PayPal has always tried to make it easier to move money around without actually moving money around. But, despite those conveniences, there are still some processes that are either too involved, impossible, or simply take too long. For example, getting your own money from PayPal into your bank account can take a whole day, which is almost unreasonable when you think about it. Soon however, those in the US will be able to enjoy near instant gratification when they transfer money from PayPal to their bank accounts.
It might not really be instant. The waiting time can range from a few minutes to 30 minutes at most. That’s still nothing compared to the one business day wait in the old system, however. It’s also not going to work for every bank account but only for those with eligible debit cards link to their PayPal accounts. No word yet on which ones.
PayPal has always prided itself in how it has democratized payments and money transfers but that has mostly involved purchases made online or digitally. Sooner or later, however, you’ll eventually want to use some or all of the balance that’s stored in PayPal. While the process is as painless as possible, the waiting is always a killer.
This new instant process doesn’t come without a price. A literal price, that is. There will be a $0.25 charge for every transfer, so make pretty sure you’re transferring the right amount you intended. For those unwilling to pay the charge but are willing to wait, the traditional bank transfer option will always be available.
PayPal has yet to reveal details about this instant bank transfer process, other than it will be launching for the US soon. The exact roster of eligible debit cards have yet to also be disclosed, but does imply that not everyone is invited to the party.