PayPal have just released their policy updates which kick into effect from the 12th July 2012. Most of the updates are house keeping and typographical corrections, but there’s one bit of news that will please all PayPal users in the UK.
PayPal are going to speed up transfers between PayPal and your bank account. Both ways!
It will mean that money movements between PayPal and bank account will be according to faster payments standards and a new policy section will be included to cover this. It will mean that when you withdraw funds from your PayPal account they’ll appear in your bank account perhaps not instantly, but definitely within a couple of hours.
It will spell the end of the £5.00 charge to withdraw money from your PayPal account within a day instead of 2-3 days as all withdrawls will be faster payments. It will also mean if you top your PayPal account up from your bank account this will also be instantaneous (again at least within a couple of hours).
PayPal will progressively roll out faster payments during summer and should be completed for all users by late summer. The update will be done gradually because of the volume of payments that go through PayPal.
Great news for selling on eBay though, list it, sell it, get paid by PayPal and five minutes later the cash could be in your bank balance and available to spend.