PayPal is increasing fees for personal accounts in the USA. It currently costs nothing to withdraw funds to a bank account linked to your Paypal and that isn’t changing. But such a transfer can take a day or two.
They do also offer a faster way to withdraw funds and that currently costs 25c. They call Instant Transfers and those take up to 30 minutes to hit your bank account. But starting in November, the fee payable will be changing and it will be 1% of the transferred amount, with a maximum deductions of $10.
You can read more about this change here.
PayPal is making a change to its User Agreement that will be effective as to all PayPal users in the U.S. on November 7, 2018. We encourage you to review this Policy Update and familiarize yourself with this change that is being made. If you do not agree to these amendments, you may close your account before November 7, 2018.
For personal accounts, we are changing the fee charged for our faster withdrawal option to an eligible debit card linked to your PayPal account to 1% of the transferred amount, with a maximum fee of $10.00.
– PayPal
It’s unusual to report a story where the USA offering of a product is inferior to that offered in the UK but this is an example. In the UK you can withdraw funds instantly and for free using faster payments.
8 Responses
Old news. This started last month.
Welp, going back to Venmo!
Sorry to tell you, but PayPal owned Venmo just hiked their rates for Instant Transfers as well.
this is a total ripoff. PayPal you will fee yourself right out of business if you continue to take advantage of your customer. You make money off the float, now you are going greedy
Your system set up my account in China , I is now no complaints , prosecution has no door ! No, is your system change my account in China But I can’t to report ! Until PayPal correct your mistake , there is such a company , the mind is customers should correct their own mistakes , that’s really putting the cart before the house .
I don’t like people confusing us with mainland people , Hong Kong and china cannot confuse sth with sth else , should be kept strictly separate , Like the Americans and the British , I can’t regard as of americans as British .
Never don’t used
What Pricks! Both PayPal and Venmo! Greedy Pricks. Instant transfers should already be free by now as the whole world is sick of waiting days for shit to happen financially. What idiots. Or am I the idiot? Me not making billions off other people by providing a crap product.
It’s a bunch of greedy assholes who are never satisfied. I will NEVER pay $10.00 for an instant payment !!EVER !!! From 25 cents to $10.00 overnight ?