PayPal is a fintech giant that started offering users the ability to buy, sell and store crypto in October 2020. It has well over 400 million users and partly thanks to its reputation and battle-tested security, users have always wanted to be able to transfer crypto from Binance to PayPal.
On June 7th, 2022 PayPal announced it’s extending its cryptocurrency services by allowing users to transfer their crypto funds to exchanges and wallets. PayPal rolled out this feature in response to customer demand, according to Jose Fernandez da Ponte, General Manager of Blockchain, Crypto and Digital Currencies at PayPal.
As part of their push to make digital assets accessible to all users, PayPal is making it easy for their customers to move cryptocurrency while protecting their identities. Transferring from crypto exchanges or wallets (whether digital or physical wallets) is a straightforward process that involves a few clicks.
In this guide, we’ll explain step-by-step how to transfer your crypto to PayPal using Binance, one of the most popular cryptocurrency exchanges in the market.
How To Transfer Crypto From Binance to PayPal
PayPal supports four cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC). The first thing you need to do is login to your Binance account and pick one of these cryptocurrencies, keeping in mind PayPal supports them on their native networks.
This means Bitcoin should be transferred using the BTC network, while Ethereum should be sent using the Ethereum network.
Here’s how you can transfer crypto from Binance to PayPal:
- First, you need to log in to your PayPal account and head to the crypto section on the dashboard:
- Once there, choose the cryptocurrency you want to receive.
- Click on the Transfers button, an icon with two arrows, and then “Receive.”
- PayPal will prompt you to complete an ID verification process, which is only necessary for the first time using the service.
- The app will give you a crypto address that you can only use for the particular cryptocurrency you want to transfer.
Once you have the address, copy/paste or use the QR code and share it with the sender. If you’re doing it by yourself, simply paste the address into Binance. Instructions on how to send the funds to Binance are listed in the section below.
Normally, you can reuse the same address for a particular cryptocurrency, but this is not a recommended practice due to privacy and security, this is why PayPal generates a new address for each crypto deposit.
An important note: always double-check if the address you’re sending or receiving crypto is correct. Crypto transactions are irreversible —transferring to a mistyped address means your crypto is lost. PayPal nor Binance will be able to recover the funds.
Now that we have clarified that, let’s see how you can transfer from PayPal to Binance, or any other exchange or wallet.
How to Transfer Crypto from PayPal to Binance
The process is just as simple the other way around:
- Log in to your Binance account, head over to Wallet, and then choose Deposits. Select “Deposit Crypto.”
- Choose the currency you want to receive.
- Copy/paste the address.
- Next, log in to your PayPal account, head to the crypto section and choose the asset you want to send.
- Click the transfer icon and select “send.”
- Paste the address from Binance and click Send.
That’s it —simple as that. You can also send crypto to PayPal users directly by clicking Send and choosing the person you want to send the funds to.
You can also send and receive cryptocurrency using digital wallets —it’s the same process, simply find the currency’s specific address and paste it to send the funds.
Does PayPal Charge Crypto Fees?
No. PayPal doesn’t charge fees for sending cryptocurrencies to external wallets or PayPal contacts. However, network fees apply, and these fees depend on the network you’re using (Bitcoin network, Ethereum network, etc.). PayPal will show you the estimated network fee on the confirmation screen.
How Many Cryptos Does PayPal Support?
PayPal only supports four cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC).
How Much Time Does It Take to Transfer Crypto to PayPal?
Crypto transfer will depend on network congestion, so confirmation time varies. Bitcoin transfers usually take 10 to 15 minutes, but they can extend to 1 hour or 1.5 hours. Ethereum, on the other hand, frequently experiences network congestion due to the vast amount of activity occurring on the network, but transactions usually take between 15 to 30 minutes to settle.
What Happens if I Send Crypto to the Wrong Address?
If you erroneously use an Ethereum network to send Bitcoin, the transaction will be rejected, but using the wrong Bitcoin address, for example, basically means losing your funds. Always triple-check the address to which you want to send or receive funds.
Keep in mind that PayPal supports these cryptoassets on their native networks, while Binance supports these and tokenized versions of these currencies on several networks. It’s important to always send the funds based on the network PayPal supports as it’s less inclusive.
Featured image via Unsplash.