PayPal may not have pioneered online payments, but it certainly made it more accessible to the masses. Founded in 1998, PayPal has made significant strides over the years. Though there are quite a handful of other online payment solutions or gateways around, none have truly beaten PayPal to its game. In other words, PayPal is still the de facto king of online payment gateways.
There are different ways in which you can transfer money between PayPal accounts or from a PayPal account to a bank account. The actual time it takes would depend on the source of funds and the recipient and also the payment method. Let’s take a look at the common PayPal payment options and the time they take.
When money travels between two PayPal accounts, the funds almost instantly show up in the recipient’s PayPal account. This is provided the money originated from the sender’s PayPal account balance or the debit or credit card linked to the PayPal account.
Once the recipient withdraws the received funds into their PayPal-linked bank account, it could take anywhere between a day or two or just shy of a week for the funds to reflect in the bank account. The actual time period is usually dependent on the day of the week the transaction has been carried out.
For instance, if the recipient receives money in their PayPal account on a Monday and they withdraw the funds to their bank account right away, the money should show in their bank account the next day or by Wednesday. If Monday or Tuesday is a bank holiday, the funds would surface a day or two later.
If the money is received on a Friday and it’s transferred on the same day to the linked bank account, the funds could show up in the recipient’s bank account the next Monday or Tuesday. The actual time it takes could also vary based on the bank.
PayPal Instant Transfer
If you want the money from your PayPal account to be instantly transferred to your bank account, you may use the PayPal Instant Transfer service. If your PayPal account is based in the UK and you are transferring the money to a UK bank account, the service would cost you nothing. However, outside the United Kingdom, such as the United States, a 1 percent service fee is levied on the total sum transferred. The fee is capped at $10.
The “instant transfer” should ideally happen within a day. In actuality, it usually takes less than 30 minutes. If time is of the essence, PayPal Instant Transfer is a great tool to use. In certain cases, however, the transfer may take more than 24 hours. Such situations are usually rare and happen due to some error at the account holder’s side.
You can also request cheque payments from PayPal if for some reason you dislike electronic transfers. The requested cheque would be mailed to the recipient. This method, without a doubt, would take the longest time to send funds from a PayPal account. If the cheque request is for a recipient within the UK, it should take a week or two for the cheque to reach its destination. If it’s outside the UK, the transit could take anywhere between four and six weeks.