Money Transfers

[MrsMorningSong]

Just a note to mention that I read a lot of posts here where peeps are complaining about their money transfers to Bank Account, and the length of time they take. I totally get people needing (and deserving something that is rightfully theirs) right away, especially in the age of digital communication.

But I have been quite fortunate to never have any bad experience with PP money transfers. The only time they are 'held up' is if I make a request on a weekend, then it takes until Monday to appear in my bank.

But every other time I have made a money withdrawal/transfer to bank from PP, it takes 24 hrs. to appear, without exception.

I don't know if it's my particular bank, Paypal, or the way I manage my account, but I will give Kudos!...to Paypal and their handling of funds. People should take the time to write the good stuff too, not just the bad stuff. 

[snowshoe]

Thanks for taking the time to share a positive experience!

Just some info for others:

You bank does have some influence on the transfer times:  We have used PayPal beginning back in 1999 and since then have changed banks a few  times.  We first worked with a credit union, average transfer time was 3 days.  Later switched to community bank, average transfer time was 2 days.  Now using another local bank, average time is 2 days, once in a while 3.

There's 3 partners involved with bank transfers, PayPal, the ACH network and your bank. Because the ACH network operates only on banking days (not on banking holidays), PayPal settles at 7 PM the night before each banking day: Sunday, Monday, Tuesday, Wednesday, and Thursday at 7 PM.  Payment submitted Thursday after 7 PM are not sent for settlement until Sunday at 7 PM. If Monday is a banking holiday, then payments are sent for settlement on Monday at 7 PM.   The transactions are processed in batches both on the PayPal side and your bank's side.  In addition each bank has their own processing schedules - thus the time it takes for one person may be totally different for another.

[MrsMorningSong]

You're right Snowshoe, I'd forgotten about Monday Bank holidays. Yes, in that case if I'd asked for the monies on the weekend, (say Saturday) it will not show up until Tuesday. But my experience has been wonderful, from the bank to PP.

🙂

[HotrodLono]

I'm now into the third day in which I cant send money to a friend. When I attempt to I receive this error message:

The PayPal site is currently experiencing technical difficulties. We are working to solve this problem as quickly as possible. Please return to the PayPal website later to complete your transaction. We apologize for any inconvenience this may cause.

How much longer can I expect to wiat for this to be resolved?