Typically, you have two options: you can use a linked debit card to withdraw money from an ATM and also transfer it to a bank account.
Ways to get money off PayPal
Many people who have money on PayPal want to know how to withdraw it and get cash. There are several ways you can get money, but before doing so, it is important to pay attention to other points, such as PayPal exchange rate, and then explore options for how you can withdraw money. Take a look at what PayPal exchange rate is and how you can convert PayPal to cash for a better rate.
What is the PayPal exchange rate?
You may be aware that PayPal charges a currency conversion fee. Most often they take the average market rate, which you can find in any search system like Google. Then they add a mark-up to it before converting your currency. The margin added often varies depending on the currency and the transaction.
So how to withdraw money from PayPal?
If you want to get money out of PayPal, you can withdraw funds to your bank account online. Another option that you can use is the PayPal app which is also a very convenient option for most users. Pay attention to each option:
- How to send money from PayPal to bank account
In order to receive money from your PayPal account, you must withdraw it to a bank account online. To do this: log into your PayPal account and go to your wallet, and then click the “withdraw money” button. Then you have to select the account from which you want to send money and select a linked bank account. After you confirm the withdrawal amount, you will have another chance to double-check the data (amount, account details, etc.).
- How to use PayPal app
If you have a PayPal app, things get even easier. You can go to your PayPal balance and click “withdraw money.” This way, everything is quite simple, fast and secure.
How to convert PayPal to cash for a better rate
If you want to send and receive money in different currencies, then the exchange rate is of great importance. Therefore, it is important to find the best option for you before converting PayPal to cash. How do you find a good exchange rate? There is an option worth paying attention to:
Convert your balance with PayPal
One of the most obvious options for those who want to pay less is to switch funds with PayPal first and then only withdraw them. Since the exchange rate applied for currency conversion without withdrawal has a lower exchange rate, you can save money. Typically, this is about 2.5%.
How to convert PayPal to cash with PayPal debit card?
If you are wondering “how can I convert PayPal to cash” then you should know that you need a PayPal debit MasterCard in order to be able to spend the money that is in your account. In order to receive such a debit card, you must have a PayPal business account. If you already have an account, you can spend your PayPal money almost anywhere, from shops to online purchases.
However, if fro now you do not have a PayPal business account but want to spend money with a linked debit card from an online account, then there are several alternatives. One of the most popular of them is the Wise foreign account with a linked debit MasterCard. Using Wise, you will be able to spend money in any currency that is on your account. You will also be able to send money worldwide in any currency at the real exchange rate. This way you will be able to use your MasterCard debit card at any time.
What’s more, you can withdraw up to £ 200 per month from ATMs. You will not be charged a fee.