I. Introduction
Do you have a PayPal account, but do not have a bank account? If yes, withdrawing money from your PayPal account can be a real challenge. Most people do not have a bank account either because they do not want one or they can no longer qualify to open one. Fortunately, there are several alternative ways to withdraw money from PayPal without a bank account. Keep reading to discover the top six methods.
II. Use a PayPal Cash Card
PayPal Cash Card is a debit card that lets you withdraw money from your PayPal account just like a regular ATM card. This card can be used anywhere Mastercard is accepted. Here are the steps to order and activate your PayPal Cash Card:
- Log into your PayPal account and click on “PayPal Cash Card” under the “More” menu.
- Click on apply and follow the registration process.
- Once your application is accepted, your card is mailed to you.
- Follow the instructions that come with the card to activate it.
Using a PayPal Cash Card comes with several benefits. Firstly, it is free to order, activate and use. Secondly, there are no monthly fees associated with it, and there are no overdraft or minimum balance charges. Also, since it works as a debit card, you can use it to make purchases, withdraw cash from ATMs as well as transfer funds to your bank account without much hassle.
III. Request a Paper Check
If you don’t want to use PayPal Cash Card, you can request a paper check from PayPal as an alternative. Here’s how to do it:
- Login to your PayPal account and click on “Transfer Money.”
- Select the “Send Checks” option under the “More” menu.
- Fill out the required details on the check request form, including the amount to be withdrawn as well as your postal address.
- Click on the “Submit” button.
It usually takes between 1-2 weeks for the check to arrive in the mail and there may be a fee for the service. When you receive it, you can deposit the check like any other check at a bank or credit union of your choice.
IV. Use a Prepaid Debit Card
There are niche prepaid debit card providers that accept PayPal funds. Here’s how to use it:
- Research the prepaid debit card providers that accept PayPal. One such provider is NetSpend.
- Choose a card that suits you and applies on their site.
- Upon approval, follow the instructions to activate the card, and et voila! You have a prepaid card that can withdraw money from your PayPal account.
- It’s worth noting that you will have to pay fees to use these cards as they are not free.
V. Use a Peer-to-Peer Payment App
Peer-to-peer (P2P) payment apps allows you to link your PayPal account and directly transfer the money to your debit card. This is a somewhat indirect way to withdrawing money from PayPal. Here are examples of popular P2P payment apps and how they work:
- Venmo: Venmo is a P2P app that belongs to PayPal. You can link your PayPal and Venmo accounts and transfer funds between the two.
- Cash App: One of the most popular P2P payment apps in the market. It enables users to withdraw funds from their PayPal accounts into their Cash App e-wallets and then transfer the funds to their debit cards.
- Zelle: Zelle is another P2P payment app, exclusive to the US market. It is affiliated with several banks and credit unions, and it allows you to send money to and from your bank account.
VI. Sell or Exchange Your PayPal Funds
If none of the previous methods work for you, consider selling or exchanging your PayPal funds. To do this, venture onto the online exchange platforms that allow you to exchange digital currency for cash. These include:
- Coinbase: Coinbase is the most popular exchange platform for converting digital currency into cash. You have to sign up for an account, and once your account is verified, you can exchange PayPal funds for cash.
- Bitcoin Exchanges: By using bitcoin exchanges like LocalBitcoin, you set up an online transaction with someone who wants to buy Bitcoin and has cash. Consequently, You send BTC to the exchange service and then ask a local person to withdraw money from the exchange service to your bank account. Alternatively, you can sell your bitcoin for cash in person through local bitcoin.
VII. Link to a Mobile Wallet
A mobile wallet is a virtual wallet that stores all your payment cards and transaction details on your smartphone. Here is how you link your PayPal Account to a mobile wallet
- Download and install your preferred mobile wallet app from reputable app stores.
- Create a new account on the mobile wallet app or log in if you already have one.
- Add your PayPal account to the mobile wallet app from options/menus.
- Start withdrawing your PayPal funds to your virtual wallet and use them just like cash.
One of the benefits of using this method is extra protection, particularly for those wary of online financial transactions. With mobile wallets, your information is encrypted and then kept at the physical location of the registered device, making it easier to manage all your banking transactions with one platform.
VIII. Utilize a Friend or Family Member’s Bank Account
You can also use a friend or family member’s bank account to withdraw PayPal funds if they are trustworthy enough. Simply ask them to set up an online account or use their current account and prepare to send/receive money from their account.
If you choose this method, you should take precautions to protect your privacy and the account holder’s information. It would be best to make sure that you can trust whoever you ask to use their bank account because if anything unusual happens, it may put the account holder at risk.
IX. Conclusion
Now that you know the ways to withdraw money from PayPal account Without a bank account, you can make the best choice that suits your needs. Choose a method that works for you, and enjoy the benefits of efficiently utilizing your money.
A tip to always remember: Some of these methods are more convenient than others; however, do not be swayed by the benefits alone before you are sure that you are willing to pay all the fees involved. Choose the one that is most effective and cost-efficient for you.
