Paypal is a brilliant online payment system that isn't as restrictive as most banks are. You can use it to pay for goods from most websites, and you can also send or receive money from other users with limited fees. Particularly in the UK, it's one of the most common ways to move money and pay for goods without using a bank. However, sometimes you need to top your account up, and your only option is your bank account. In this guide, we'll show you how to transfer money from Ally Bank to Paypal, covering everything you need to know to get up and running.
To transfer your money from Ally Bank to Paypal you first need to add your bank account to your Paypal account. You do this through your Paypal wallet. Once you've done this, you can request money from that bank account and fund your Paypal account directly.
How to Add Your Ally Bank Account to Paypal
The first thing you need to do when transferring money to your Paypal account is add the bank account. This process is straightforward and can be done within the Paypal app or website with nothing but a bank card. Make sure you have your Ally Bank card to hand, and then follow the steps below.
- Login to your Paypal account.
- Go to your ‘Wallet.'
- Select the option to ‘Add a Bank Account.'
- Enter the ‘Account Number‘ and ‘Sort Code‘ of your bank account.
- Double-check the information you have typed in, then confirm it.
After this is complete, you will have added your account to Paypal. You may be asked to verify the bank account by checking a small transfer that Paypal makes to the bank account. If this is the case, all you'll have to do is check the reference number on the transfer and type it in within Paypal.
But that's just half the journey. Now you need to be able to transfer money from your bank account into your Paypal account.
How to Transfer Money From Ally Bank to Paypal
For this example, we'll continue with our Ally Bank example. You should have added your Ally Bank account to Paypal in the steps above. Now that the account is linked within Paypal, you need to request the money from Paypal. Follow the steps below to request the money.
- Find and click on the option for your ‘Wallet‘ in Paypal.
- Select the ‘Transfer Money‘ option in the menu.
- Now you need to click the option to ‘Add Money to your Balance‘ in Paypal.
- Select your Ally bank account. If you want to use another bank account, you can select it at this stage instead.
- Enter the amount you want to transfer from your bank into Paypal.
- Confirm the amount.
It takes between three and five business days for a transfer to complete from your bank to Paypal. Unfortunately, there's no way to speed this up. If your bank deals with transfers much faster than three business days, then there's a good chance that your money will be moved sooner. However, most banks move at this pace, so you'll probably have to wait at least three business days before anything happens.
Paypal isn't an official bank, so when you transfer money from Paypal to a bank account, it can be done much faster.
That's everything you need to know about moving money from a bank account into your Paypal account. The main thing you need to remember is that this transfer is not instantaneous. It will take a few days before any money is processed into your account. An alternative way to access your bank money through Paypal is to add your card and pay for the goods you need through Paypal but on the bank card via your Paypal wallet.
Now you know how to move money between this bank and Paypal, check out our guide on how to send money from Zelle to the same service.