PayPal works based on a person-to-person transaction between two account holders and if you have a verified account then there is no limit on the total amount of money you can send from your account. You can send up to $60,000 in a single transaction but it may be limited to $10,000 because of currency or other reasons. If you have an unverified account then there will be a limit on the total amount of money you can send from your account.
Key Takeaways
- From your PayPal account you will be able to transfer money to family, friends, make online shop payments, receive money, and many more
- In order to send money using PayPal, you will need the email address of the recipient
- You can add credit card, debit card, or a bank account to your PayPal account
How To Send Money On PayPal
You can easily send money from your PayPal account to another PayPal account. IF you have the email address or mobile number of the recipient then you can send money to anyone. Here is how you can send money –
1. First login to your PayPal account
2. Click Send & Request at the top of the page
3. Now select an option –
a) Pay for goods and services
b) Send to friends and family in the US
c) Send to friends and family internationally
4. Then enter the email address or mobile number of the recipient
5. Now enter the amount that you want to send and click on the “Continue”
6. Finally, review and confirm the information on the screen and click “Send Money Now”
How To Add A Credit Or Debit Card To A PayPal Account
PayPal lets its users add a credit or debit card to their PayPal account. The process is very simple. Below are the steps –
1. First login to your PayPal account
2. IF you logged in from a computer then click on the “Wallet”
3. If you logged in from the app then first click on the “Menu” and then select “Wallet”
4. Now select “Link credit or debit card”
5. Then add the details of the card that you want to use
6. Finally, click on the “Link” button to complete the process
How To Add A Bank Account To A PayPal Account
PayPal also allows its users to add a bank account to their PayPal account. Check the below steps –
1. First login to your PayPal account
2. If you logged in from a computer then click on the “Wallet”
3. If you logged in from the app then first click on the “Menu” and then select “Wallet”
4. Now select “Link bank account”
5. Provide the bank account name and number, routing number
6. Finally, click on the “confirm” button to complete the process
What Is PayPal Instant Transfer
PayPal instant transfer lets you send money from your PayPal to an eligible bank account in just a few minutes. This feature also allows you to send money from PayPal to a debit card. Remember, there are costs involved with using instant transfer so make sure you read the fee section below before you start transferring money.
How To Instant Transfer Money From PayPal
If you have a balance on PayPal then you can transfer the money to a bank account or your credit or debit card. PayPal supports two types of money transfers – standard withdrawal and instant transfer. The standard withdrawal takes a bit of time to transfer the money but Instant transfer is fast and you have to pay a small amount of charge. Here are the steps to instantly transfer money from PayPal:
1. First login to your PayPal account
2. Now click on the “Balance” button
3. Then select “Transfer Money”
4. From the available options select “Transfer to your bank”
5. Now choose the bank account or card where you want to send money
6. Enter the amount of money that you want to transfer
7. Finally, click on the “Transfer” button to complete the transaction
PayPal Fees Details
If you want to use the Instant transfer feature of PayPal then there are some charges that you have to know about. Check the below table –
| Withdrawal Type | Fee And Transfer Time |
| PayPal instant transfer | 1% of the amount transferred, to a maximum fee of $10 Transfers to bank accounts usually happen within minutes, or up to half an hour for a transfer to a linked card |
| PayPal standard transfer | Free to arrange, a standard transfer takes 1 – 3 days to process |
| Sending money to friends or family in the US | If you fund the payment using your linked bank account or PayPal balance – no fee If you fund the payment using your linked credit or debit card, or PayPal credit – 2.9% of transfer amount + a fixed fee based on the currency used |
| Sending money to friends or family with a PayPal account based outside of the US | If you fund the payment using your linked bank account or PayPal balance – 5% of the transfer amount, from $0.99 to a maximum of $4.99 If you fund the payment using your linked credit or debit card, or PayPal credit – 5% of the transfer amount, from $0.99 to a maximum of $4.99 + 2.9% of transaction amount + a fixed fee based on the currency used |
PayPal Instant Transfer Limits
| Instant Withdrawal-Type | PayPal Instant Transfer Limit |
| Instant transfer to a card | Up to $5,000 per transaction, $5,000 per day, and $5,000 per week in total. Up to $15,000 per month |
| Instant transfer to a bank account | Up to $25,000 per transaction |
FAQs About PayPal
1. What Do You Need To Open A PayPal Account?
There is no document required to open a personal account in PayPal. You just have to provide your first and last name, address, phone number, and email address to open a PayPal account.
2. How Do I Receive Money On My PayPal Account?
You can receive money on your PayPal account if someone sends you money to your email address or mobile number. You will get a message that contains information about the received money. You will be able to access your money from your PayPal Cash account or PayPal Cash Plus account by going to the Summary page.
3. How Much Money Can A Personal PayPal Account Receive?
There is no limit to receiving money on a personal PayPal account. There’s no limit on the total amount you can receive.
4. Does PayPal Have A Monthly Fee?
No, PayPal doesn’t have a monthly fee. You don’t have to pay any fee for your account and the card. Moreover, you don’t have to keep any minimum balance while ending or transferring money.
5. Can PayPal Take Your Money?
If you have a negative balance on your PayPal account, the PayPal authority won’t take the funds from your bank account. However, if you receive a payment through PayPal then the negative balance will automatically be taken off from that payment.
6. Can PayPal Freeze Your Bank Account?
In legal terms, PayPal can’t freeze your bank account but they can freeze or block your PayPal account for suspicious activity. Only the bank has the authority to freeze your bank account.
7. Can I Receive Money On PayPal Without Linking A Bank Account?
Yes, you can receive money on PayPal without linking a bank account. However, you won’t be able to spend the money as long as you don’t verify your PayPal account with a bank or card. Moreover, you won’t be able to withdraw the money unless you link a bank account to your PayPal account.
8. Can A Personal PayPal Account Receive Money?
Yes, a personal PayPal account can receive money. In fact, any type of PayPal account can receive money. Moreover, with a personal PayPal account, you can subscribe to any website, buy online, send money, etc.
9. Do U Need A Bank Account For PayPal?
No, you don’t need a bank account for PayPal. You can enjoy all the features of PayPal without a bank account. However, if you want to transfer the money from your PayPal account then you have to link a bank account to your PayPal account.
10. How Do I Verify My PayPal Account Without A Bank Account?
To enjoy all the features of PayPal you have to verify your PayPal account. The only way to verify a PayPal account other than a bank account is by using a valid credit card. If you use a credit card then you will be charged a fee in which you’ll need to verify onto your account.
11. Who Pays The Fee On PayPal?
If a transaction is completed via PayPal then the seller must pay a PayPal fee. Here, the buyer isn’t forced to pay the fee.
12. Which Bank Is Best For PayPal?
Below is a list of banks that support Instant Transfer from a PayPal account. They are –
1. Bank of America
2. BNY Mellon
3. BB&T
4. Citibank
5. JPMorgan Chase
6. Keybank
7. PNC
8. Suntrust
9. Wells Fargo
13. Can An Unverified PayPal Account Receive Money?
Yes, an unverified PayPal account can receive money. However, if you want to send money or make an online payment then you have to verify your PayPal account.
14. Can You Cancel A PayPal Payment?
Yes, you can cancel a PayPal payment as long as the payment is in a pending or unclaimed status. However, if the payment is completed then you won’t be able to cancel it. In this type of situation, you have to request a refund from the recipient or seller.
15. Can You Have 2 PayPal Accounts?
Yes, you can have two PayPal accounts and that would be a personal account and a business account. You can add more email addresses, bank accounts, credit, or debit cards. But, you must have your own email address and financial information for each account.
References:
1. https://www.paypal.com/us/smarthelp/article/what-is-the-maximum-amount-i-can-send-with-my-paypal-account-faq732
2. https://www.freshbooks.com/hub/payments/paypal-limits
Last Updated on October 20, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.
