Are PayPal transfers to Bank Accounts now faster?

Just did a transfer from my PayPal to my bank account and it always normally says the transfer can take 3-4 days… Today it says the transfer should happen within 2 hours…

Never had that before and wondering is it new

Oh and checked my account and the funds have landed in about 3 hrs which i'm very happy with…

Cheers

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Comments

  • Probably related to the NPP. Out of curiosity, which bank are you with?

    • Yeah I thought that but can't find anything to back it up - I'm with NAB & CitiBank (both had the 2 hour message)

      Only other thing I can think of is I made a complaint late last year as even though it's a Business PayPal account, I wasn't getting any of the fee discounts for monthly sales

      Maybe they've rectified it and I should have been getting 2 hour transfers all along

    • Transfer outs that are less than $1k from ING to other NPP supported banks, even using BSB/AC(not just PayID) are now transferred via Osko by default.

      Maybe Paypal uses a similar system for their BSB transfers :D

  • Generally when I do mine the money is in my account the next day

    • Personal or Business acct? And does it normally say the 3-4 days or 2 hours?

      • One is personal and one is business, I withdrew from the personal one this morning and the email stated
        ”It usually takes 3-5 business days for withdrawals to a bank account to process, so you should see the money in your bank account by 27 Feb 2018.”

        • Yeah that's what mine always normally says - we'll cant complain, hopefully it stays this way (2hours) for me :)

        • @urbancartel:
          my money was in my CBA account this evening, so like 8 hours later.

  • Usually it takes 1 day for me, from paypal to Commonwealth and it has always been this quick the 3-4 times I did this

  • +1

    Never had that before and wondering is it new

    Then at a guess its new ;)

  • Bugger! Transferred more today and it's back to saying 2-3 days…

    Stupid PayPal… Thought it was finally going to be faster, must have been a glitch!

    • ING definitely same day if you request it before 4pm.

      • Ahh good to know…

  • does it cost money to send paypal to your bank acc or credit card?

    • +2

      Nah there's no fee attached to withdrawing money - for me i've already paid my fee with sales before it's hit my paypal account

  • My bank now offers Fast Payment on the website. Either PayID or BSB/ACC can be used. So a fast path exists even if you don't use PayID. Maybe you got it as the default now.

    • Yeah that's part of the NPP which rolled out earlier this month - PayPal aren't one of the participants unfortunately…

      It's also reverted back to the slower processing speed and was fast for just the 1 day… must have been a fluke!

      • Maybe it was a trial.

        • Yeah hopefully - they probably think they better keep up… I read that in the US you can transfer money to your nominated account in minutes for a $0.25 per transfer fee (i'd be happy enough with something like that) ;)

  • Probably they joined NPP, that’s why they just emailed me the merchant fee will be 2.6% + $0.3, no more volume discount for merchants. They want to get back the money they invested into NPP.

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