PayPal has expanded its services to cryptocurrency, allowing users to purchase, sell, store, and transfer digital assets.
PayPal makes it easy to send crypto to a friend or even transfer it to a wallet outside. This guide will take you through all you need to know.
PayPal-supported Cryptocurrencies
The current cryptocurrencies supported by PayPal are:
| Cryptocurrency | Symbol | Transfer to External Wallet |
|---|---|---|
| Bitcoin | BTC | Yes |
| Ethereum | ETH | Yes |
| Litecoin | LTC | Yes |
| Bitcoin Cash | BCH | Yes |
| PYUSD (PayPal USD) | PYUSD | Yes |
Before You Begin: Requirements
- Before sending cryptocurrency, you will need the following:
- Either a personal or business verified PayPal account.
- PayPal identity check (KYC) done.
- Cryptocurrency is already in your PayPal wallet or purchased.
- PayPal email or external wallet address of the recipient.
- A stable internet connection and the current PayPal application or browser.
Method 1: Send Crypto to a PayPal Contact
This is the simplest way to send crypto to another person, who has a PayPal account. There is no charge of sending crypto among PayPal users.
Step-by-Step Instructions
- Step 1: Open PayPal
Enter your PayPal account via the mobile app or at paypal.com.
- Step 2: Go to Your Crypto Wallet
In the mobile app or web dashboard, tap Finance (mobile) or Crypto. You will observe all of the cryptocurrencies that you have.
- Step 3: Choose the Cryptocurrency
Select the cryptocurrency to send, such as Bitcoin (BTC) or Ethereum (ETH).
- Step 4: Tap ‘Send’
Click/tap on the send button on the crypto detail screen.
- Step 5: Add Recipient information
Add Paypal mail or Mobile number of the recipient. Their account will be automatically looked up by PayPal.
- Step 6: Enter the Amount
Enter the volume of cryptocurrency to be transferred. You may switch between the crypto amount and USD equivalent.
- Step 7: Review and Confirm
Check the transaction summary look at the amount, recipient and any fees charged. Tap ‘Send Now’ to confirm.
- Step 8: Done!
You will be notified of the confirmation. The crypto will be shown in the PayPal wallet of the recipient instantly.
Procedure 2: Move the Crypto to a Wallet
It is also possible to transfer supported cryptocurrencies between PayPal and another crypto wallet (Coinbase, MetaMask, Trust Wallet, or a Hardware wallet). Remark: Outside transfer (network fees) is charged on outside transfer.
Step-by-Step Instructions
- Step 1: Open the Crypto Section
Log in to PayPal. In the mobile application, go into the section of finance crypto or in the site, the tab of crypto.
- Step 2: Select Your Crypto
Tap on the cryptocurrency that you wish to transfer to another wallet.
- Step 3: Tap ‘Transfer’
In the crypto page, tap the Transfer Button and then choose the transfer to External Wallet.
- Step 4: Type in the Wallet Address
These destination wallet address should be carefully keyed in or pasted. Things that could be dealt with by checking twice the character that made wrong addresses may turn out to be permanent loss of money.
- Step 5: Enter the Amount
Specify the amount to send. Ensure you make sufficient amount to meet the network (blockchain) transaction fee.
- Step 6: Review Fees
There will be a blockchain network fee displayed in PayPal. Check the overall price and then go on.
- Step 7: Finalize Security Checking
It is possible that PayPal will require you to scamper with PIN, fingerprint, Face ID, or a one-time SMS code to secure your account.
- Step 8: Confirm the Transfer
Tap ‘Transfer Now.’ The blockchain will be broadcasted with the transaction. The time of confirmation depends on the network (Bitcoin: 10-60 min, Ethereum: 1-5 min).
Fees Overview
| Transaction Type | Fee |
|---|---|
| Send crypto to PayPal contact | Free (No fee) |
| Transfer to external crypto wallet | Blockchain network fee (varies) |
| Buying crypto on PayPal | Spread fee (1.5% – 2.3%) |
| Selling crypto on PayPal | Spread fee (1.5% – 2.3%) |
Important Tips & Warnings
Always verify wallet addresses
Bitcoin transactions are permanent. One mismatched figure in a wallet address will imply that your money is gone forever.
Use the correct network
All cryptocurrencies have their blockchain networks. Transfer of BTC to ETH address, e.g., will make the money lost.
Know the tax implications
The sale or remittance of crypto is taxable in the majority of nations. Tax records To keep records of all transactions.
Check PayPal in your location
The crypto facilities of PayPal are not present in every country. See check paypal.com to see a list of supported regions.
Security: Enable 2FA
Ensure that you always have two factor authentication (2FA) turned on your PayPal account in order to defend against unauthorized accounts transfer.
General Problems and Troubleshooting
Q: Am I not able to locate the send or transfer button.
A: Have a fully verified PayPal account using identity (KYC) documents. The crypto features cannot be used in unverified accounts.
Q: Long time pending in the transaction.
A: External blockchain transfers are dependent on network congestion. Bitcoin may require 10-60 minutes; Ethereum normally requires 1-5 minutes.
Q: Recipient claims that they were not received the crypto.
A: In the case of PayPal-PayPal, the crypto is automatically credited. In case of external wallets, follow the transaction on a blockchain explorer with the hash of the transaction (TxID).
Q: Error: ‘This feature is not supported in your region’
A: PayPal crypto is already offered in the US and several countries. The official list of supported regions of check PayPal.
Conclusion
With PayPal, it is comparatively straightforward to transfer cryptocurrency, be it free dealing with another PayPal user or an external wallet. These are the main actions: go to your crypto wallet, pick the coin, go to either the Send or Transfer to External Wallet, fill in the recipient details, examine the charges and confirm the transaction.
Always be careful when using wallet address, monitor the fees and taxes that are applicable and ensure your account is secured using two-factor authentication. These measures will enable you to comfortably transmit and manage your online funds using PayPal.
