Two Hours to Transfer to my Bank Account?

[sheis]

Hello,

Something's recently happened with my Paypal account that I'm slightly concerned about. Usually, when I request a withdrawal from my Paypal to my bank account, I receive notification that it'll take 2-3 days to hit my bank account. Well today I requested a withdrawal and received notification that it'll take up to 2 hours to appear in my bank account. Is this a misprint? The format also looks different: the email is titled differently and the transaction IDs don't match up.

Anyone having a similar experience, please?

[chillimad]

don't get too excited just because you got one 'fast' withdrawal (when it says 2 hours it will often be instant)

They are now employing a cute little stunt called 'security checks' which you will undoubtedly be subject to (more often than not it seems) which will delay your withdrawals for 'up to 24 hours' (will ALWAYS be 24 hours and a bit if you get this message).

Nice one!

MORE COMPLAINING NEEDED PEOPLE - no, they won't take any notice of what you write here, you are merely enlightening the Paypal community at large.

[lee69j]

last week it took 2 hours ,,,this week its gone past 24 hours and i am still waiting ..paypal is getting worse . i am going to close my account ..

[Pasquale100]

Am absolutely furious with PayPal. It's now without any notice reverted back to 'up to 72 hours' and I desperately need this money today. Nothing in my bank account to pay my customers. Absolutely disgusting.

[lpoolf123]

ive been told 72 hours which is up at 8 tonite and they emailed me to say either will go in bank or back to my paypal balance theer commiting fraud really at end of day and gettn away with it well im taking it further theyve go no respect 

[Luka_M_2012]

By the way, Paypal is legally required to provide you with funds within a day (as does your bank) for electronic transfers to and from Paypal and your bank account. 

This a regulation that the FSA is applying across all payment service providers - google Payment Services Regulations 2009 for more information.

In other words, if you are not seeing funds in your account in a day, you should complain to PayPal and the FSA as the 2-3 days is breaching a regulation they must abide with in the UK and Europe.  I guess they will start to take notice when their name starts being bandied about in the quarterly reports on who is the most complained about financial institution.

Given all UK banks are now active on the Faster Payments scheme, which allows transfers near-instantly (unlike BACS which used to take 3 days) this is very easy for Paypal to comply with.  The reason they do not is that they are earning interest off the three days they hold your money, and this is illegal.

Glad to see the earlier comment that Paypal is fixing this, though it is very late in the day given this regulation applied since 1st of Jan 2012.

[tangles]

i see the issue is still not resolved - no wonder they have been on watchdog

[andrewhorton]

Hi I just transfered some money to my bank it usually goes in instant or up to 2 ours why is it changed to 72 hours. This is not good.when I have bill I need.to pay ASAP

[vickio]

Same! I'm still waiting for some money I transferred on friday afternoon to show up in my bank account.  

[PayPal_Anna]

Hi vickio,

Thank you for posting and welcome to the Community Forum!

I’m very sorry to hear about the issue.

Is the withdrawal status ‘Completed’? If yes, the maximum processing time should be 72 business hours. If you still don’t see the funds in your bank account after full 3 business days have passed, please contact your bank to check if the transaction is not waiting to be credited into your bank account.

We provide support via Social Media (24/7). You can contact us directly on Twitter @AskPayPal or on Facebook at https://www.facebook.com/PayPalUK.

Hope the funds will clear to your bank account very soon.

Anna

[PayPal_Anna]

Hi andrewhorton,

Thank you for posting and welcome to the Community Forum!

I’m very sorry to hear that you need to wait for your money longer than you’ve expected.

Is the withdrawal’s status ‘Completed’? If yes, the maximum processing time should be 72 business hours. If you still don’t see the funds in your bank account after full 3 business days have passed, please contact your bank to check if the transaction is not waiting to be credited into your bank account.

Please accept our apologies for the inconvenince caused.

Hope it will get resolved soon.

Anna