Withdrawing money from paypal's account to bank account

[yeocheeyong]

Firstly, i have just registered paypal account. And i put my paypal's account name is yeo yong, while my bank account name is slightly different. I tried to changed my name to the correct one ( how long do i need to wait until the approve it)?

Second, I'm just registered paypal account today. And i want to know that if i receive payment tonight, can i withdraw the balances in my paypal's account to my bank account immediately? Or i need to wait until maturity time, if yeah how long it will be? 

Thank you for reading and Thank you in advance!

[sharpiemarker]

@yeocheeyong

Depends if you receive funds as friends and family or for goods and services.  If you are new seller, your new account is subject to funds availability holds:

https://www.paypal.com/us/selfhelp/article/why-is-my-payment-being-held-for-21-days-faq3236

https://www.paypal.com/us/selfhelp/article/how-can-i-get-my-held-payment-released-faster-faq1987

And your account name has to match the bank account so you need to fix that first.  If you’ve already put in the request to correct your name, it normally takes 3-5 business days for PayPal to complete a review of your documents submitted to change name.

Bank account has to be confirmed too, with 2 small deposits PayPal transferred to your bank account and you have to check your bank account enter to 2 small deposit amounts to the bank account on the wallet page.

[yeocheeyong]

Hmm, can i know the 21 days is start counting since the date i registered or once they have send the payment for me? And yeah, how if the payment i received is not by selling goods and services but received from my family/cousin, is this also need to wait until 21days?

[sharpiemarker]

The 21 day hold generally start the time the goods and services payment arrives in your account. You can tell which is a goods and services payment because a PayPal fee is charged. If you receive a friends and family payment, generally there is no hold.  But you have to train your senders to select the friends and family option when they send you money.

[yeocheeyong]

@sharpiemarker

I'm very grateful that you are answering all my question, thank you!

Is this applied to all country or just in some country (the family/friends). Because before telling my parents to send money i have to make sure, like sending the money from Singapore to Malaysia is without the holding period. 
And again, thank you!

[Whac-A-Mole]

there are fees for person to person transaction if it is from /to another country,read PAypal terms and agreement

[Whac-A-Mole]

No one knows if there will be a hold on your payment,there is also sceurity risk like money laundering,anti terrorism .

if it is a large sum of money,best is to use bank wiretransfer or cashier check.

[yeocheeyong]

It is just a small amount of money. How do i know i have requested the name changes for my paypal name? Because once i prepare and uplode the document such as my proof of my name, when i click send, it does not show like "You have sent" , it just shown "You are ready to be sent". If my first and last name same as my Bank Account, it still cannot let me withdraw the money from paypal?

[Whac-A-Mole]

did you verify your bank account?

name must match exactly on both Paypal and bank accounts and Paypal will send 2 deposits to your account and you come back and tell them the exact amount of the deposits,this is called verification.

Until your bank account is verified,you can't  transfer

[yeocheeyong]

Actually i don't know whether my bank account is verified, and i don't understand about the "2 deposits" meaning. Is the 2 deposits will appear in my paypal account or in my email, within the 3-5 business days?