No one likes waiting to get their money into their accounts. PayPal, the global online payment provider announced last week that it was addressing the delay issue with a new option that will let users instantly transfer funds to their bank account.
It is essentially an expansion of the existing instant money transfer feature that PayPal has offered since 2017. However that feature only allowed users to instantly transfer funds from PayPal to a Visa or Mastercard debit cards; the new option will let users move it directly to their banks just like they would with PayPal’s free transfer option, just much faster. PayPal charges 1 percent or a maximum of $10 for the faster transfer.
Like the debit card transactions, PayPal says that the ‘instant’ transfers will vary by bank and may take up to 30 minutes to clear, but that is still far faster than the ‘one to three business days’ that the company quotes for the free, standard transfer. PayPal is also charging the same fee for instant transfers, whether they be to a bank or debit card.
The new instant transfer feature for banks is only available in the US for now, and it should be rolling out over the next few weeks. The company said it was looking to launch the feature in other countries in the future.