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PayPal withdrawls to banks to be instant by summer
 

PayPal withdrawls to banks to be instant by summer

PayPal have just released their policy updates which kick into effect from the 12th July 2012.

PayPal are going to speed up transfers between PayPal & your bank account. Both ways.

It will mean that when you withdraw funds from your PayPal account they’ll appear in your bank account perhaps not instantly, but definitely within a couple of hours.

PayPal will progressively roll out faster payments during summer & should be completed for all users by late summer.

Great news for selling on eBay though, list it, sell it, get paid by PayPal & five minutes later the cash could be in your bank balance & available to spend.

Thats great news - as long as your legit :D

More delusion by paypal.

It will be difficult to implement transfers either way if the UK banking system is involved..

'Couple of hours' for funds transfers might be hard to achieve. :pout:

Possibly a valid point GB.

Though you might be aware of the new EU Regulations recently that stipulate a 'faster' payments system that applies to the UK & the EU ??? I believe it is connected to that at some level.

Is this a UK PayPal only type of deal?

Yes, definitely UK/EU wide.:thumb:

It’s a legal requirement due to the 'Faster Payments' EU Regulations being enforced from the 2012, than paypal being helpful. PayPal have no choice but to follow suit like the banks.:FF:

That's so good news. Wonder if extra security measure would be taken on stealth accounts.

Good for the UK I was hoping it was everywhere since the thread is in everything else instead of UK PayPal...


:mod:

True, I was uncertain as to where to place it though I decided in the end to put it on here as per discussion/debate on it.

The mods can shift it as they see fit.

Will they still be charging £5 for this?

:ranger:

No.:FF:

The £5.00 surcharge to withdraw within a day (as opposed to the normal 2-3 day period) will cease to exist as all withdrawals are at a reduced time frame (i.e within a 24 hour period).

Likewise, if you add funds from your bank account to your Paypal account this will also be moreorless within a few hours if not instantly.

:thumb:

5 quids to be flushed I would think.

That £5.00 surcharge would have stacked up to a large amount over a period of time if you were using this facility. :tears:

I sure bet GrannyT will be pleased at the changes.;)

I hope Amazon take a leaf out of P/P books and also do something similar.

First leaf needed to be taken is letting stealthers have their money back WITHOUT acct. deletion. /end of rant

Amazon operating within the UK/EU will also have to comply with these EU 'Faster Payment' Regulations. This applies as much to them as much as it does to EB/PP.

:ranger:

aint it down to the bank whether they process it faster or not

soz if i missed something..its late and i'm tired

GTB PayPal send the money within a few days, but yes it's down to your bank wether they (1) accept the incoming payment and (2) process it to your bank account.
To me this is good and bad news, as someone whos part earnings come from Fiverr i have to already wait 14 days for payment to clear Fiverr, then a further 3 days from PayPal to my bank. I think the fact Paypal will process it faster will be a fantastic think if your careful and know what your doing. But it could also mean a huge increase to the stealth community, because the way I see it doing 'faster payment' they are at 'faster risk' of scammers transferring funds fast and everything else..so we could see faster limitations!:violin::mad2:

good point schrib

ey.... ya stealthin now man

For me i'm only moving at the maximum £40 , but right now the dollars doing well in conversion, so im moving my money straight out paypal (before the conversion rate sucked) but because i move small amounts and take my time (1 move a day) i'm pretty much safe..but for people moving more i can see limitations and problems..after all paypal will just say the faster payment means fast security measures/actions

You've got this wrong. I don't think you've read the above post as it is already stated there.:doh:

By this summer when this faster payments process is implemented, PayPal will transfer the funds to your bank account instantly if not within a 24 hour period or less. Likewise, the banks will do the transfer in the same manner in the same time frame.

As already stated in the first post:
Great news for selling on eBay though, list it, sell it, get paid by PayPal & five minutes later the cash could be in your bank balance & available to spend.

This is all mandated by law, it is a legal requirement for them. :p

I am pretty certain that PP/EB will have counter-fraud policies in place to alleviate the issue you raise in relation to increase risk of fraud.

:ranger:

best be on our best behavior then......

I get what your sayig suave, but it still means increased security...

Not necessarily. :smash:

Remember, PayPal actually had initially refused to comply with this faster payments process via EU legislation until they were legally obliged to comply or face sanctions. PayPal don't want to do this but they have no choice.

I think it will work out 'better' in the long run for the end user.
:thumb:

That makes it sound even worse..if paypal didn't want to do it at first then probably a definete increase in security!

Refusing to comply initially with EU legislation.

Just goes to show that e/b never did care about the sellers, would you not want the people that make your business money, given their cut faster!

thats so true thankful paypal are clowns:clap::amen:

I don't think it was a big secret that Paypal were being forced to comply with EU law on this matter. I think most folks aware of this development knew Paypal were not doing this process from the goodness of their hearts. That much was obvious.:faint:

Paypal are infact actually late on the compliance of this faster payments policy implementation but this is the first time they've now officially given some official release date to bring in the changes mandated by law within the UK/EU marketplace.
:amen:

Hopefully no more threads from UK/EU posters asking when their money will be in their bank :doh:

or more stealth users thanks to faster limitations :dance:

Human stupidity is rather infinite I am afraid. Don't hold your breath. ;)

very true suve

Well aware.

Been 'forced' into doing something and achieving that are two different things.

What of paypal 'going' to a bank account to pull out funds and none are in the account? Horrible thought.:argue:

Nope, they canned that.


It's NOT the 5 quid to worry about.

It's the bank charges for those users who get caught with fees for having a nil balances etc that are more dangerous.:smash:

I suspected you might have an inkling on this.:rolleyes:

You are correct with regards to the issue of PP raiding the said funds from the bank account just as quickly as they had deposited them in the bank account.:smash:

I guess only time will tell how PP are going to go about their 'funds on hold at any moment in time for any reason they see fit' policy in relation to this enforced EU compliance.
:ranger:

Note the date.

Note the below statement.


Keep your bank accounts in order.

This is allowing paypal to 'touch' our monies.

It may not be as sweet as it appears.

Simply because it is paypal. :twisted:

I have to remark that your observations are very critically sharp & attuned to the finer points that can go a miss to the inexperienced or untrained novice eye.

:pop2:

Woah back the train...You guys can pay 5 quid to get your cash faster...In 1 day? Why the heck don't we have this option in the US?

Fast forward to this summer & UK users won't have to pay this £5 either for this faster funds release from either of the banks or Paypal for that matter !

Do bear in mind the caveats GB has forewarned about though. :ballchain:

This appears to be a double edged sword at the moment until the practical implications of this becomes more clearer.:pry:

Because it's one of the best cons going.

UK banking system is reasonably modern. Together with paypal a slightly different story.

Paypal far too often has taken that money for the supposed quick transfer.

It does not always happen.

If you pick your times of funds transfer you can get them quickly without paying more.

There's also the small matter of this being regarded as a 'special' transfer. Name rank serial number are encoded. For stealth it opens a (remote) chance of info being seen :smash: