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Ibotta & PayPal: How to Withdraw Your Cash

withdraw ibotta cashIf 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.  If you don’t already have one, then follow these steps:

  1. Go to PayPal
  2. Click on Sign up
  3. Choose “personal account”
  4. Fill out the form indicating your personal information: name, email and password.  
  5. Next you’ll enter your address and phone, agree to their terms, and presto. Your account is created.

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.
screen showing how to connect ibotta to paypal
Once you have opened your PayPal account, you need to link it to your ibotta account.  Here is how: open the app, and click on the account link to see how much money you have in your account.  If you have a minimum of $20, you can withdraw your cash.  You can choose the PayPal option by clicking on ‘link Account’.  Choose how much money you want to withdraw.  I suggest you withdraw the full amount in your account. Ibotta accounts occasionally get locked, and it can be a headache to get it unlocked.  This happened to me once, and it took me two months to be able to unlock ibotta and use the app again.  

Once you choose how much you want to withdraw, you will be prompted to enter your ibotta email and password.  Next you will then be asked to enter your PayPal information, thus linking your ibotta to PayPal as a form of cash withdrawal.  Afterwards you’ll receive a message that your transfer was successful. It takes about 24 hours for the transfer to post to your PayPal account.  

‘Transfer Successful”

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 purchases. 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 to transfer your ibotta earnings directly to your bank. Unless you choose instant transfer, there are no fees to transfer your ibotta cash to a bank. 

What do you do with your ibotta earnings?

While some people keep it in the app, others re-use it for more savings. What I do with my ibotta earnings (or any cashback earning): I save half, and re-use the other half to make more ibotta purchases. My purpose for couponing and using apps is to save money for different things – like vacations, christmas, etc., so I maximize my savings by stashing it in a high yield savings account (rather than a regular savings) because it earns more interest. I also don’t keep it in PayPal because I use a credit card with a cash back reward. 

What do you do?

Related: How to Earn More Money For Your Savings with Credit Karma 

The following video shows how to withdraw your cash from ibotta: 

Happy Savings,
TaLis

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