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PayPal to get Instant Cash Transfers?

Discussion in 'Logistics - Payment & Shipping' started by Erik, Jun 20, 2017.

  1. Erik

    Erik

    Joined:
    Sep 26, 2012
    Messages:
    2,821
    PayPal, despite being widely used by most online sellers and buyers, is being left behind by newer, more modern payment processors. There are a lot of them now, and one of the biggest advantage over PayPal are instant - almost instantaneous cash transfer from virtual to bank.

    PayPal has this problem, it takes them at least 24 hours to clear the requested bank withdrawal. Other countries have it worse with up to 72 hours clearing time. Other payment processors now have instant transfers, even western union can process your transfers in a matter of minutes. The biggest name is being left out, and thankfully they noticed it.

    [​IMG]

    They have just announced that in the US, they are testing out instant cash withdrawals. This instant withdrawal system will let you get your money to your account within minutes - other bank accounts up to 30 minutes. PayPal has partnered with both Visa and Mastercard to make this happen to make banking faster. One caveat though is that this is still currently being used and tested on Visa and Mastercard debit cards.

    PayPal has also stated that instant transfers require a $0.25 fee (£0.20), but those who would not like to pay up may still use the old bank transfer method for free - just keep in mind the 1 day process. Minimal fee, compared to Square Cash which requires a 1% fee.

    It's a welcome solution for those who need instant money from their PayPal accounts. Hopefully this could be rolled out soon not only in the whole US, but to UK and other countries as well. Speed is everything with money due to its value in daily lives, and PayPal must evolve to ensure that their customers need not to worry about delayed transfers.


    Source:
    https://www.paypal.com/stories/us/transfer-money-instantly-to-your-bank-account-with-paypal
  2. Dean

    Dean

    Joined:
    May 22, 2008
    Messages:
    9,437
    Whenever I withdraw money from Paypal, it is in my account within minutes through Faster Payments. I'm not sure what extra this brings to UK customers?
  3. Gary

    Gary

    Joined:
    Aug 22, 2009
    Messages:
    16,366
    I was thinking the same as Dean, when I withdraw from PayPal it's normally in my bank account by the time I log in which is generally within about 10 minutes or so later when doing my monthly bookkeeping.

    PayPal were told to use faster payments as standard here in the UK years ago (2013 if I recall correctly), and to not charge extra for them (like they used to).
  4. Erik

    Erik

    Joined:
    Sep 26, 2012
    Messages:
    2,821
    Well it could be faster then, like seconds ;) kidding.

    Seriously though, if they were imposing a $0.25 charge in the US, I wonder if that will affect the UK as well? And oh, this goes to debit cards only for the meantime, not exactly direct to bank account - which I think is a commonly used card in the US. I think for other countries, this would be a huge benefit. Not really sure of debit card usage in the UK though.
  5. Jed

    Jed

    Joined:
    Feb 16, 2009
    Messages:
    8,837
    I think it was some EU law where they ended up having to refund thousands of people for backdated charges as they shouldn't of been charging for a 'faster' withdrawal service in the first place.

    My withdrawals are all instant anyway, by the time my banking app loads up the money is always there.
    halid likes this.
  6. ann333

    ann333

    Joined:
    Jun 23, 2017
    Messages:
    13
    Thanks for this post! Well.... what about paypal alternatives? I heard about Payoneer. Any feedback on that or any other alternatives?
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