Need to move funds from your PayPal account to your Cash App balance? You’re not alone. While these two popular platforms don’t directly link up, there’s a straightforward workaround to get your money where you need it. Currently, a direct PayPal to Cash App transfer isn’t an option, but by using a linked bank account as an intermediary, you can easily bridge the gap.
This guide will walk you through the process of transferring your money from PayPal to Cash App in simple, easy-to-follow steps. We’ll also explore a potentially even more efficient alternative for international transfers using Wise.
Step-by-Step: Moving Money from PayPal to Cash App via Your Bank Account
The most common method to transfer funds from PayPal to Cash App involves using your linked bank account as a bridge. Here’s how to do it in two key stages:
Step 1: Transferring Funds from PayPal to Your Bank Account
First, you’ll need to withdraw your money from PayPal and deposit it into your bank account. Make sure you have a bank account linked to your PayPal account before proceeding. Here are the steps to initiate the withdrawal from PayPal:
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Log into your PayPal Account: Start by accessing your PayPal account through their website or mobile app and navigate to your “Summary” page. This is usually the default landing page after logging in.
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Initiate the Transfer: Look for and select the “Transfer Money” option. This button is typically prominently displayed on your summary page, allowing you to move funds out of your PayPal balance.
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Choose Withdrawal to Bank: From the transfer options, select “Withdraw from PayPal to your bank account”. This specifies that you want to move the money from your PayPal balance to your linked financial institution.
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Enter the Transfer Amount: Specify the exact amount of money you wish to transfer from PayPal to your bank account. Double-check this amount to ensure accuracy.
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Review and Confirm: Carefully review all the transaction details presented, including the amount and the bank account you are transferring to. Once you’ve confirmed everything is correct, click or tap “Transfer Now” to proceed with the withdrawal.
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Confirmation: After initiating the transfer, you may be taken to your “Wallet” section within PayPal to see the status of your transaction. Select “Done” to finalize the process within PayPal.
Once you complete these steps, the money is on its way to your bank account. Keep in mind that standard bank transfers usually take 1-3 business days to fully process and appear in your bank account.
Step 2: Transferring Funds from Your Bank Account to Cash App
With the money now in your bank account, the next step is to add it to your Cash App balance. Here’s how to transfer funds from your bank to Cash App:
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Open Cash App: Launch the Cash App application on your smartphone or tablet and ensure you are logged into your account.
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Access the Banking Tab: Locate and tap the “Banking” tab, often represented by a building icon, on the Cash App home screen. This section manages your Cash App balance and linked bank accounts.
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Select “Add Cash”: Within the “Banking” tab, find and select the “Add Cash” option. This feature allows you to deposit money into your Cash App balance from a linked bank account.
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Enter the Amount to Add: Input the amount of money you want to transfer from your bank account to your Cash App balance. Make sure this amount is available in your linked bank account.
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Confirm the Transfer: Tap “Add” to initiate the transfer. Cash App will likely ask you to confirm the transaction for security purposes.
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Authentication: Depending on your Cash App security settings, you may need to confirm the transfer using your PIN, Touch ID, or Face ID. Follow the on-screen prompts to authenticate and complete the deposit.
After these steps, the funds will typically be available in your Cash App balance almost instantly, depending on your bank and Cash App processing times. You can then use this balance for Cash App transactions.
Seeking a Simpler, Potentially Faster Solution? Explore Wise
While transferring via a bank account works, it might not be the most efficient, especially if you frequently move money between PayPal and other platforms, or if you deal with international transfers. If you’re looking for a potentially smoother and more cost-effective method, especially for international transactions, consider using Wise (formerly TransferWise).
Why Wise Could Be a Better Alternative for PayPal Transfers:
- Multi-Currency Accounts: Wise offers multi-currency accounts, allowing you to hold and manage money in numerous currencies. This is particularly beneficial if your PayPal account and bank account operate in different currencies, as it can help you avoid multiple conversion fees.
- Lower Conversion Fees: Traditional bank transfers, especially for international transactions, often come with less favorable exchange rates and hidden fees. Wise is known for its transparent fee structure and using the real mid-market exchange rate for currency conversions.
- Faster Transfers: In many cases, transfers through Wise can be faster than traditional bank transfers, potentially offering quicker access to your funds.
Linking PayPal to Wise: A Streamlined Approach
Connecting your PayPal account to Wise can simplify withdrawals, especially for international users. Here’s how you can link them:
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Open a Free Wise Account: Sign up for a Wise account on their website. The process is usually quick and straightforward.
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Create a Currency Balance: Within your Wise account, open a new balance in the same currency as your PayPal account. For example, if your PayPal is in USD, create a USD balance in Wise. Obtain the account details for this balance.
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Navigate to PayPal Wallet: Log in to your PayPal account and go to the “Wallet” section. This is where you manage your linked payment methods.
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Link a New Bank Account: In your PayPal Wallet, select the option to “Link a new bank”.
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Enter Wise Account Details: Input the account details provided by Wise for the currency balance you created (e.g., USD balance details). Ensure you enter the details accurately.
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Complete Verification: PayPal may require a verification step to confirm the linked Wise account. Follow any prompts from PayPal to complete this verification.
Once linked, you can withdraw funds from your PayPal account directly to your Wise account, potentially saving on conversion fees and enjoying faster transfer times, particularly for international transfers.
Open your Wise account today 🚀
Sources:
All sources checked 29 June 2021
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