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PayPal Transferring Money to Bank Takes Forever

by NBSEO
13 replies
I've been using PayPal for quite some time now and the wait to transfer money to my bank had never bothered me too much.

However, I haven't been in the best financial situation lately and the wait times have been killing me.

5-7 business days for Canada. It's never been quite 7 days, but I still feel it's a bit ridiculous. It's 2013 - a friend can send me money and I can have it in my account in an hour.

Does anyone know why it takes so long? Are others bothered by this?
#bank #forever #money #paypal #takes #transferring
  • Profile picture of the author Kingfish85
    PayPal has the option to get a debit card...

    https://www.paypal.com/webapps/mpp/debit-card

    I don't however, know if it's available for personal accounts - it might only be for verified business accounts.
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    • Profile picture of the author Michael Levanduski
      Originally Posted by Kingfish85 View Post

      PayPal has the option to get a debit card...

      https://www.paypal.com/webapps/mpp/debit-card

      I don't however, know if it's available for personal accounts - it might only be for verified business accounts.
      You can get it for personal accounts as well. I have one.
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      • Profile picture of the author agmccall
        I have a "Real" job in addition to my online ventures. My work week ends on Friday. You would think this multi-billion dollar company could have my paycheck by Saturday Morning,

        If you withdraw regularly, then it is like a paycheck. do it on the same day every week and you will get paid the same day every week. Also like someone else said, Get the paypal debit card. I have the debit card and have no need to transfer money

        al
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        • Profile picture of the author NBSEO
          Originally Posted by agmccall View Post

          I have a "Real" job in addition to my online ventures. My work week ends on Friday. You would think this multi-billion dollar company could have my paycheck by Saturday Morning,

          If you withdraw regularly, then it is like a paycheck. do it on the same day every week and you will get paid the same day every week. Also like someone else said, Get the paypal debit card. I have the debit card and have no need to transfer money

          al
          That's a great system and I used to do that. Like I said, I've been having a bit of a time with money and it would make a huge difference if the transfer didn't travel at snail speed.

          Also, we don't have the debit card in Canada. :rolleyes:
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  • Profile picture of the author Michael Levanduski
    This drives me crazy as well. The really frustrating thing is that I work for a bank, and I know EXACTLY how this works, and there is NO reason for it to take this long.

    In fact,my bank uses PayPal for certain types of bank account to bank account transfers, and it is near instant!

    It takes so long because PayPal wants to be able to sit on the money for a few extra days, undoubtedly earning interest.

    Yes, it frustrates me too!

    Michael
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    • Profile picture of the author NBSEO
      Originally Posted by Michael Levanduski View Post

      This drives me crazy as well. The really frustrating thing is that I work for a bank, and I know EXACTLY how this works, and there is NO reason for it to take this long.

      In fact,my bank uses PayPal for certain types of bank account to bank account transfers, and it is near instant!

      It takes so long because PayPal wants to be able to sit on the money for a few extra days, undoubtedly earning interest.

      Yes, it frustrates me too!

      Michael
      I've read that a few times about the interest. It makes sense, but in addition to the fees that they charge it's completely ridiculous.
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  • Profile picture of the author Joan Altz
    That really is crazy. It's takes no more than 3 days from the time I request withdrawal from PayPal to the time it shows up in my bank account, and I'm in the Philippines.
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  • Profile picture of the author katboss07
    I had same issue, sold something on ebay and the money took so freaking long to get to my bank, with todays internet tools You'd think PayPal would speed things up a bit. People need the "Money Now" not 3 days later
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  • Profile picture of the author Richard Tunnah
    Shame Paypal don't have the same transfer timelines worldwide as in the UK it now takes a matter of hours to transfer money into your attached bank account (as paypal want to comply with UK banking rules on bank transfers which must take a maximum of 2 hours!)
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  • Profile picture of the author GeorgR.
    Took about 2 business days in Germany, now in Spain it takes about 1 business day, even faster. I'd still love to have a PayPal debit but I don't think it's available here.

    5-7 days? Something must be seriously off with your bank. Why should a transfer from the US to CA take so long?
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  • Profile picture of the author kencalhn
    I've been thrilled with paypal this last 8 years and patient for a few days for transfers. It's likely to do with SECURITY; eg if there's a fraud/bad charge the several-day delay gives Paypal staff time to block/reverse/handle bad charges, or if an account gets hacked there's a several-day safety buffer to resolve it, so funds don't get moved too quickly to bad/hack accounts.
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  • Profile picture of the author PeckhamPirate
    Haven't had that problem. In fact earlier this year I got a message from PP telling me my money would be transferred on the same working day.
    Now my cash appears in my account sometimes just a few minutes after I withdraw it.

    I'd take it up with your bank, cos I've been in your shoes, and it sucks.
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  • Profile picture of the author Rose Anderson
    That's a bummer you can't get the debit card. That has saved me on more than one occasion. But lately it's only been taking three days for transfer to my bank instead of the five days it use to take.

    Rose
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