Many people don't know how to add money to PayPal, but PayPal is frequently used for regular subscriptions and payments. From Netflix to eBay, if you have regular 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 simply debit funds straight from your account via PayPal could actually 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:
Login 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 then 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 between 3 - 5 working days to add money to your PayPal account. If you are trying to transfer money from a bank account to PayPal instantly because you need to do it urgently, preparing ahead of time is your best bet. Alternatively, there a plenty of companies who 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 fees to send and receive money from PayPal in some cases.
Bottom line: watch out for the fees
PayPal is a convenient way to make online payments because you can simply log in with your email address rather than having to enter your card details every time. Likewise, PayPal can be a useful way to send and receive smaller payments from friends and family, however the fees are very high and if you're looking to send money internationally you'll find Paypal one of the most expensive options available. Particularly for larger sums using Paypal should be avoided.
