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How to Transfer Money From Chime to PayPalSep 23, 2022 PayPal and Chime are two of the US's most popular mobile payments apps. With more than 12 million customers across the country, Chime offers an excellent mobile banking and current account service that comes with a prepaid debit card. On the other hand, PayPal is the world's largest mobile payments app that offers fast online transfers between tens of millions of user accounts identifiable by email addresses and usernames. However, despite their popularity, it's impossible to transfer from Chime to PayPal directly as the two platforms aren't connected in such a way that allows direct money transfers between accounts. In this guide, we explore how Chime customers can jump through the hoops to get the job done, as well as what to avoid along the way. How to Transfer Money From Chime to PayPalHow to Transfer Money From Chime to PayPalWhen it comes to sending money from Chime to PayPal, it won't be quite as easy as transferring money from an ordinary bank account to PayPal. This is because Chime is considered as a prepaid account rather than a full bank account, and it means you'll have to rely on indirect methods to get the job done. You'll have the following three options, broadly speaking:
We go through each of these options in more detail below: Option 1 — Use The Same App
Perhaps the most straightforward way of sending money from Chime to somebody else's PayPal account, this method involves one of two options. First, you can open a PayPal account yourself (there's a fair chance you'll have one already) and deposit money from a non-Chime bank account (after linking your bank account, which can take up to three working days.) Alternatively, your recipient could open a Chime account, which would mean they'd be able to access the money from you more quickly as they won't need to link a bank account to receive it. Both options are free, and signup is fast.
Option 2 — Transfer to a Common Bank Account
Either online or over the mobile apps of the two platforms, you can transfer money from Chime to PayPal by linking a common bank account. To get started, you'll need Chime and PayPal accounts in the same name as another US-based bank account. You can then link your bank account to both services and transfer money from Chime to your bank account, and then finally on to PayPal.
Option 3 — Use a PayPal Card
A final option you have is to order a PayPal debit MasterCard, which you can use as a bridge between your PayPal account and your Chime account in a similar way to how you would with a checking account. This option is especially useful if you already have a PayPal debit card, but it can be a slow option if you need to order the card first.
Sending From Chime to PayPal: What To AvoidIf you're planning on sending money from Chime to PayPal in the same currency, then the process should be totally free. However, if you're planning on making a currency conversion at any point along the way, then the costs can stack up very fast, same is likely to happen from Paypal to Skrill or from Paypal to Moneygram. This can happen in one of two ways if your PayPal account is in any currency other than US dollars. (Chime accounts are always in US dollars as the service is only available in the US.) First, you can convert funds into dollars in PayPal directly using your balance, in which case PayPal will make the currency conversion. Alternatively, you can deposit the money from your PayPal account into your bank account in US dollars, in which case your bank will make the currency conversion. The bad news is that both options are expensive because you will be charged a highly variable, nontransparent exchange rate margin fee of anywhere between 2.5% and 4.5% for PayPal (and sometimes even higher with the bank) for converting currencies. At Monito, we recommend against using PayPal when exchanging currencies, especially when sending money to a different country and currency. Instead, if you're planning on sending money abroad, then we recommend you make an ordinary bank transfer to one of the many international money transfer specialist services out there — most of which allow you to take advantage of fees and exchange rates that come in at a fraction of the cost of PayPal or the big banks. Run a search on Monito's real-time comparison engine below to get the job done quickly and easily: Compare Money Transfer ServicesCountry from Select a country Arrow downCountry to Select a country Arrow downOpen an American Bank Account Online September 30, 2022 - by François Briod Transferring From Venmo To PayPal August 10, 2022 - by Byron Mühlberg PayPal To Western Union June 30, 2022 - by Byron Mühlberg Top 10 Online Small Business Checking Accounts in the US in 2022 November 9, 2022 - by Jarrod Suda Disregarded Entity LLCs: Meaning and How to Start One in 2022 November 7, 2022 - by Jarrod Suda The Best Way to Buy Euros in the USA in 2022 November 4, 2022 - by Jarrod Suda The 8 Most Immigrant Friendly States in the US in 2022 September 20, 2022 - by Jarrod Suda PayPal Conversions September 6, 2022 - by François Briod 5 Best US Banks for Foreigners and Non-Residents in the USA October 19, 2022 - by Jarrod Suda ChimeWithdraw Money From Chime Without a Card April 5, 2022 - by Byron Mühlberg Can You Withdraw Money From Venmo Without a Card? October 13, 2021 - by Byron Mühlberg How can I instantly transfer money from Chime?Make an instant transfer
All you have to do is link an external bank account, and add your debit card number, then you'll be able to add at least $200–instantly.
Can I send money from Chime to Zelle?Chime doesn't have Zelle integrated with its banking app as many traditional banks do. Until recently, you could at least add Chime's debit card to Zelle's app. However, this functionality has ceased for anyone trying to add Chime to the Zelle app now.
Can you send money to someone with Chime?Select the Pay Anyone tab. Search for your friend's name or $ChimeSign, or enter the email or phone number of someone who isn't on Chime. Enter the amount to send to the recipient and the reason that you're sending the money. Confirm the amount and the recipient.
How long does it take to transfer money from Chime to bank account?Bank transfer initiated through the Chime mobile app or website: Up to 5 (five) business days from the date the transfer was initiated (Monday-Friday) excluding federal holidays.
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