Many people get paid by Paypal today. They often want to move the money out of Paypal as soon as possible and get it to the bank. With many horror stories on the Internet about Paypal freezing accounts for many months, it is understandable and wise to avoid letting money sit in the Paypal account. The absolute quickest way is to use a Paypal debit mastercard to get the money out. You need a premier account to get the card. When using the card, it is best to go to a grocery store and request cash back above the total purchase price as a PIN transaction. This will avoid ATM fees charged by Paypal and the ATM which can be as high as $4 or more. Some grocery stores have high cash limits. For example, Safeway has a generous $300 cash back on ATM PIN transactions. Many places such as Lucky’s and Walmart have much lower limits. The self-checkout lanes are good for buying a $1 item and getting cash out.
If you have no need to go to a store to buy something, it is not worth it to make an extra trip to a store just to withdraw cash. A five mile round trip in a SUV will cost around $1 in gas. So don’t go to a store just to get cash.
If you try to take the money out via ATM, Paypal will charge a $1 fee. The ATM will charge a fee. I am not aware of any ATM that will allow fee-free Paypal cash withdrawals. Chase used to work, but the cards are no longer issued by Chase. That is why going to Chase will result in a $3 Chase fee + $1 Paypal instead of just the $1 Paypal fee.
Another strategy is to go to a place where an ATM PIN transaction can be used to buy a money order such as Walmart. At Walmart, it is possible to purchase a $1000 money order for 60 cents. Then deposit the Walmart money order into the bank. This is a pretty low cost method, but the lines at the Walmart can be long. And there is still a need to travel to the store.
If you can wait a bit for the money, there is no cost to getting the money to a bank account. No need to waste gas when getting the money via bank transfer on the Paypal website. Although the time it may take will vary from one bank to the next, here is the general rule that applies to every bank I’ve used.
Normal Paypal Bank Transfer Times
Monday by 5pm Pacific – will show up at the bank on Wednesday
Tuesday by 5pm Pacific – will show up at the bank on Thursday
Wednesday by 5pm Pacific – will show up at the bank on Friday
Thursday/Friday anytime – will show up at the bank on Monday
Saturday by 5pm Pacific – will show up at the bank on Monday
Sunday by 5pm Pacific – will show up at the bank on Tuesday
Sometimes there are delays. And your bank may be slower. Your bank may post the deposit late in the afternoon rather than first thing in the morning. But this is a good general rule of thumb for 95% of the time.
I hope this helps you get your money quicker.