How to Transfer Crypto From Coinbase to PayPal and Vice-Versa: A Step-by-Step Guide
Various users look to transfer crypto from Coinbase to PayPal and vice-versa as these are two of the largest financial institutions offering cryptocurrency buying and selling options to a wide audience. Whether you’re looking to consolidate your holdings on one platform or to boost your HODLing setup, transferring between both platforms can be extremely useful.
In July 2022, PayPal finally released a long-awaited feature: allowing users to send crypto to external wallets. This feature wasn’t allowed a few months ago, however. When PayPal decided to add support for cryptocurrencies in 2020, you could only buy and sell crypto within PayPal but not send it to external wallets.
This article will guide step-by-step on how to transfer crypto from PayPal to Coinbase and vice versa.
If you’re using Binance, please read: How to Transfer Crypto from Binance to PayPal: Step-by-Step
How to Transfer Crypto From Coinbase to PayPal
Transferring from Coinbase to PayPal is a straightforward process, as outlined in the steps below:
- After logging in to your PayPal account, head to the crypto section on the dashboard.
- Select the cryptocurrency you want to receive.
- Click on the Transfers button —the little icon with two arrows— and then “Receive.”
- Complete the ID verification process (which is only necessary if you’re using the service for the first time).
- You will get a crypto address that you’ll use for the particular asset you want to receive.
- Now you have to access your Coinbase account and click on Send/Receive, choose Send and select the crypto you want to transfer.
- Paste the crypto address from PayPal into Coinbase’s “to” section and click on “Continue” to confirm the transaction.
That’s essentially what you have to do. As a side note: always double and triple check that the address of each particular coin is correct and that the network corresponds to each crypto. Using a mistyped address or the wrong network (for example: sending an ERC-20 (Ethereum) token to a TRC-20 (TRON) network) will result in the loss of your funds.
It’s worth pointing out that PayPal does not support every cryptoasset Coinbase does and, as a result, options are limited when it comes to transferring crypto from Coinbase to PayPal. Nevertheless, it’s possible to transfer major assets like Bitcoin and Ethereum.
How to Transfer From PayPal To Coinbase
The process is pretty much the same if users want to transfer from PayPal to Coinbase. In short:
- Once you log in to your Coinbase account, click on the Send/Receive tab at the top header and then click on Receive.
- Copy the address, in this case, Ethereum.
- Head over to PayPal’s crypto section and choose the asset you want to receive.
- Paste the address from Coinbase and click on Continue.
Your funds should be available depending on the currency’s network congestion.
In essence, you can send crypto from any personal crypto wallet to PayPal (as long as PayPal supports the currency). You just need the PayPal address and paste it into the sender’s wallet, or vice versa.
While PayPal doesn’t charge fees for sending crypto to external wallets, you will have to pay a network fee, which PayPal will show you on the confirmation screen. Network fees depend on the network you’re using — Bitcoin network, Ethereum network, etc. – and are used to reward miners and validators.
Can I Use the Same Address For Each Crypto Deposit?
It’s not recommended to re-use the same crypto address to move your funds due to security and privacy reasons. PayPal will provide you with a different address for each coin each time you want to move your funds.
Can I Send Crypto From PayPal to Any Exchange?
You can transfer crypto from PayPal to a valid wallet address, whether a personal hot storage wallet or an exchange.
What Currencies Does PayPal Support?
PayPal supports four cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC). We will have to wait and see if PayPal decides to add support for more cryptoassets, with its decision likely being based on a number of factors, including demand from its users.
Can I Retrieve My Funds If I Send Them to the Wrong Address?
It’s highly recommended users « always triple check the address and the correct network for each coin. Note that PayPal supports each crypto on their native networks, while cryptocurrency exchanges like Coinbase and Binance can support tokenized versions of a coin on another blockchain – for example, wrapped Bitcoin (WBTC) on the Ethereum network.
Featured image via Pexels.
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