Coinbase Now Allows Instant Transfers through PayPal
Coinbase recently announced that customers based in the United States can instantly transfer their balances to PayPal without any fee. Coinbase is a cryptocurrency platform where users can store, buy and sell Bitcoin, Ethereum, and other digital currencies.
Previously, users would have to transfer their Coinbase balances using a Federal Wire or ACH (direct deposit). This was the only way to convert the digital currency into physical cash. Those transfers typically took up to two business days.
With PayPal, the transfers are instant. Then users can choose to either utilize their PayPal balances for online shopping or transfer the funds to their linked bank accounts. PayPal offers Instant Money Transfers for a 1% fee, or up to $10 per transaction. Users can also use a Standard Transfer at no extra cost, however that may have the same delay as the traditional ACH transfer through Coinbase.
To use the new service, customers must link a PayPal account to their Coinbase account. Then, they can select PayPal as the withdrawal method during the transfer process. PayPal is only available for withdrawals and cannot be used to deposit money into Coinbase at this time.
Coinbase says “support for PayPal will be rolling out across more countries in 2019.”