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.
9 Responses
This is brilliant. It frees up a lot of working capital that is otherwise “in the ether” for us to spend on our business.
If only they could now have an accurate register of what is “on hold”, that would be perfect…
“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.”
Unless they adopt the trial they are running in Germany.
Then I believe once it is marked as shipped Paypal will deign to release payment.
Is my understanding correct?
we think this is more to do with EU legislation than paypal being helpful
“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).”
Great news, but leaves me wondering about echeques. Surely they should be pretty much instant now? Will PayPal be able to justify the shocking length of time it takes them to clear?
Like many i welcome this news but also feel that Paypal really should have got its act together much earlier….as i understand it this EU regulation became law at the start of this year.
I must be honest and say that during the last two months or so i have noticed that if you withdraw money from Paypal using the faster option and pay your obligatory £5.00 for the pleasure of this the payments have on many occasions landed in my bank account that same day,which as been great,however just recently Paypal seem to have reverted back to their usual practice of keeping the withdrawal request as “pending” for exactly 24 hours from the request been implemented on both standard and fast withdrawal requests.
My main point on this whole issue is if it has been law since January 2012 that Banks and Money processing companies must action transfers on the same day then are Paypal acting legally in still charging £5.00 for this service.
Paypal originally offered the fast transfer as an additional service for which they actioned a charge,however this additional service is now by law The Standard service therefore how can they now still charge for this?
I wonder would there be a case for claiming back these charging from January 2012.