Wire Transfer

[swiss61]

I made a wire transfer from Paypal to my bank account after having never used it before. i needed the money quite soon so thought I'll give this a go. I withdrawn just after midnight on Thursday (well, Friday) and as it said 1-2 days I thought it should be in my account today but nothing.
It says completed in my Paypal history.
Any ideas how long I have to wait?

With banks being open on Saturday, does that not count as working day?

[GrannyT]

You'll get it Tuesday (probably)

[ShadyOne]

Ignore weekend. PayPal/Bank work off business days as per usual.

It will be in your account Monday or Tuesday.

[Apple on Head]

Question for original poster - why are you asking questions on an "eBay Stealth" forum when you haven't even drawn money from paypal before??

Just a question ................

[swiss61]

Originally Posted by Apple on Head

Question for original poster - why are you asking questions on an "eBay Stealth" forum when you haven't even drawn money from paypal before??

Just a question ................

Sorry but I probably not made it very clear.
I have many times withdrawn money from my Paypal account but never used
the wire transfer which costs £5 and apparently speeds things up. That was the first time I used that wire transfer but normal transfer to my bank account have been done many times.

[GrannyT]

Other posters say it's not worth a candle. You may well find the £5 gets refunded. There is anecdotal evidence to show that's been happening

[ShadyOne]

The faster withdrawel option does not speed up the time it takes for the money to appear in your bank, it speeds the time it takes PayPal to withdraw the funds. Any delay after 'Completed' is down to your bank.

I would assume that the money will be in Monday.

[swiss61]

Well, I had my money today - so paying the £5 saved me one day. Not going to use that service in a hurry again.

[ShadyOne]

Haha, exactly, not many people would recommend it.

If it ever takes longer than the quoted days, PayPal should automatically refund you the £5 fee or you contact them for it

[swiss61]

It quoted 1-2 days and took 3 days ..
So not sure if I should contact them about the £5 or not ..

[ensignia]

Well no, it didn't take three days though did it?

[GreenBean]

Originally Posted by swiss61

Well, I had my money today - so paying the £5 saved me one day. Not going to use that service in a hurry again.

That £5 fee is only of benefit to paypal.

In more than enough cases. it has meant the user waiting for their own money.

http://www.aspkin.com/forums/uk-payp...-bank-why.html


Most recent mention of this rort from the bar stewards.


Very wise to not consider using it in future

[ShadyOne]

Originally Posted by swiss61

It quoted 1-2 days and took 3 days ..
So not sure if I should contact them about the £5 or not ..

You got your fund within the quoted business days. You said you began the
withdraw on Friday.

Anyway, the £5 is simply to get PayPal of their ar**!

[swiss61]

Originally Posted by ensignia

Well no, it didn't take three days though did it?

Well, I counted Friday, Saturday and Monday .. so I it was in my account on the 3rd day. I was somehow hoping for Saturday as it only saved me one day ..
but it's cool ..

[ShadyOne]

If you got your money on Monday after withdrawing on Friday, then technically, though I am not certain but I think that means it took 1 business day.

I am tired btw but I think that sounds correct.

[GreenBean]

Bank talk of 'days' is business days. It is also complicated by the hours of a business day, a transaction is done.

[swiss61]

For some reason as Saturday's the banks are open I counted that too and probably cos it was like a couple of minutes after midnight VERY early Friday morning .. lol.

[ShadyOne]

^ I think I remember reading that a withdraw before 8/9am will begin that day. So in your situation Friday would have been day 1. So your payment completed on Monday which is day 2.

The quoted 1-2 days is not the bank but PayPal's timeframe to release the funds remember. Saturday did not count.

Something along them lines

[boondoggle]

This 'wire' transfer that PayPal offers is it an actual wire transfer? Because anytime ive done a wire via a bank (ie not paypal) ive had to supply more info- bank codes etc.
I ask because I am on a newish stealth paypal and my normal withdrawals have gone through ok but ive just clicked the quick option and paid the extra 5 pound- i didnt mention 'wire'. Now its showing as 'wire' in the account and im worried its gonna get bounced back and paypal limited and other normal withdrawals held because the name doesnt match.

[rsot]

The extra 5 pounds you paid for express withdrawal is not worth it from what I have ready.

Has your bank accepted deposits in different names before?

[boondoggle]

Yes, by normal eft, not wire