Paypal - Instant Withdrawl

SixTwoSix · 10 Oct 2012 at 15:42

Soooo...when did Paypal update so the money goes into your bank account instantly.

I just did a withdrawal, checked my bank account a few minutes later for a different reason and the cash was instantly in there.

I did a withdrawal a few weeks back and it took the regular 2 days.

Not a major thread but it put a big smile on my face as I hate waiting for anything

jimjamuk · 10 Oct 2012 at 16:26

I thought they offered that as a service for a fiver?

WKN · 10 Oct 2012 at 16:27

I noticed they have made it faster for me. Before 2-3 Days, Now 2-3 Hours security check then 24 Hours Transfer.

blueseidboy · 10 Oct 2012 at 16:28

i thought it was the other way round? 24 hours to "review" then 2 hour faster payment?

pronkie · 10 Oct 2012 at 16:37

happened in the last 2/3 weeks , i think its the do with new european banking arrangement /agreement /regulations.
I think they did announce it about six month ago or beginning of the year.
very nice , much easier now, although I suppose ebay and paypal will have to be more on the ball with scammers and they could withdraw money quicker too.

asim18 · 10 Oct 2012 at 16:56

It's been like this for over a month.

Actual transfer time is now under two hours once initiated, but they flag random withdrawal requests for security approval. Approval can take up to 2 days. If it does get flagged, then once you get the email saying it's been approved, the transfer is then initiated and then takes the normal 2 hours.

Vanilla · 10 Oct 2012 at 17:00

Noticed this with both paypal and HSBC. now is says the money should show up within 2 hours.

Sweet. Technology was always there, they just loved holding onto your money for the interest.

asim18 · 10 Oct 2012 at 17:00

pronkie said:
although I suppose ebay and paypal will have to be more on the ball with scammers and they could withdraw money quicker too.

It's still the same procedure. Your PayPal balance will go negative and you will legally owe PayPal. Whether or not they bother chasing you though I don't know. Probably depends how much you owe.

asim18 · 10 Oct 2012 at 17:02

Vanilla said:
Sweet. Technology was always there, they just loved holding onto your money for the interest.

They still do this with the random security check clause, which can give them up to a further 2 days interest on your monies.

pronkie · 10 Oct 2012 at 17:09

asim18 said:
It's still the same procedure. Your PayPal balance will go negative and you will legally owe PayPal. Whether or not they bother chasing you though I don't know. Probably depends how much you owe.

no , you re not getting me , I mean scammers from mostly abroad(albania , russia , nigeria , indonesia taking over peoples paypal accounts and stealing the ballances and suppose scammer sellers that sell some high value items or tickets then transfer out through the same account or another or several then disapearing , normally having used fake accounts or stolen accounts.
I suppose paypal security checks must have improved too.

Frenzy · 10 Oct 2012 at 17:30

Mine has always been instant, I'm not sure why... I did sign up close to when they started up..

spoffle · 10 Oct 2012 at 17:39

Oh cool, I hadn't noticed this yet since I just use my PayPal access card.

It's even quicker than the previous "faster payments" method but without the fiver cost.

WIN

DJMK4 · 10 Oct 2012 at 18:02

Yep I noticed this a few weeks back! Means I can sell crap now and not have to wait, something that should have been put in place a long time ago!

Used to hate having to wait.

norm · 10 Oct 2012 at 19:25

It's a bit of a ruse to be honest.

Even if you have the cash in your bank account, if the sale goes sour, PayPal will just as easily place a chargeback and you will technically be indebted to them.

muon · 10 Oct 2012 at 19:55

Noticed this as well. Pretty sweet.

norm said:
It's a bit of a ruse to be honest.

Even if you have the cash in your bank account, if the sale goes sour, PayPal will just as easily place a chargeback and you will technically be indebted to them.

I thought you can't do a chargeback on a bank transfer without showing it was an accident.

They still have to use the direct debit to get funds.

Who told you they could do chargebacks on bank transfers?

TheLegendOfMart · 10 Oct 2012 at 19:59

Instant transfer with barclays.

spoffle · 10 Oct 2012 at 20:27

norm said:
It's a bit of a ruse to be honest.

Even if you have the cash in your bank account, if the sale goes sour, PayPal will just as easily place a chargeback and you will technically be indebted to them.

They will put your paypal account in to negative balance.

I've had to deal with this before, and it became apparent that the best way to deal with it was to just ignore them and abandon the paypal account because they're generally not particularly interested in anything but getting you to resolve the negative balance.

Street · 10 Oct 2012 at 21:36

I noticed this the other day too, sold my old laptop on Ebay and did the transfer, expecting it to take about a week. I was pleasantly surprised when it hit my bank instantly!

KIA · 10 Oct 2012 at 21:50

It's fairly new. Pretty handy.