For digital entrepreneurs and online business owners, one of the worst nightmares can be figuring out how to withdraw your PayPal funds to a Nigerian bank account.
As we all know, people can use Nigeria’s PayPal accounts to make payments for online transactions.
But trust Nigerians, we always have our ways around any problem, so there are many under-the-table ways of creating PayPal accounts that can both receive and send funds.
If you have such a PayPal account, congratulations, you’ve won half the battle.
Now it’s time to withdraw the funds to your Nigerian bank account, making no mistakes that can lead to loss of funds or limiting your account by PayPal.
How do you do it?
The safest way would be to use a third-party PayPal exchanger.
But if you knew how to, you would cut out the middleman and withdraw your funds directly into your bank account, we’re sure.
PayPal works in Nigeria. However, by default, you can only send out money and not receive with your personal account.
Presently, not only can you receive PayPal in Nigeria, you can also withdraw the funds directly to your bank account at the dollar equivalent price.
Not everyone knows how to get their PayPal funds into their Nigerian bank account.
You don’t have to be ashamed of that.
Even the best of us still had to figure it out painstakingly.
We want nothing to happen to your hard-earned money.
So, in this post, we will go over the steps for safely withdrawing PayPal funds to your bank account the right way and without bringing an entire SWAT team to your doorstep (just kidding)!
Before we go into the step-by-step tutorial, there are a few things to note when creating your verified PayPal account to ensure that your withdrawal process is glitch-free.
Tips for Creating a Verified PayPal Account to Receive Money
You should know that correctly opening a PayPal account that accepts payments is extremely important.
You should know a few things in advance, so you don’t make a mistake that costs you money.
They are listed below:
- Once you reach a particular threshold for sending out payments, PayPal will re-verify your account.
- Therefore, make sure that the names on your PayPal account and the ones on your Nigerian bank statement of accounts match. The same rule applies to your address.
- Your newly created account may be under review if someone deposits a large sum of money.
- To be on the safer side. Don’t experiment with anything you’re not sure of to avoid the loss of your funds.
Without further ado, let’s jump right in.
Steps to Withdraw PayPal Funds to Nigeria Bank Account
Follow these steps to transfer money from PayPal to your bank account in Nigeria successfully.
1. Verify Your PayPal Account
This step is crucial if your PayPal balance is in your Nigeria bank account.
It simply means that PayPal trusts you enough to allow you to carry out the full range of financial transactions unhindered.
For this step to be successful, you must use your accurate details while opening the said PayPal account, and if not, you cannot verify your account.
For example, if you’re in Nigeria but used a UK address or an alias instead of your real name, then it is impossible to verify your account.
To verify your newly created PayPal account, open the email sent to you and click the Get Started button in the email.
2. Link a Credit/Debit Card to Your Account
After verifying your account, it’s time to link it up with a capable bank card.
We used the word ‘capable’ because you cannot use all Nigerian bank cards to withdraw from a PayPal account.
Here are the three most popular bank cards we recommend based on how well they’ve performed for these kinds of transactions:
- UBA AFRI Card (Dollar Card)
- UBA AFRI Card (Naira Card)
- First Bank Card (Gold Card)
You will need to open an account with the respective banks above, but it will be worth your time if you do.
If you want your funds deposited into you quick, we recommend using UBA’s Naira Card.
The only disadvantage of it is that they use meager exchange rates.
If you want better rates, you’re better off using the UBA AFRI Dollar Card.
If, however, you choose to go with the First bank gold card, remember using it for withdrawals is not as swift as using UBA cards.
To link a new card on PayPal:
- From the PayPal homepage, click on Payment.
- On the new page, click Link a New Card, click on Continue and follow the prompts to finish the process.
3. Withdraw from Bank
Here’s the most exciting part. If you successfully receive funds into your PayPal account, follow the steps below to withdraw to your Nigerian bank account:
- Log into your PayPal account and head over to the wallet.
- Click the Transfer Funds button to start the process.
- If you added over two cards, the next step would require selecting which card to use.
- Next, input the relevant bank details of the card on the next page that pops up.
- Click Withdraw and confirm the transaction. The system will deduct a service charge of $5 for every withdrawal request.
- When the transaction completes, you will receive a notification that the withdrawal was successful.
One word of advice, though: if your PayPal account is newly created, try waiting 24 hours before attempting to withdraw your balance to the bank.
The logic is this: as a new PayPal user, you must establish a solid reputation with your account.
You will follow the same step to withdraw your PayPal fund using the app.
Open the PayPal account and follow the prompts until you have successfully removed your funds.
What’s the Exchange Rate of Withdrawing Funds from a PayPal Nigeria Account?
After your account has been fully set up and verified, luckily enough, you received funds, and you are at the point of withdrawing, but you are confused about the carrier charges applied.
However, you should know that when you want to withdraw from your PayPal into your Nigeria account, a rate is applied.
Though it has no actual fee, it depends on the current market rate.
At most, it should be around $1.50.
How Do PayPal Transfer Fees Work?
PayPal is known for its remarkable service to its users; even though they have its user’s best interests at heart, they have refused to make its transfer process accessible.
PayPal has created some services that charge transfer fees that vary.
You should check out the list of services they provide below to know the service you can access for free.
1. Charges for Creating Account
PayPal offers a free service for you to create your account.
That means you are not paying a dime if you are thinking of opening an account.
2. Personal Expenses
You know those transactions you do for your loved ones. It falls under this account.
Also, if you have an account that you didn’t set up as a seller account on PayPal, you can make free transactions on it.
3. Money Transfers and Receiving
You have free access to send or receive money using your bank account, PayPal wallet, or a combination of the two.
Even at that, you will still have to pay a specific fee if you or your sender use a credit or debit card, depending on your bank type.
4. International Business
International transactions apply specific transaction fees to the sender or recipient’s country.
The two parties will pay for the overseas payments.
It’s a meager amount, so you don’t have to panic.
5. Payments for Purchases
There are no fees paid to PayPal when you move funds to a merchant.
Note that if you receive money, you will be required to pay fees expressed as a percentage of the exchange sum.
6. Taking Money Out
This is where the sweet deal lies; money withdrawals from your PayPal wallet are free.
You should know what makes this account acceptable in almost 200 countries.
This effect should assure you that your funds are safe in this account.
1. Card Safety
Your credit card is safe once you register it with PayPal.
Any website you purchase from won’t require you to input it.
2. Financial Safety
PayPal buyer protection allows you to get your money back if the item you bought was not what you expected or the seller scammed you.
3. Payment Convenience
It is convenient to add different cards to your PayPal account to make payments more comfortable for you.
It’s time to take advantage of the money you’ve worked so hard to accumulate in your PayPal account.
It’s easy to transfer funds from PayPal to your bank.
Be careful not to fall into the hands of a scammer that will offer you a juicy offer to help you withdraw funds from your account.
You can open your PayPal account today by following the step-by-step guide via the below link.
You can then start transacting on your budget and keep your funds safe.