Coinbase Launches Free Instant Withdrawals to PayPal for U.S. Customers

On Friday (14 December 2018), crypto exchange Coinbase announced that from today its U.S. customers could make free instant USD withdrawals to their PayPal account.

According to a blog post by Allen Osgood, a project manager at Coinbase, before today, U.S. customers needed either an ACH or a Fedwire (formerly known as the Federal Reserve Wire Network) account to withdraw fiat (USD) from their Coinbase account. Unfortunately, using such traditional financial networks means that withdrawals can take up to two business days.

However, now that Coinbase has implemented PayPal support, U.S. customers can withdraw Coinbase balances instantly to PayPal without having to pay a 1.49% withdrawal fee (which they would need to pay if they were sending their money to a U.S. bank account). 

To start using this new service:

• “Simply sign in to Coinbase and link your PayPal account to your Coinbase account.”
• “Select your PayPal account as a payment option when withdrawing your cash balance to move your funds instantly.”

Customers residing outside the U.S. need not despair: Coinbase says that it plans to roll out this service to other countries in 2019.

Featured Image Courtesy of Coinbase