How to enable Paypal Instant Bank Transfer?

[Exeneva]

What is required in order to initiate a Paypal bank transfer?

I believe a credit card and bank account, but I also heard two bank accounts also works.

[mcweed234]

yeah either will work, all you need is a bank account and another funding source

[Exeneva]

Thanks for the help. I know Paypal has been catching on to our use of Simon giftaccounts, and so any credit card number entered that begins with 4016 is immediately flagged as a prepaid card and will not allow you to send an instant bank transfer (you still have to add another funding source).

[Exeneva]

That's true, but since the simon card is actually a debit card and not really a credit card, Paypal flags it as an invalid backup funding source for instant bank transfers.

In fact, the "instant bank transfer" isn't even instant. It's instant in the fact that the recipient receives the funds immediately, but the money isn't deducted from your bank until three to five days later. So basically Paypal is giving you a "loan."

[mantisinc]

In the UK - you need a confirmed credit card.

[delsdisaster]

Can someone confirm that my paypal to bank transfer will be successful or do banks ever reject funds if the name doesn't match? I have sent across $1500 to my bank account from paypal but the bank account has the different name. Ofcourse it verified okay, but that was only dribbling in some cents. Do banks ever reject the funds if the name is different? I guess this is the final stage of the process of gaining a new ebay and paypal account. Now I feel those nerves again..............

[GreenBean]

99% of the time, the transfers work OK. If it pertains to OZ, there should not be a problem.
That said, there are cases in the USA & UK over the past six weeks where such transfers have failed.
With OZ transfers, I never put a name on the transfer details. Where it says name of transaction I put initials.As a test I have put names
like Mr Ed, Flung Dung and have found if the BSB & account number are OK, transfer happens.

Again, & just my choice,the banks I use know meo if there is a problem I can
work it out with themafter all that new staff person made a mistake
on the deposit slip

[delsdisaster]

Green bean I was so hoping YOU would respond to my question!

I am worried that the name will be checked and the CBA will reject the funds, then becomong alerted to PayPal where I will have to verify myself or provide another bank account. Ofcourse it was successful for the verification, but it wasn't hundreds of dollars at a time. I don't refer to transferring to another paypal account. (I didn't do this as I thought the fees would be too high..........was that a big mistake I have just made?) I mean to simply withdraw my own paypal funds into my bank account within the one account where buyers have paid me.

[GreenBean]

Hmm, bit muddled me. If you are saying can I transfer xxdollars from paypal account of Mr Ed to CBA account of Count Dracula, then it works 99% of the time. In fact CBA is rather OK. LOL. Why? It is the volume of deposits going through the clearing house.Under $3000 will go through: a higher amount and there maybe the chance of closer scrutiny but not often.

[delsdisaster]

Hey you have a new image! No, I was saying about transferring funds from my paypal account into my bank account that paypal have linked to that account. Anyway, since writing to ask this, it has worked!! I was so relieved, felt like doing cartwheels in my living room............