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Today I am going to tell you what the process is like and the steps to follow to be able to transfer the funds you have in PayPal to a local savings or checking account.
Okay, That's not something totally new., but it has very little time to be implemented in Ecuador, So this guide will help you to know the step by step of this process, which is not complicated at all..
Do you need to have the money you have in your PayPal account to use in your daily purchases or to pay bills in Ecuador or any other Latin American country? Well, I tell you that it is finally possible to do it and the process of transferring funds to your bank account is very simple and fast..
Transfer funds from PayPal to an account
One more option to work with electronic means in your business or for collections abroad. Whatever the reason, Some of us use PayPal and for many years we have had this account accumulating some money without being able to bring it to the country or at least do it in a faster way (Before you could with a check, but it took a long time).
With the transfer option to your bank account finally enabled, time has been reduced and the process is very, very easy.
Next, I present to you a more complete step-by-step guide, with images and examples so you can do it without problems:
Paso 1: Access your PayPal account
- Go to the PayPal website (https://www.paypal.com/ec/home?locale.x=en_EC) and log in with your email and password. Make sure you are on a secure connection when making the transaction and protect your PayPal password.
Paso 2: Locate the “Associate bank account” section
- In the middle part of the screen there is the icon to associate card or bank account.
- In the search engine, look for your local bank and fill out the information if you have a checking account, savings, account number, identification card, your phone number and address.
- The SWIFT Code is the most important thing, Make sure you enter the exact information that your bank gives you, which can be by general code or by branch.
- We finish this part by clicking on the blue button to associate bank account.
Paso 3: Locate the “Portfolio” section
- At the top of the screen, you will find the “Portfolio” tab. Click there and then select the blue button option “Transfer funds”.
Paso 3: Choose “Transfer to your bank account”
- In the dropdown menu, choose the option “Transfer to your bank account”. This option will allow you to transfer money from your PayPal account to the bank account you have associated in Ecuador or another country..
Paso 4: Link your bank account (we already saw it in the step 2)
- If you have not yet linked your bank account to PayPal, you should do it now. For it, you will have to provide your account details, like account number, the type of account (saving, current, etc.) and the name of the issuing bank.
- Example: If your bank account is with Banco Pichincha, You must select the “Banco Pichincha” option in the drop-down menu of banks and then enter the specific information of your account, such as account number and account type.
Paso 5: Select the destination bank account
- From the list of linked bank accounts, choose the account you want to transfer the funds to. Make sure you select the correct account to avoid transfer errors.
Paso 6: Enter the amount you want to transfer
- In the corresponding field, Write the amount of money you want to transfer in dollars.
Paso 7: Review and confirm the transaction
- Carefully review all information: Make sure the amount to be transferred is correct, Make sure the destination bank account is the one you want and verify the fees applicable to the transaction..
- Example of rates: You can see the details of the fees on the PayPal website before confirming the transaction.
- In my case for $100 the commission was $10 Dollars.
- Confirm the transaction: Once all the information has been reviewed, Click the “Transfer” button to confirm the transaction.
Paso 8: List!
- Your transfer will be processed within 5 a 7 business days, depending on your bank and other delayed processes that may occur along the way.
- In my case it took a while 10 days
- You will receive an email notification when the transfer is complete and you will see the transaction reflected in your account.
- Save the receipt in case you need a backup.
AND, how long does it take?
In my personal experience the PayPal transfer process took only 12 hours, but it may depend on your bank and other conditions, so it is better to consider a longer time.
Additional information, To me the transfer was credited as if it were a local transfer from Produncando.
Charges and commissions
At the time of this experiment, I only received a charge of $10 from PayPal and no additional tax has been charged by my bank in Ecuador.
Additional Tips:
- Check transfer limits: PayPal sets limits for the maximum amount you can transfer in one day, a week or a month. You can check these limits on the PayPal website.
- Problem solving: If you have any problems making the transfer, You can consult the PayPal Help Center or contact PayPal or your bank customer service.
Have you ever used this service?? Let me know your experience in the comments.
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