Forum

faster payments with PayPal?
 

Apologies if this has been discussed already guys (not been online for awhile).

As of January 1st ALL UK banks are operating on a policy of guaranteeing that payment sent from an account will reach the recipient by the minimum of 1 working day (with 80% done within 2 hours).

Will this apply to PayPal withdrawals?

Thanks

Doubt it, seeing as Paypal isn't a bank

Agreed. However they do send payments from a bank?

I think it will apply because all payments in UK will be via that CHAPS or BACS or whatever they call it.

This is a statement from my bank

"As a result of new regulatory requirements, the Bank is improving the timescales for making electronic payments e.g. single bill payments or standing orders required by new regulations which comes into force on the 1st January, 2012. These changes will ensure that your payments will arrive at the recipient’s bank no later than the end of the next business day.

From now on we will be sending all payments by Faster Payments. We recommend that you read the following information carefully to understand how this will affect you.

Once we receive a payment instruction from you we are unable to reverse the payment or get the funds back, therefore it is important that you provide us with the correct details, e.g.

Beneficiary Bank Sort code;
Beneficiary Account number
Reference number if applicable - this could be a credit card number, mortgage reference number or utility customer number.
If you do not provide the correct details your payment may not reach the correct beneficiary account. You must ensure that you have sufficient cleared funds to cover the payment from your account before 9pm on the previous day."

They are saying it is for sending payments, but I think it is for receiving as my other bank says similar but also includes receiving payments.

We will soon know as it is only a few days away.

From what I can remember, HSBC have already started this a few days ago and it is kicking in from now.

This is already in the US. If I make a payment on PP via Bank Account it is always withdrawn from account the next day. However deposits still take 2-3 days (naturally). Might depend on the bank though.

i would think that from bank to bank the transaction moves in the specified time parameters...the problem is where pp takes their sweet-a@# time initiating the transfer

have PP not been doing this for a while, i was under the impression thats what the faster option was all about.


Beneficiary Bank Sort code;
Beneficiary Account number

= Intresting

Very true. PayPal are not an actual bank. This has been discussed so many times... PP use a bank to actually deposit the funds into your account.

I have seen a sort code that they use from JP Morgan Chase Bank which always shows up when deposits arrive in my bank.

The immediate same day deposit will not apply to PayPal because when you click withdraw and when funds are paid in varies according to risk assessment, etc...

PP have been getting quicker at depositing funds though. 2 working days is the quickest I have ever seen from them on a standard withdrawl, not CHAPS. Usually if the buyer leaves feedback or 21 hold gets released, then the money is sent really quick. Otherwise, it can take upto the full 7 days if they are worried.

36 hours paypal to RBS. And a big sigh of relief. :clap:

dont know if this is way but my lastest paypal transfer took only 48 hours

i have one account thats about 6-7 months old, my withdraws are usually the same day or next morning if i initiate the transaction at PP end first thing in the morning, that's with h s b c, never taken 2 by the fast option

Yep, it's all timing for the transfer to start. :)

Im still recieving my money after 3 working days! How do I get the faster payments?