Instant Transfer pricing update

[nickopedia]

Not sure if this has already mentioned or not, but I got the following message in a few of my PayPal's this morning:

Instant Transfer pricing update
On Nov. 7, Instant Transfers will cost 1% of the amount you transfer, with a maximum fee of $10.00. Use your eligible debit card for Instant Transfers. Transfer times vary by bank and may take up to 30 minutes.

Instead of .25 cents per instant transfer, they are hiking it to 1% of the amount with a $10 cap.

[phaz0rz]

The 1% fee was part of the TOS updates they rolled out earlier this year and I've been seeing it on all my business accounts since then. They just capped the fee at $10 within the last week or two - from what I can see on my accounts. A lot of sellers were complaining the 1% fee is too much for large withdrawals, so I guess they decided to cap it.

[nickopedia]

I think this only is an issue if you are in a hurry and cant wait the extra time to takes to do a regular bank withdrawal.

For me I get my money in a few hours after I make the withdrawal anyway. For Wells Fargo, if I make the request at midnight Pacific Time, the funds will land in my account by 9am that same morning. In the case of Chase, it's even sooner than that.

[phaz0rz]

Agreed. I've never felt the need to even try the card withdrawal feature. After reading some of the posts here I'm honestly afraid to try.

I wonder if bank withdrawals will cost $ in the near future...

[nickopedia]

I think the fees associated with card withdrawals are mostly due to what VISA/MC charge for access to their networks. As far as I'm aware, ACH (aka Fedwire) transfers don't really cost banks much, if anything. This of course only applies to USA PayPal accounts.