Coinbase sets itself apart from other wallet apps by making cryptocurrency transactions incredibly convenient. You can easily withdraw cash from the app and deposit it into your bank account within days — and now, if you want to cut the time from days to mere minutes, Coinbase has you covered as well.
The popular wallet app now lets you deposit cash directly into your PayPal account. This allows you to take advantage of PayPal's Instant Transfer feature using your linked debit card to instantly receive your cash for a fee of $0.25, which is a lot faster than transferring from Coinbase to your bank account.
To be clear, you can't purchase Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), or Litecoin (LTC) using PayPal as a funding source. Hopefully this will change in the future, but for now, PayPal is still a great way to get cash fast after selling cryptocurrency in Coinbase.
Adding Your PayPal Account to Coinbase
Adding PayPal to your Coinbase account can only be done through the Coinbase website. So open your browser on either your smartphone, Mac, or PC to get started, then head over to Coinbase and log into your account. Once you've gained access to your account, head to "Settings" near the top of the page.
Inside settings, select "Linked Accounts" from the top of the overview tab, then hit the blue "Link a New Account" button to proceed.
Now, select "PayPal" from the list of account options that pop up. Doing this will redirect you to a PayPal login page, so enter your credentials to gain access to your PayPal account. Once you're logged in, you'll be taken to a confirmation page to grant Coinbase access for money transfers — select "Agree" to link your two accounts together.
With your PayPal account successfully linked, return to Coinbase if you weren't automatically transferred. You'll now be able to deposit proceeds from Coinbase cryptocurrency sales into your PayPal account. As with other transfers, there are fees imposed when using PayPal on Coinbase, so make sure you're aware of those before selling any cryptocurrency.
From there, if you want to move money from your PayPal account into your real-world bank account within minutes, simply follow PayPal's instructions. PayPal's Instant Transfer feature is available to US users and ensures that funds will be available in most banks within 30 minutes — but don't forget about that $0.25 fee, which applies to each transaction.
Removing Your PayPal Account
Removing PayPal as an option for deposits is a lot easier than adding it on, and can be done within your Coinbase wallet app. To do so, start by tapping "Settings" on the bottom of your screen, then select "Linked Accounts" within the main settings page.
From there, simply tap on the "Remove" button next to your PayPal account, then tap on "Remove" on the confirmation box that pops up in the middle if you're using an iPhone or along the bottom if you have an Android.
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Cover photo and screenshots by Amboy Manalo/Gadget Hacks
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