financialtreat – will explain about How to Transfer Money from Chime to PayPal Easily and Quickly which you will get in the following article. let’s look at this article carefully!
Millions of people use Chime every day, and even more people use PayPal. Naturally, the two sometimes cross and people want to send money between the two. However, is it possible? And how to transfer money from chime to PayPal?
Nothing how to transfer money from chime to PayPal, or vice versa, directly. Your best option is to use Chime to send money to PayPal debit card or ANY debit card or send money to a linked bank account and forward money to PayPal.
As you can see, the option to transfer money from Chime to PayPal is not optimal and requires “hard work”. Keep reading as we will go into more detail to find the best solution for you.
How to Send Money From Chime to PayPal (Easy Guide)
1. Use a debit card PayPal
You may not be aware of the fact that PayPal also offer debit cards. You can apply for a free PayPal Cash Card on their website and use it to spend your PayPal balance wherever Mastercard is accepted.
Whether you’re transferring money to yourself or someone else, a PayPal debit card would be a great way to send money directly to PayPal balance using Pay Anyone from Chime.
2. Make the recipient open a Chime account
Since there is no direct way to send money from Chime to PayPal, we have to find a solution. The first way to transfer money between Chime and PayPal is by offering the recipient to open a Chime account. That way they can instantly earn money for free in their Chime account. Chime accounts are also free to open and take a few minutes to complete.
3. Transfer money to debit card
Chime introduced their free Pay Anyone feature that makes sending money a lot easier without the need to open a Chime account for recipients. They just need to have a debit card to immediately get the money transferred to them.
You see, when you use Pay Anyone, recipients will get a link sent to them that will take them to the Chime website. There, they can enter their debit card number and put cash into their account instantly.
This is a free and fast way of sending money if they, or you, if you are sending money to yourself, already have a debit card. You can then use your debit card to transfer money to PayPal account.
4. The sender can open an account PayPal
Most likely you already have a PayPal account. However, even if it is not, it is easy to open it. You can also use it, not only to transfer money to others for free (if there is no currency conversion), but also to pay for goods and services online in a safer way.
Once you open a PayPal account, you’ll need to fund it with a non-Chime bank account or debit card. That’s the only downside to it. You see Chime is not a proper bank and many banks, companies, and finance or banking apps don’t recognize it either, but rather as a prepaid card. Therefore, you cannot transfer money directly to PayPal.
5. Transfer to a commercial bank account first
If you need to send money to your own PayPal account, you can use a linked public bank account. To get started, link the same bank account or debit card to Chime and PayPal and transfer money to that account. After that, you can forward the cash to your PayPal balance.
The process should be free as long as you don’t exchange dollars for another currency when forwarding to PayPal. In this case, PayPal will charge outrageous fees and we do not recommend it. There are much better alternatives out there.
Things to avoid
Even with the advent of digital banks, PayPal is still one of the most widely used and convenient ways of payment or money transfer. It’s easy to use because almost everyone has it and they’re comfortable using it, so it’s a great way to send money to friends or buy things on Craigslist, plus it has market-leading Purchase Protection.
Where PayPal does not excel is currency conversion. Now, if you only send money in U.S. dollars and don’t exchange it for, say, Canadian dollars, this shouldn’t worry you.
However, if you make an international transfer to a different currency, you will pay dearly. You see, PayPal put a fixed fee plus an exchange rate margin fee that ranges from 2.5 – 4.5%. These fees make PayPal too expensive to use if you need to make a currency exchange.
For that reason, we recommend other ways to transfer money worldwide or between currencies. One of the best alternatives is Wise, however, there are many other good alternatives as well.
Transfer Money From PayPal to Chime
So, sending money from Chime to PayPal is a bit tricky. But what about sending money from PayPal to Chime? Fortunately, you can link your Chime account to PayPal, and that way you can transfer money to your Chime account. You’ll need Chime routing and an account number which you can find under Settings in the Move Money section of your Chime app. To add your Chime account in PayPal app:
- Tap the wallet icon
- Tap the “+” next to Bank and card
- Tap “Bank”
- Log in to your online banking to link your accounts instantly, or
- Add Chime manually by using account number and routing
If you choose to do it manually, you’ll need to keep an eye on your Chime statement in the next three days to see two small deposits up to $1. You’ll then need to go back to the PayPal app to enter these two amounts to verify your Chime account.
While this should work perfectly, there has been some talk from people who have trouble adding their Chime account for the same reason you can’t send money from Chime to PayPal. Nonetheless, it never hurts to try.
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In conclusion, perhaps the best way to send money from Chime to PayPal is to get a PayPal debit card that you can use to easily get money from Chime and into your PayPal balance.
This might slow things down as it may take some time to get the card to your address. Nevertheless, we show you five good ways to transfer money between Chime and PayPal and we believe at least one way will work for you.