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I purchased an item on Grailed a few days ago and I decided to cancel the pending automatic payment because I found it elsewhere. The day after, the money from that transaction left my bank account and I couldn't understand why. I contacted the seller and he said that he did not receive any money. In the end, I decided to buy the item from this seller after all and I made the same purchase (which is not an automatic payment but a purchase and is still pending). Now I ask myself if I bought the same item twice or if I'll get refunded for the very first payment.
Sorry for any confusion this caused.
Once a payment is sent using a bank, we're unable to stop or cancel the bank transfer, even if the payment is later cancelled or refunded. The bank transfer can take up to 5 business days to complete. If the payment was cancelled, the money would be sent to your PayPal balance.
I hope this information helps!
Once the bank transfer completes to PayPal, a refund is issued immediately.