Usually PayPal does not charge any fees when you transfer money from your PayPal balance to your bank account. Fee details for using service are as follows:
1. Standard transfer from paypal account to linked bank account is free.
2. For instant fund transfer to your eligible linked debit card or bank account there is a fee of 1% of amount transferred, with a maximum fee of $10.00.
3. Instant Transfer Withdrawal Limits is also set for Debit Cards( Up to $5,000 per transaction/ day, up to $5,000 per week and up to $15,000 per month) and instant transfer withdrawal limits for Bank is up to $25,000 per transaction.
While some banks may charge a fee for transfers. See the FAQs in help centre on PayPal.com
4. Further, if you want to send money to friend or family from PayPal account who are also using PayPal account, transaction processing fee is waived off.
But if it is funded by a credit card, debit card or PayPal Credit, then 2.9% of the amount funded and a fixed fee based on the transaction amount is charged.
5. If you are transferring fund to other countries, ( in paypal account) transaction fee of 5% of the amount send up to maximum $4.99 will be charged.
6. But if you are transferring amount other than PayPal account, a fee of 2.9% of the amount funded and a fixed fee based on the transaction amount will be charged in addition to transaction fee (5% of funded amount). For further details you can check
Minimum Transfer Amount it $1.00.
Now coming to the pros and cons of PayPal.
Pros of using paypal account:
1. It is a digital payment method. You can use it any where.
2. It is secure payment method due to encryption feature, this protects customers data.
3. It is easy to use.
4. You can create a free account.
5. You can manage easily transaction history.
6. User friendly mobile app is also there.
7. You can transfer money to friends and family free.
8. Sometimes good offers are also there for loyal customers.
1. Paypal can freeze account if detect some suspicious behaviour in an account.
2. Sometimes when you transfer funds from your PayPal account to bank account, bank also require transaction fee.
3.For business account PayPal charge fee on receiving payment in paypal account.
Overall there are some cons of using paypal but still benefits are more and it is a safe and secure payment method.