Many people don’t know how to add money to PayPal, but PayPal is frequently used for regular subscriptions and payments. So from Netflix to eBay, if you have recurring payments leaving your bank account via your PayPal account, adding money to PayPal will ensure you can meet those payments on the day they’re due. That being said, having a linked bank account to debit funds straight from your account via PayPal simply could be quicker.
How to transfer money from your bank to PayPal
If you want to make a PayPal money transfer using your bank account, first, you need to link your bank account to your PayPal account; follow the following steps:
Log in to your PayPal account
Go to the Account tab, and select 'My Money' from the drop-down menu when you hover over the link to your Profile.
Update your bank account information in the Bank Account section
If you have access to online banking, you can click 'Confirm Instantly.' Otherwise, select the 'Confirm in 2 - 3 days' button and follow the prompts to complete the process.
Once you've connected your bank account, you can easily add money to your PayPal account. To do this:
Make sure you're logged in to your PayPal account
Under the section on your dashboard that displays your PayPal balance, click 'Add Money'
You can then select to add money from your linked bank account
Enter your withdrawal amount and click 'Next'
Check all the details are correct, and then click to confirm your withdrawal from your bank account
How long does it take to add funds to your PayPal account?
Depending on your bank, it can take 3 - 5 working days to add money to your PayPal account. So if you are trying to transfer money from a bank account to PayPal instantly because of an urgent need, preparing ahead of time is your best bet. Alternatively, plenty of companies will allow you to send money instantly.
How to make an instant payment with PayPal?
Despite it taking several working days to transfer funds from your bank account to your PayPal account, it is possible to make an instant payment with PayPal. When making an online payment or signing up for a subscription, rather than entering your card details, you can choose to pay via PayPal.
When you do this, the seller or merchant will be credited immediately while your bank processes PayPal's request for the money. To complete an instant transfer with PayPal, you'll need to have linked your bank account to your PayPal account already using the steps listed above. PayPal will usually email you once the transaction is successfully completed.
What are the PayPal fees for adding money to my account?
It should be free to transfer money from your account to PayPal and to make purchases with your PayPal account. However, there are sometimes fees to send and receive money from PayPal.
For example, sending money outside the UK in a currency other than GBP can incur charges between around 3.5 - 4%.
Bottom line: why use PayPal for instant payments?
PayPal is a convenient way to make online payments because you can simply log in with your email address rather than entering your card details every time. Likewise, PayPal can be a useful way to send and receive smaller payments from friends and family.
However, if you're looking to send money internationally, PayPal is rarely the best option regarding both cost and speed. Instead, compare transfer providers using our comparison tool to find the best option for you.
