PayPal has announced that it plans to bring instant bank transfers to its users in the US and payments should be in people’s bank accounts in around 30 minutes. After witnessing more convenience from competitors Square Cash and Apple – we feel like they had no other choice.
At the moment PayPal transfers from your PayPal account to your bank account can take between one and two days, soon you will be able to get an instant transfer for a fee of $0.25.
In that same spirit, PayPal users in the U.S. will soon be able to instantly transfer money to their bank accounts via eligible debit cards linked to their PayPal account. We expect that funds will typically be available in your bank account in a matter of minutes, although some banks may take up to 30 minutes. Our beta of this is now available to select PayPal users and will be made available to all U.S. PayPal users with eligible Visa or Mastercard debit cards over the coming weeks and months.
This new feature is another benefit to our customers that we’re able to make possible through the partnerships we announced last year with Visa and Mastercard and our close working relationship with the bank and card issuing ecosystem. As always, funds in your balance are immediately available to use when shopping with PayPal, and there is no charge to transfer funds directly to your bank account through our original bank transfer functionality, which typically takes one business day. Our new transfer option will be available for a nominal fee of $0.25 per transfer.
You can find out more details about this new instant bank transfer feature for PayPal over at their website at the link below.