If you’ve got money in your PayPal account, you might want to withdraw it and top up your UK bank account. It should be relatively quick and easy, provided your PayPal account is all set up.
In this guide, we’ll walk you through everything you need to know on how to withdraw money from PayPal. This includes how to use the Wise account to avoid expensive exchange rate mark-ups when withdrawing balances in different currencies.
How do I withdraw money from PayPal?¹
You can withdraw money from your PayPal account balance through the PayPal app or on their website. You can choose between two options - Standard transfer, withdrawing straight to your bank account or Instant transfer, withdrawing either to your bank account or to your card.
How to transfer money from PayPal to a bank account¹
Ready to learn how to transfer money from PayPal to your bank account balance? Here are the steps you need to follow to do it online:
- Head to the PayPal website and log in
- Click ‘Wallet’
- Select ‘Transfer money’ and then ‘Withdraw from PayPal to your bank account’
- Choose the linked bank account you want to send the money to - if you haven’t already linked a bank account, skip ahead to the next section to find out how to do it.
- Select either ‘Instant (Free)’ or ‘Standard (Free)’
Withdrawing money using the PayPal app is even easier, as all you need to do is tap your PayPal balance and then select ‘Transfer money’.
How to link your bank account with PayPal²
Before you can withdraw your PayPal balance as above, you’ll need to first link your bank account to PayPal. Follow these steps:
- Go to ‘Wallet’
- Select ‘Link bank’
- Follow the instructions
The steps are similar when you’re linking your bank account in the PayPal app. Here’s how to do it:
- Go to ‘Wallet’
- Tap ‘+’ across from Banks and cards
- Tap the ‘Banks’ section
- Follow the instructions
You can also link your bank account with PayPal instantly by logging in to your bank.
How long does it take to withdraw money from PayPal?¹
So, how long does it take to withdraw money from PayPal to your bank balance? It depends on which type of transfer you choose - Standard or Instant.
The Instant transfer takes up to half an hour to complete, but it’s usually done in a few minutes. The Standard transfer is completed in 3-5 working days. This can sometimes take longer, depending on the bank.
PayPal exchange rate³
Do you have a PayPal balance in a different currency to your bank account? If you want to withdraw it to your UK sterling bank account, you’ll need to know about PayPal’s exchange rates for currency conversion.
PayPal uses their transaction exchange rate when converting and it’s set for each currency separately. It’s calculated by adding their currency conversion fee to the base exchange rate, which is based on rates on the wholesale currency markets on the day of conversion.
Check out their conversion fee page to see the exact fee for the currency you need.
How to get a PayPal balance for a better rate
Exchange rate matters when you need to send and receive money in other currencies, so how do you ensure you get a fair rate? One option is to use Wise to avoid PayPal’s exchange rate mark-up.
Open a Wise account and you can get your own local account details for multiple currencies. You can use these international account details to withdraw your PayPal balance.
So, if you hold a PayPal balance in USD, you can withdraw it using your US bank details from Wise. If you do need to convert to GBP, you can do it easily and cheaply with Wise - benefitting from the mid-market exchange rate and small, transparent fees.
PayPal fees: How much does PayPal charge?
| Service | PayPal fee⁴ |
|---|---|
| Withdraw money to a registered UK bank account/debit card - no currency conversion | Free |
| Withdraw money to a registered US bank account/Wise account - no currency conversion | PayPal exchange rate + 3% |
| Withdraw money to a registered UK bank account - with currency conversion | PayPal exchange rate + currency conversion fee set for each currency |
PayPal withdrawal limit in the UK
With the PayPal Standard transfer, you can withdraw any amount to your confirmed bank account, but only the equivalent of $60,000 USD (approx. £47,000) in a single transaction.⁵
When it comes to using the Instant transfer, you can send up to £1,500 per transaction and £7,500 per month.⁶
PayPal debit card⁷
If you want to convert your PayPal balance to cash, then you’ll need a PayPal debit MasterCard. In order to get a PayPal debit card, you’ll need to have a PayPal Business account. At the time of writing, PayPal doesn't offer a linked debit card for personal customers in the UK.
If you don’t have a business account with PayPal, but you still want to spend with a linked debit card from a convenient online account - there are alternatives out there, such as the Wise account and Wise card.
The Wise card lets you spend in any currency you hold on your account, and make 2 withdrawals of up to £200 a month from ATMs for no fee. There’s no exchange rate markup if you need to switch from one currency to another - just a small transparent fee.
Learn more about the Wise card 💳
How to contact PayPal⁸
If you’re having any issues relating to PayPal withdrawals, here’s how to get help:
- Login to your PayPal account and go to ‘Help’
- Send a message via the PayPal Assistant live chat service or leave a message for an agent
- Use the Resolution Centre to resolve issues with transactions or your account
- Call PayPal Customer Service
Withdraw from PayPal to Wise and avoid exchange rate mark-ups
Looking for a low-cost way to withdraw money from your PayPal account? Consider opening a Wise account from the money services provider Wise.
With Wise, you can send and receive money internationally for low, transparent fees. You can then use the Wise card to spend in 40+ currencies worldwide.
Please see the Terms of Use for your region or visit for the most up-to-date information on pricing and fees.
Register with Wise today 💰
Sources used:
Sources last checked on date: 28-May-2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information. This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
