New payment advise from Paypal

[GrannyT]

Transferred today and received this:

PayPal

You recently requested a withdrawal of funds to your bank account

Dear GrannyT,

You requested that the following amount be withdrawn to your bank account:

Requested withdrawal amount: £1100.00 GBP

Bank account: Barclays x‐2868

Transaction ID: 92753971657

Funds will take up to 2 hours to appear in your bank account, but may take longer, depending on your bank.

As set out in our User Agreement, withdrawal requests may be subject to review by PayPal to help maintain your safe use of the PayPal service. As a result, it may take longer than the estimated processing time for your withdrawal to reach your bank account.

Yours sincerely,
PayPal

(Details altered as you would expect - but 2 hours?)

[GrannyT]

Update:

In the time it took me to post the first message and then log into my bank account the funds were there - less than 5 minutes

[SUVE]

This was announced a while back, PP are expecting to have it rolled out to all PayPal users 'by the end of the summer':

https://cms.paypal.com/uk/cgi-bin/?&..._policies_full

EDITS: GT, this is part of that 'faster' payments process. The message you got was a stock response. Good to see it worked out in the end for you.

[eternity4u]

Can anyone confirm that this method works.

[GrannyT]

Yes - me - I did it tonight

[GrannyT]

Just done it on another account

Wow

[eternity4u]

wouls that work anytime of the day or wouls the funds would be only available in 2 hours in bank hours.

[GrannyT]

We are out of banking hours and it has worked on 2 accounts - try it and see

[GTB]

wow

2 hours is surely a record on here at least

[myfriday09]

Haha, made myself a PayPal account after I saw this.

[stealthmaster]

I like the sound of this, is a cost incurred on this method?

[GrannyT]

No - just a straight forward transfer

I've done it on 4 accounts now and it's instant

There has to be a catch!

[GTB]

i dont think so

what catch did u have in mind

[Stigger]

been happening ages, look at some of my old posts, same day every time for the about last 7 months on two accounts

[yotano211]

I think this will only appear in Euro land and not in the fine old USA.

[NoneOther]

The result of changes implemented by the UK government stating that all financial transfers between banks must be completed on the same working day.

Good news for us Brits

[barton_67]

great news this to be honest

[London1234]

been transferring to natwest and halifax for the last week....most days...and it's not taking 2 hours haha....the usual five odd days.....i'm jsut doing the withdraw to bank account normal way...is it barclays only?

[they_screwed_me_too]

yeah up to 2 hours is good now for accounts that accept faster payments

[London1234]

Ahh okay - so this is the £5 fee faster payments service, yes?

[Killuminati]

No this if for normal withdrawals

[NoneOther]

Originally Posted by London1234

Ahh okay - so this is the £5 fee faster payments service, yes?

All banks and financial institutions are currently implementing the new faster payment system that the government insisted upon last year.

It is taking some time to roll out everywhere and it's interesting to note that when it was first announced p/p said that they would not be implementing it as they were based abroad.

It would seem the FSA have told them otherwise