PayPal Makes Funds Transfer Faster
If you haven’t been paying attention, you may have missed some big changes at PayPal. PayPal is a worldwide online payment system used as an alternative to paper payment methods. PayPal users can use their account as a method to transfer funds to others and to make purchases online. Users can link their PayPal account to other financial accounts and transfer funds between them. Personally, I have used PayPal for years as a way to invoice my self-employment work as a blogger, and to receive payment. It’s been very convenient, but there have been some changes as of late that make its services even more attractive.
Faster Transfer Time To Bank Accounts
For years, the transfer time from PayPal to a bank account was 2-3 business days. This delay between the time a blogging invoice was paid to the time the funds were available in my bank account was annoying at times, and financially challenging at others. Recently, I noticed the statement displayed changed when a transfer to my bank account was initiated. It suddenly said that the funds would be available within one business day.
Instant Transfer Time To Debit Cards
Just this week, I noticed a new option available. Using a debit card linked to my PayPal account, I had the option to have my funds transferred instantly to my debit card account (which is actually my checking account). While this service does cost $0.25, it certainly seems worth it to get my money instantly.
It’s really about time users can get their money out of their PayPal account faster. The technology certainly existed, as numbers move across electronic wires instantly. Being able to get my money in a place where I can use it to pay bills, or withdraw in cash makes using PayPal even more convenient and useful than before.
How about you, Clever Friends, do you use PayPal and did you notice that funds can be transferred faster now?
Brock is a software engineer by day and personal finance blogger at night. He is a fitness junkie and enjoys grilling and smoking meat. Married with two children, Brock strives to improve his skills as a husband and father, and is always on the lookout to stretch his family’s budget as far as he can.
i was able to utilize the withdrawal to a card one time, for .25 cents, and now the option has disappeared and only a bank transfer option is available. i spoke with paypal, and they claimed i needed to speak with the banking institution that their system is working fine.
clearly these technologies have been around long enough to not have these types of bugs…
I agree, these technologies have been around a long time, and it’s interesting to find pockets where they seemingly cannot be used. For example, my utility company still takes 3-5 business days to process an online payment where most places get my funds immediately.
I just noticed the change today. Says I’ll get the money in my account (debit card) within 30 min! And yes, it charged me $0.25.
Cool, heh? I’m not sure why it should cost $0.25, though. They’re obviously trying to recoup some sort of small fee, but if it’s going to be such a nominal amount, why not just call it “free?” I think they’d get more in positive image than the small amount of money is worth.