Are you not able to transfer your funds from your PayPal account to your Bank account?
Is PayPal not letting you transfer to bank?
If you are having such issues with PayPal, you have landed on the right page. We have discussed why PayPal is not letting you transfer your money to your bank account in this post.
Before we process, you should know that you are not alone who cannot transfer money from PayPal to the bank.
People often get errors like “We’re sorry. We’re not able to process your request right now. Please try again later’ while transferring their money from PayPal to the bank account.
So, fret not. You will get your money, but first, know why it is happening in the first place.
Why is PayPal not letting me transfer to bank account
There could be multiple reasons why PayPal is not letting you transfer money to your bank account, such as your PayPal account has limitations, PayPal’s security systems detected unusual activity on your account, your account or card doesn’t accept instant transfer, you entered wrong information, or there is a technical issue with the servers of PayPal or of your bank.
Below, we have discussed all the possible reasons why PayPal would not allow you to transfer money to the bank account.
1. Limitation on your PayPal account
One of the major reasons you cannot cash out your money to your bank account is that PayPal has imposed limitations on your account that is blocking the transfer functionality temporarily.
Your PayPal account might be limited due to several reasons, such you have not completed any requirements or have not verified your details.
If your account is limited, you won’t be able to do certain things with your PayPal account. For example, you might not be able to send or withdraw money.
To remove limitations visit this official source: Remove Limitation PayPal
2. PayPal detected an unusual activity on your account
When it comes to security, PayPal is stringent. It monitors every transaction is in real-time, and accounts are analyzed to help prevent fraudulent activity and payments.
So, if PayPal’s security system detects any unusual activity with your account, you will not be able to move your money to your bank account. PayPal will need to confirm that you’re the one authorizing this transfer.
3. Your debit card or bank account is ineligible to process an instant transfer
PayPal not letting you move your money to your bank account could be due to the reason that your linked debit card or bank account is not eligible for instant transfers.
\To know whether your card or account supports instant transfers, you will need to contact your bank. If it doesn’t support, you might need to use another bank account that supports instant transfers.
4. You entered wrong information
Another reason why PayPal is not letting you transfer money to your bank account is that you are entering the wrong details of your card or account.
It might also be the case that information you entered when linking your bank account doesn’t match what your bank has on file.
So, make sure to double-check your bank information. If the existing information of your bank account linked with Paypal is incorrect, please remove your bank account and link it again.
5. PayPal Restriction
Another reason you are not able to move your money to your bank account is that you are from a country where PayPal has imposed a limit on transferring money from PayPal accounts to local bank accounts.
The reason for this is not yet known. You could contact PayPal support if that is the case.
6. Technical issue
Lastly, you cannot transfer your money from PayPal to your bank because of a technical issue PayPal is going through.
There might be a widespread issue that it is not allowing you to cash out your funds from PayPal to your financial institution.
Other the other hand, there could also be an issue from your bank’s side. Due to a problem with your bank servers, PayPal might not be able to establish a connection with your bank, and that’s why you could not be able to move your funds to your account.
PayPal is an American-based financial technology company that supports online money transfers and serves as an electronic alternative to traditional paper methods such as checks and money orders.
You can use PayPal to send or receive payments for online purchases, sell goods and services, donate money, or receive donations.
Like any other service, PayPal is prone to issues and problems like what we discussed today in this post.
So, as a recap to this post. There might be several reasons why you cannot transfer money from PayPal to a bank account, such as your account is limited, there are issues with your bank or debit card, or there are technical issues with bank or PayPal servers.
Lastly, you can always contact PayPal support for help.
Ankit Kumar is an Engineer by profession and a blogger by passion. Over the last several years, he has written tons of articles, solving queries on Quora. He also has years of experience in investing in Cryptocurrencies, Funds, and Stocks.