PayPal enabling next day funding for transfers to your bank account

by satrap
15 replies
I thought some of you may find this interesting and helpful, I know I do.

It used to be (and still is until October) that you'd have to with 3-5 days after you transfer money to your bank account, for it to be available, but PP is working on a Pilot program to make that 1 day.

Here is the email I got from them today:
To help accelerate cash flow for your business and give you better control of your money, we're enabling next-day funding for transfers from your PayPal account to your third-party bank account - and you're among the first to get it as part of our pilot program. This means funds transferred from your PayPal account by 5:00 p.m. local time will be available in your third-party bank account the next business day, instead of in 3 to 5 days. Funds transferred after 5:00 p.m. will be available the subsequent business day. This change will be implemented by October 1, 2014.

We're always working hard to make it easier for you to get paid and hope this change provides enhanced cash flow benefits for your business.

Thanks for using PayPal.


#account #bank #day #enabling #funding #paypal #transfers
  • Profile picture of the author alrenpages
    When did you receive that notice... I am a paypal user since 2008 but I have not receive that kind of notice.... I think that is for selected people only or depends of what country you are.
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  • Profile picture of the author Path Theory
    I have a very active paypal account, with zero limits and a paypal business debit card, and I didn't receive the email either.

    While I hope this does apply to everyone, it doesn't change a whole lot. I've found that if transferred before end of business day, it only takes two days, instead of 3-5
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    • Profile picture of the author celente
      Originally Posted by Path Theory View Post

      I have a very active paypal account, with zero limits and a paypal business debit card, and I didn't receive the email either.

      While I hope this does apply to everyone, it doesn't change a whole lot. I've found that if transferred before end of business day, it only takes two days, instead of 3-5
      Yes the longest I wait to an AUSSIE nominated account if I do it late at night 12pm - 1pm, only takes 48 hours to get transferred. Not 3-5 days. I think that is good. But 1 day would be better.
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  • Profile picture of the author celente
    I have activated account on paypal, business and did not hear about this. I hope this is true, that would be great! :-)
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  • Profile picture of the author meganetwo
    this is for indian accounts . i think thats what he meant
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  • Profile picture of the author Cicak
    My UK PayPal takes only a few hours to show in my bank account when I transfer.
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  • Profile picture of the author vishwa
    Does it only for US Residents or will it apply for every country. I am basically from India.
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  • Profile picture of the author spearce000
    They've been doing this in the UK for just over a year now (I think). I can get money transferred to my bank account in about two hours. I don't know if this is just for business accounts, or if they do it for personal accounts too.
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  • Profile picture of the author eashanul
    sometimes in USA it takes more than 8 days. few months ago i transferred money to my USA bank account that took 9 days.
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    • Profile picture of the author Riz
      UK Paypal operates a faster payment service.

      When I transfer it is usually in my bank account within minutes. The most I've waited is 2 hours.

      Riz
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  • Profile picture of the author sbucciarel
    Banned
    With a Paypal business debit card, I have access to my funds immediately, but I've never had a withdrawal to my bank account take more than 2 days.
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    • Profile picture of the author WikiWarrior
      That's great news. For some reason I figured you already had this in the US as you guys seem to get the good stuff first online. I'd forgotten all about the 3-5 day withdrawals and I definitely don't miss them! Fast payments in the UK have been the norm for a few years now. The other day I withdrew some money from Paypal and it was in my account in 2 minutes!
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  • Profile picture of the author valdorion
    I've never waited more than 24 hours for a transfer to hit my bank account (commbank).
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  • Profile picture of the author andrewj2
    For india, china and many other country's restriction is auto withdrawal.
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