How to Transfer Money from PayPal to Bank Account

PayPal has been an application involved in electronic payments for a long time. It can be used on both Android and iOS, where new users can install the same from Google Play Store and Apple App Store, respectively. 

You may have already used a PayPal account to make some personal transactions. However, now that you are a business owner, PayPal is going to work a bit differently for you. PayPal is an online bank account that lets you pay for things you purchase. PayPal bank account holders can securely send and receive money through online transactions. 

Some business owners use PayPal to obtain money and transfer their PayPal money to other bank accounts for further use. In this post, we will help you learn how to open a PayPal bank account, link your other bank account to the same and transfer money from PayPal in just a few clicks.

How to Open a PayPal Bank Account in the UAE?

Here is a simple process to help you open a PayPal bank account in the UAE.

1. Go to the PayPal website and click on the sign-up option to open a PayPal bank account.
2. On the next window, you need to choose the type of PayPal bank account you need to open - a personal or a business account.
3. Once done, you need to provide your credit and debit card details to transfer money to your PayPal bank account in future. Apart from these details, you need to provide your Emirates ID for identity verification and email address to receive confirmation.
4. You also need to add a bank account to your PayPal bank account so that you can easily make PayPal money transfer to the same.
5. On the next screen, you need to choose the intent code stating the reason for opening a PayPal bank account. That’s it! You are now a PayPal bank account holder.

How to Link Your Existing PayPal Account with a Bank Account?

To transfer money from your PayPal bank account to another bank account, you need to link your PayPal bank account to the other bank account. Here are the steps to do the same.

1. Log in to your PayPal bank account.
2. Go to the ‘Wallet’ section.
3. Click on ‘Add a Bank Account’.
4. Enter the bank account details.
5. Confirm and Add.

Note: The bank account holders may need to go through some additional security checks when linking their PayPal bank account to the other bank account.

 

 

What are the Documents Required to Transfer Money from PayPal?

Here is the list of documents required to help you transfer money from PayPal to your bank account in the UAE.

• A valid trade license with partners page (with a minimum validity of one month)
• Emirates ID of the account holder (scanned copy of the front and back sides)
• A valid passport with a residency visa page (scanned copy)
• Utility bills for business address verification (scanned copy)
• Bank statements for the last three months

How to Activate Withdrawal Services for PayPal Money Transfer?

The PayPal bank account holders need to convert their personal account to business account for easy money transfers. Here are the steps to help you activate withdrawal services when transferring money from your PayPal bank account.

1. Log in to PayPal Withdrawal Website using your PayPal credentials.
2. Authorise PayPal international withdrawal team to unlock transfer services from PayPal.
3. Upload the required documents.
4. Submit for review and wait for approval.

Note: The account holder gets a confirmation email for the same within 5 days from the day they placed the request.

How to Transfer Money from PayPal to Bank Account in the UAE?

Here are the instructions that you need to follow to transfer money from PayPal bank account in the UAE.

1. Log in to your PayPal bank account.
2. Go to the ‘Wallet’ section.
3. Click on the ‘Transfer to your bank account’ option.
4. Click on the ‘Withdraw from PayPal to your bank account’ option.
5. Choose the bank account for money transfer.
6. Enter the amount to be transferred.
7. Check the details and confirm if all of them are correct. If not, update and proceed.
8. Once done, click on the ‘Transfer Now’ button.

Note: The account holders can transfer money from PayPal to their bank account only and not to a credit, debit or prepaid card.

Things to Keep in Mind When Transferring Money from PayPal Account

Here are a few major things to keep in mind when transferring money from PayPal account.

• If you have placed a request for withdrawal from your PayPal bank account, you cannot revoke it under any circumstances.
• PayPal enables you to transfer a minimum of AED 41.74 to your bank account at once.
• It takes around three to five business days for the request to be approved or rejected.

The Bottom Line

Now that you know how you can transfer money from PayPal to your other bank account, you can go ahead and do the same. In case you need assistance or have any questions, you can contact our customer support team anytime. Our financial experts will not only explain but also take you through the entire PayPal money transfer process.