I got this message the other day when trying to send funds. And the next morning, and 20-30 more times as I went through 4 hours of troubleshooting with PayPal and Apple tech support, with no solution. So then I tried sending to an alternate email address and it went throgh without a hitch. Turns out "Sorry, please try again later" is PayPal's generic error message for everything, and has NOTHING to do with when you try. In my case, the recipient had changed his account info so the email address I was using was no longer linked to an account. PayPal, in their total absence of wisdom, apparently decided there was no need for a message telling you to check if spelling and account info was correct, instead just telling you to wait. And wait. And wait... You can wait til the cows come home and it wouldn't make a difference. And in their further absence of wisdom, nobody at PayPal seems to know this. Their incompetence is only exceeded by their disregard for wasting customers' time. So, in my case, "Sorry, please try again later" actually means "invalid email address / invalid account info". But since it's a GENERIC response, it really could mean pretty much ANYTHING, and thus actually means NOTHING.
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