Can You Transfer Monies From PayPal to a Checking Account?
One positive quality of PayPal is the ability to transfer money from your PayPal account into your checking account. Whether your business receives payments via PayPal, or you sell things as an individual on eBay or similar websites, PayPal provides an easy way to put your funds in your checking account when you want.
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Transferring Money
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Transferring money into your checking account requires you to have a verified checking account linked to your PayPal account. PayPal's website guides you through the steps in linking your checking account, but the verification process can take time. Once your checking account is verified, log in to your PayPal account and choose "Withdraw," then "Transfer to Checking Account" from the dropdown menu. You're then taken to a form asking how much you wish to transfer and to which checking account if you have more than one on file. Be aware that a transfer of funds takes between three and four business days, as of January 2011, so your funds don't arrive immediately.
Currency Conversion
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If you receive money in currencies other than your own, you first need to convert the currency to your own denomination to withdraw it into your bank account. PayPal's menus walk you through this process when you receive money in another currency. You can keep your money in your PayPal account in different currencies if you wish, then convert it when you wish to transfer it into your checking account. Currency conversion rates fluctuate and are determined by the current exchange rates at the time you convert your money.
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Fees
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As of January 2011, PayPal doesn't charge any fee to transfer money from your PayPal account into your checking account. Conversion of currency also doesn't incur any fees; however, there may be fees associated with receiving money in your PayPal account in a currency other than your own. For additional information, log in to your PayPal account and click "Fees" at the bottom of the page. According to PayPal, any and all applicable fees are charged in your native currency.
Other Considerations
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It's possible to have a PayPal account without linking your checking account to it. It's also possible to get money from your PayPal account into your checking account if this is the case. As of January 2011, PayPal issues a check based on funds in your PayPal account at your request; however, there's a fee for this service. If you have the PayPal debit card, you can also withdraw cash from any ATM, then deposit it directly into your checking account. Both PayPal and your bank may charge ATM fees for such withdrawals, however.
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