Bank Account Transfer

[mikenlisa94]

Why does it take 3-4 days to transfer money to a verified bank account?  This makes no sense.  PayPal is quick (instantaneous) to take their 2.7% each transaction.  Why must I wait this long to access my money?

[kernowlass]

@mikenlisa94

Sorry no idea, in the U.K its 2 hours but it depends on banking regs per country.

But when you pay its not instaneous, paypal CREDIT the seller for you and paypal take the wait for the funds to transfer from your funding source.

That is why we get buyers on here confused that their item has been paid for and on its way but their bank account has not been debited yet.

[sandypurins]

@mikenlisa94

My transfers from my US PayPal account to my US bank account generally take no more than 2 business days.  It's my understanding that international bank transfers take longer to process. Is your PayPal account a US PayPal account?

Here's a couple of excellent FAQ responses posted by @PayPal_Olivia in the "Tips from Moderators" section...

How long does it take to transfer money from my bank to PayPal, or from PayPal to my bank?

When transferring to or from US banks, an ACH transfer takes 3-5 business days. That excludes weekends and holidays. The time frame can vary in other countries, typically becoming 5-8 business days.

The funds have been removed from my bank. Why aren't they in my PayPal account?

When you begin a transfer to PayPal from your bank, either when you Add Money or when using Instant Transfer or eCheck as a funding method, a request is sent to your bank for the funds. Your bank will receive that request and then update your records in their system and send your funds to us through the ACH Network in a batch that will be processed later in the day, along with other requests for other customers. When that batch of requests is processed, it is sent to the clearing facility. Once it has been reviewed, it is sent to the receiving institution (which in this case would be PayPal), in another batch. PayPal receives the money typically 3-5 days after your original request when a US bank is used, with varying timeframes for other countries.

More FAQ's about using your bank with PayPal are here...

/t5/Tips-from-Moderators/FAQ-Using-your-bank-with-PayPal/m-p/420727#U420727

-Sandy

[mikenlisa94]

Thanks Sandy, I still think two days is a little long but much more agreeable to me than 3-5 days.  I appreciate your reply.

[kernowlass]

@sandypurins

Sorry but as i said in the UK it takes 2 hours only (when its behaving and no glitches), your reply from olivia may apply to some other countries?

WITHDRAW FUNDS IN THE UK.

To withdraw money to a UK bank account:

1. Log in to your UK PayPal account.
2. Below your PayPal balance, click Withdraw money.
3. Enter the amount to withdraw and choose the correct bank account, then click Continue.
4. Review the details then click Submit.

Your money will usually take up to 2 hours to appear in your UK bank account.

ADD FUNDS IN THE UK.. (quicker version as there are 2).

You move money from your bank account

Using our instructions, go to your account on your bank's website to move money to your PayPal account. Please make sure the bank account you are moving money from is already linked to your PayPal account.

• Funds will usually be available in your PayPal account within a few minutes. (However, please allow up to 4 working days, depending on your bank.)

Our banking system is very quick normally and if i pay my friends money owed or my window cleaner etc its in their account instantly.

[sandypurins]

@kernowlass

Thanks, and yes... the information applies to other countries. Olivia's post  said... "The time frame can vary in other countries, typically becoming 5-8 business days."  I would say the UK completion time is not typical for PayPal bank transfers in most countries.

Olivia's post was written 4 years ago. Were your bank transfers completed within 2 hours 4 years ago?

-Sandy

[kernowlass]

@sandypurins

Hi Sandy, really can't remember that far back !!! But i know for quite a few years that it has been only 2 hours.

On "adding funds" we get 2 options to click on, x1 is done in a few minutes and the other is 5-7 days.

With withdrawals the pending status can be 2-24 hours but to be honest mine is more often than not in my account under 2 hours.

Seems quite a difference between U.S and U.K, you would think that as paypal is a U.S company that it would be quicker over there??

[sandypurins]

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kernowlass wrote:

Seems quite a difference between U.S and U.K, you would think that as paypal is a U.S company that it would be quicker over there??

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@kernowlass

It's my understanding that they use the slower method because it's more cost effective.

-Sandy

[alzondahero]

@sandypurins and @kernowlass

well, so long as the transfers are made within the respected timeframes then it's good. 

Cheers!