Can I withdraw money from PayPal in Korea?

Accessing Your PayPal Funds in South Korea: A Step-by-Step Guide

PayPal, the renowned online payment platform, offers convenient ways for users to manage and access their funds worldwide. In South Korea, withdrawing money from PayPal is a simple and efficient process.

Step 1: Link Your Korean Bank Account

To withdraw funds from PayPal to your South Korean bank account, you must first link your bank account to PayPal. Here’s how:

1. Log in to your PayPal account.
2. Click on “Wallet” from the top menu.
3. Select “Add a bank account.”
4. Enter your Korean bank account details, including the account number and bank code.
5. Verify your bank account by following the on-screen instructions.

Step 2: Initiate Withdrawal

Once your bank account is linked, you can initiate a withdrawal by following these steps:

1. Log in to your PayPal account.
2. Click on “Wallet” from the top menu.
3. Select the “Withdraw” option.
4. Choose your linked Korean bank account.
5. Enter the amount you wish to withdraw (minimum ₩150,000 KRW).
6. Click on “Withdraw.”

Step 3: Withdrawal Processing

PayPal will process your withdrawal request and send the funds to your Korean bank account. The processing time may vary depending on your bank, but it typically takes a few business days.

Fees and Limits

Withdrawals of ₩150,000 KRW or more are free on PayPal. For withdrawals below ₩150,000 KRW, a fee of 3.5% of the withdrawal amount applies. There are no daily or monthly limits on withdrawals.

Conclusion

Withdrawing money from PayPal in South Korea is a straightforward process that allows you to access your funds conveniently. By linking your Korean bank account and following the withdrawal steps outlined above, you can transfer funds from PayPal to your local bank account with ease. Remember to consider the withdrawal fees for amounts below ₩150,000 KRW.