How To Withdraw Money From PayPal Using MoneyGram – Simple Steps
Before you can withdraw money from PayPal using MoneyGram, you’ll need to link your US checking account to your PayPal account if you haven’t done so already. Then, you can pull out the cash from Paypal to your bank account.
You can use your bank account to move money over to MoneyGram by choosing a bank transfer as a pay-in method. In this article, we’ll discuss how to withdraw money from PayPal using MoneyGram.
See our related article about How to Transfer Money From a Bank Account to Another Bank Account Online. Learn how easy it is to do an online money transfer from a bank account to another bank account.
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How To Withdraw Money From PayPal Using MoneyGram
You can either transfer money via a bank account or use a PayPal card. In the next few sections, we’ll dive into both to help you decide which one meets your needs.
Method 1: Transfer Money Via a Bank Account
The first method can be a bit overwhelming because it takes multiple steps. However, you can successfully send cash from your PayPal balance through your bank account to MoneyGram.
First, you’ll need to connect your US checking account to your PayPal account. Then, you can pull out the money from PayPal to your bank account and use your bank account to send money over MoneyGram.
Just pick a bank transfer as your pay-in method. This method is super useful for US residents transferring funds to another person’s bank account in a foreign currency.
This transfer costs 1.5% per $1K for bank-to-bank transfers. The recipient will get the money in 2-5 business days if your bank account and PayPal are connected, or 5-8 business days if they’re not.
Method 2: Use a PayPal Card
The other method includes a PayPal Debit MasterCard. You can send funds from your PayPal account to MoneyGram through your card, similar to how you would use other debit cards.
This method is less popular because there’s a slight chance that PayPal will cancel these types of transfers due to their anti-money laundering compliance policy.
If you do manage to successfully make the transfer, you’ll have to pay high costs. Additionally, if you don’t already have a PayPal Debit MasterCard, getting one takes a lot of time.
That said, this method can be very useful for customers who want to send money to another person in a foreign currency.
It’s also suitable for people who want to send money to themselves in cash if they already own a PayPal debit card. However, it will cost you 1.5% + $2.99 per 1K for bank-to-bank transfers.
If you already own a PayPal debit card, the transfer will be completed in 2-5 business days. Otherwise, it will take between 9 and 15 days. Now, let’s finish off this article with some tips.
Watch this Video: Watch This Before You Send Money Overseas With MoneyGram
Which Is Better: PayPal or MoneyGram?
They both have their advantages and disadvantages. However, PayPal is obviously widely used and more popular than MoneyGram and is considered one of the best online payment methods.
MoneyGram, on the other hand, is easy to use and doesn’t charge a fee for international transfers. However, they both charge a fee of $1.99 for money transfers within the US.
The downside to PayPal is that it hides chargeback fees. Also, in the event of account suspension due to T&C violations, your funds could stay frozen for months.
MoneyGram also has a few disadvantages including no tracking, which means you won’t be able to track your payments.
Additionally, they have some limitations on how much money you can send at once.
Both services can handle international money transfers. However, they also score poorly for their fees and exchange rates. PayPal makes a better choice for businesses due to ease of use, business benefits, and customer support.
MoneyGram comes with a better score in transparency. Meaning, people appreciate the policy of this service. Still, some users have reported issues with customer support.
Overall, both are reliable and safe to use, and most importantly, they enable quick and easy transfers. So, it really comes down to your preferences which service you’ll use.
When it comes to how to withdraw money from PayPal using MoneyGram, the methods mentioned in this guide can help you receive the money you need.
Before you take this route, consider the exchange rates, high fees, and potential long processing times. PayPal isn’t necessarily the best for making transfers to different countries and currencies.
That said, if you have both MoneyGram and PayPal and don’t mind paying a little more to withdraw money, the methods mentioned above are a great tool to have.