First and last time using PayPal. Why do I have to wait 5 days!? It's ridiculous. If I sent it to someone else's account it said it would transfer immediatly! But with MY OWN account I have to wait 5 days? And to top it off...NO WAY TO CANCEL IT!
It's just the way PayPal works with our banking system. PayPal initiates the transfer and it processes through the banking transfer channels to get to your bank; that process cn take a few days.
Correct, you cannot stop a transfer or payment once you initiate it.
In future, just plan your transfers with the delays in mind.
When you do an instant trasnfer to another PayPal account PayPal will immediately credit the recipient with the money without actually taking it from your account. This happens because it is all within PayPal system. After crediting the recipient PayPal will then take the money from the sender's account knowing that the sender has a backup funding if necessary.
With the bank there is no back and forth agreement for credit between the bank and PayPal. it's simply a one way pass through the bank system by an indirect route.
