Send, receive and transfer crypto from PayPal: An easy guide

PayPal’s latest cryptocurrency function provides a user-friendly way to transfer digital assets

Stack of ether coins foregrounding PayPal logo – Photo: Shutterstock                                 
PayPal’s crypto push enters another phase – Photo: Shutterstock
                                

Contents

Since 7 June 2022, PayPal has supported the transfer of crypto assets between its native app and external wallets, including custodial exchanges. The function, available to customers only in the United States (Hawaii excluded), was the most-requested feature since the fintech company rolled out its cryptocurrency services in November 2020, according to a press release.

Prior to the enhancement, PayPal allowed bitcoin (BTC), ether (ETH), Bitcoin Cash (BCash) and Litecoin (LTC) to be bought and sold only within the app. The added functionality, in addition to external wallets, allows users to send and receive crypto assets between other PayPal users with zero network fees. External transfers are subject to blockchain gas fees.

The announcement was part of a big and ongoing PayPal crypto push, as the California-headquartered multinational continues to integrate digital asset services into its traditional merchant offering.

If you want to transfer crypto from PayPal and vice versa, but do not know how, our step-by-step guide is available below.

How to transfer crypto from PayPal

Keeping user-friendliness in mind, PayPal makes it fairly straightforward to send crypto from PayPal:

  • Once logged into PayPal, enter the crypto section of the app
  • Choose the coin you intend to transfer 
  • Tap the transfers button and select “Send” to transfer crypto to another unique crypto address.
  • Complete ID verification (only necessary on first using the service)
  • Enter the external crypto address you want to transfer to, either by copy/pasting or using the QR code function
  • TRIPLE check the information
  • Confirm the external transfer

How to receive crypto on PayPal (from external sender)

  • Once logged into PayPal, enter the crypto section of the app 
  • Choose the coin you intend to receive 
  • Click or tap the Transfers button (blue icon with two arrows) then select “Receive.” 
  • Complete ID verification (only necessary on first using the service)

You will be given a unique crypto address (the long string of letters and numbers of the screen). Share this with the sender, or if you are sending crypto from an external app yourself, copy/paste this address into the external app.

Screenshot showing process of receiving crypto on PayPal – Source: newsroom.paypal-corp.com
PayPal also supplies up-to-date pricing information – Source: newsroom.paypal-corp.com

Beware that all crypto transfers are final and cannot be reversed. It is of paramount importance that you carefully check address information before finalising all payments.

How to send and receive crypto between PayPal users

It could not be easier. Simply go to the crypto section of the PayPal app, choose the coin you want to send, click “Send” and select your desired contact. Done!

FAQs

Since 7 June 2022, PayPal users in the United States (except Hawaii) can transfer bitcoin, ether, Bitcoin Cash and Litecoin from PayPal to external wallets and other PayPal users. PayPal has yet to announce the roll out of the function in other countries.

US users outside of Hawaii can buy bitcoin, ether, Bitcoin Cash and Litecoin on PayPal.

PayPal does not place charges on cryptocurrency transfers, though blockchain gas fees do apply. Buying crypto in-app is subject to fees. In the UK, crypto fees start as high as 50p for purchases under £25, or 2.3% for purchases under £100. Fees drop to 1.5% for purchases over £1,000. In the US, fees start at $0.49 for purchases under $5, or $0.99 for purchases under $25. A flat rate of 1.8% is applied to purchases between $200 and $1,000. Any higher purchases are subject to a flat rate of 1.5%.

Be sure to check out our guide for a comprehensive rundown on how to send crypto to and from PayPal.

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
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