If you already have the ibotta app to earn cash back for your everyday purchases, then your next step is to withdraw ibotta cash from the app. This process is very simple. Once you have a minimum of $20 you have 2 ways you can withdraw your cash. One such way is to withdraw your cash using PayPal.
In order to do this, you must have a PayPal account first. If you don’t already have one, then follow these steps:
- Go to PayPal.com
- Click on Sign up with this link get $10 sign up bonus)
- Choose “personal account“
- Fill out the form indicating your personal information: name, email and password.
- Next you’ll enter your address and phone, agree to their terms, and presto – Your account is created.
This image shows the instructions in ibotta help section of PayPal
PayPal will then send you an email with a link in order to verify your account. Clicking on that link will take you back to PayPal.com. Note: if you don’t verify your account, your PayPal account is not activated.
Once you choose how much you want to withdraw from Ibotta, you will be prompted to enter your ibotta email and password. Next you will be asked to enter your PayPal information (email), thus linking your ibotta to PayPal as a form of cash withdrawal.
Afterwards you’ll receive a pop up message within the app and an email that your transfer was successful and cash is on its way. It takes about 24 hours for the transfer to post to your PayPal account.
Withdrawing your Cash From PayPal and Transferring to Your Bank:
PayPal use to allow users to keep their money in the account, and then use it to pay for purchases. Now, when money is deposited into PayPal, you’ll see a box indicating money is waiting for you, and the choice to “accept the money”.
After accepting the money, you have 3 options of where to send the money: Keep it in PayPal, transfer it to your bank, or request a check by mail.
Some people opt to keep it in PayPal and use the money to make more ibotta deals. Ibotta is about saving money, so a lot of people opt to deposit the savings into a bank. If that’s you, then clicking ‘transfer to your bank, you will be prompted to enter your banking information in order to link your account. This is how you link your bank account to Paypal. Unless you choose instant transfer, there are no fees to transfer your ibotta cash to a bank.
In July of 2020 Ibotta finally added the feature to transfer your cash earnings directly to your bank. So the extra step with PayPal is no longer needed if your plan is to save your earnings.
What do you do with your ibotta earnings?
While some people keep the cash in the app, others re-use it for more savings. My purpose for couponing and using apps is to save money for different things – like vacations, christmas, etc. I maximize my savings in a couple of different ways. I double dip earnings with my credit card which is why I don´t keep it in PayPal.
What do you do?
Related: How to Save Money Using Apps
You can also see how to withdraw your cash from ibotta with this video:
Happy Savings,
TaLis
