Coinbase is a cryptocurrency exchange company. PayPal is a financial technologies company that also has a cryptocurrency feature.
If you use Coinbase, you might be wondering if you can transfer your Coinbase money to PayPal? I looked into if you can use PayPal with Coinbase and how to transfer funds between the platforms, and this is what I learned!
Are Coinbase and PayPal Compatible In 2023?
Fortunately, for Coinbase users, you can transfer money directly to PayPal in 2023. Moreover, in the U.S. only, you can use PayPal to buy, sell, add cash, and cash out with Coinbase. Furthermore, to use PayPal with your Coinbase account, you first have to link your PayPal account to your Coinbase account.
If you’re interested in learning how to transfer money from Coinbase to PayPal, Coinbase withdrawal limits, how long transfers take, and more, then keep reading!
How Do I Withdraw Money from Coinbase to PayPal?
First, to be able to withdraw money from Coinbase to PayPal, you have to have a Coinbase and PayPal account and link them together.
Therefore, to link your PayPal account to Coinbase:
- First, you need to complete all “identity document verification” steps and confirm that “your country of residence is correct”
- Once you have finished that, you need to go to your Coinbase “Settings”
- Next, click “Payment Methods”
- Then, if on a computer, click “Link a New Account,” and if on the app, click “Add a Payment Method”
- Following, click “PayPal”
- Last, you will be asked to sign in to your PayPal account and, when you are done, your accounts will be linked
Once your PayPal account is fully linked to your Coinbase account, you can then transfer money between the platforms.
Therefore, to withdraw money from Coinbase to PayPal:
- First, log into your Coinbase account, if you aren’t already
- Second, click the “Buy/Sell” button and choose “Sell”
- Then, enter the amount you want to sell
- Next, choose the crypto wallet that you want to receive the funds in the “Add to”
- After, click “Preview sell” and then click “Sell now”
- Next, go to your “Assets” tab and choose the currency you want to receive
- Then, click “Cash out”
- Following, enter the amount you want to receive or click “Cash out all” and click “Continue”
- Next, select the payment method you want to withdraw to and click “continue”
- This is where you will select PayPal
- Last, review the details and click “Cash out now”
How Long Does it Take to Withdraw Money from Coinbase to PayPal?
If you are using PayPal as your Payout Method with Coinbase, the transfer will happen instantly.
Furthermore, if you are using your bank account, the transfer will take 3-5 business days because Coinbase uses the ACH System, Automated Clearing House.
Moreover, this means holidays and weekends are excluded from the 3-5 business days and will add extra days.
How Much Can I Withdraw from Coinbase?
Limits are different between countries because of currency differences.
Therefore, the limits to cash out or withdrawal for the U.S. are:
- $10,000 per transaction
- $25,000 in 24 hours
Furthermore, the limits to cash out or withdraw for other currencies are:
- EUR – $7,500 per transaction
- EUR – $20,000 in 24 hours
- GBP – $6,500 per transaction
- GBP – $20,000 in 24 hours
- CAD – $12,000 per transaction
- CAD – $30,000 in 24 hours
Additionally, Coinbase’s “Cash out” term “refers to a direct Fiat movement from a Fiat Wallet to an External Source.”
Moreover, Fiat is a currency that is not backed by any commodity, like gold or silver, and is usually “declared by a decree from the government to be a legal tender.”
In other words, a government-issued currency.
Furthermore, “cash-out” is not available to all UK users at this time. However, these users will be able to “sell” instead.
How Much Does Coinbase Charge to Withdraw to PayPal?
Coinbase fees are calculated at the time of purchase and will differ depending on factors like what payment method you’re using, the size of the “order,” and the market conditions at the time.
Moreover, the fees will be shown in the “Preview screen” before you finalize your transaction.
Is It Safe to Link PayPal to Coinbase?
Fortunately, it’s safe to use PayPal and Coinbase together, because Coinbase does its best to protect your information.
Coinbase only allows you to link your PayPal account to one Coinbase account at a time.
Furthermore, if you want to link your PayPal account to a different Coinbase account, you have to remove your PayPal account from the original Coinbase account.
Additionally, you need to make sure your country of residence and your email on both platforms match.
If your email doesn’t match you will have to complete a two-factor authentication on Coinbase for better security.
Why Can’t I Withdraw My Money from Coinbase?
Unfortunately, if you are unable to link your PayPal account to Coinbase and withdraw your money, it is because that feature is not available in your region yet.
However, Coinbase is working to expand that feature, and when it’s ready in your region, you will get an email with instructions on how to link your PayPal account.
Fortunately, Coinbase allows its users to link their PayPal accounts and transfer money between the platforms. However, U.S. users are the only ones who can buy, sell, add cash, and cash out on Coinbase, users in other countries can only cash out or sell.