With the huge influx of newcomers there's been a lot asking me "how can I transfer my earned Steem to my Paypal account" and also the other way "how can I buy some Steem with my Paypal balance?".
First off I want to address that it's weird how few exchanges or other services offer this, half a year ago I had to search for a long time until I found one and in my search I ran into so many scam sites and other frauds, it was unbelieveable. Recently even this site that I've always used was down and I needed to urgently move some crypto into Paypal and used a site called Bitwol only to get scammed out of 0.02 BTC and the site went down shortly after.
Paypal is a really famous service for anyone that is new to cryptocurrencies. Before Twitch created their own token for tipping all streamers were using Paypal. With old middlemen services such as Paypal there are a lot of fees, probably not as bad as Bitcoin transactions today though. ;) The only service I know to this day that offers Bitcoin-Paypal and vice versa that works and won't steal your funds is called VirWox. Bear in mind that there will be fees using it as well.
You create an account just like on any other sites and once you log in this is what you'll be able to find:
The site uses Linded Dollars, a ingame currency in the popular game "Second life". It reminds me a little bit about Mt. Gox since that also started out with trading Magic the Gathering cards before it went on to accept Bitcoin and create an exchange about it. Hopefully though this site won't go down the same fate, but as always with exchanges and services, use them fast and don't store a lot of value on them.
So once you've sent Bitcoin to your account, you will have to Trade the Bitcoin for SLL in the BTC/SLL section and afterwards from SLL to USD. This is where the fees come in and why it may not be the cheapest method, its one of the few ones to this date. Unless you know people who want to do the service for you instead.
After having traded the SLL into USD you go to withdraw section and this will be displayed:
Once you have some funds on the account there will simply be a box where you can enter your Paypal address in and the funds will be sent to you usually withing a few minutes.
I am not sure about limits, I've used up to $200 max at once to trade and withdraw them to Paypal. It works good for small amounts if you ever need some money on Paypal while waiting for your favorite stores to accept Steem or have some funds on Paypal you haven't had any use for and would like to power up your account. :)
Let me know your experience with it if you end up using it and if you manage to figure out the exact fees, I haven't bothered to count since I haven't been using it for big transactions.
