfer a small amount, so that the fee is lower.
How to Get PayPal Fees Waived on Your Own
If you think that you have been charged unfair PayPal fees, including an excessive PayPal to the bank transfer fee, you can reach out to PayPal to ask if they will waive the fee. Here's how you can do that:
- Log into your PayPal account, using the username and password that you used when you first activated your account.
- Contact PayPal through their customer support portal. You can either send a direct message to PayPal support or call them directly. If you do choose to call, be prepared to spend some time on hold. Once you get in touch with a representative, explain the issue to PayPal support, and let them know that you believe you have been charged unfairly.
- Wait for a resolution. PayPal could take a little while to get back to you, but expect to hear back from support in 5-10 business days.
DoNotPay Can Help You Get PayPal Fees Waived
PayPal bank transfer fees can add up - but you don't have to appeal those fees alone. Let DoNotPay help you appeal those fees in 4 easy steps:
- Open the DoNotPay Fight Bank Fees product.
- Enter the name of your bank.
- Verify the last 4 digits of your bank account.
- Choose which fees you want to waive, including overdraft, ATM, and transaction fees.
Wasn’t that almost too easy? Every paperwork task is easier with DoNotPay.
How Else Can DoNotPay Help You?
Do you have other bank fee questions? Here are a few ways DoNotPay can help you:
- Wells Fargo checking account overdraft fees.
- Banks without overdraft fees.
- Citizens Bank overdraft fee.
- Do banks charge overdraft fees on weekends?
- Fifth Third bank overdraft fees.
- Bank of America ATM fees.
- Bank of America overdraft fees refund.
- Chase bank overdraft fees.
- TD Bank overdraft fees.
And that’s only the beginning. Try DoNotPay today.