PayPal US users may get 24 hour bank transfers

PayPal featThere are many times that our cousins in the US get new features and releases ahead of the UK, but an announcement by PayPal just made me realise how fortunate we Brits sometimes are.

PayPal just announced a payments breakthrough saying “Starting this month, we introduced Next-Day Settlement (NDS) for eligible businesses in the United States through a pilot program“.

Yes it’s a “pilot” for some “eligible” businesses for “Next-Day” transfer or money from their PayPal account to their bank account. For everyone else in the States it still take three to four days to get money from PayPal into your bank!!

I’m so used to being able to zip money instantly from PayPal to my bank in seconds (or from my Bank to PayPal to top my account up), that it didn’t occur to me that users in other countries still had to wait days for a transfer, least of all in the good old US of A, the home of PayPal.

PayPal say that US businesses eligible for Next-Day Settlement have received notifications informing them that they can opt in to the program and that it should be expanded in the future. Whilst I’m sure those eligible businesses will be most grateful, PayPal US have got a long way to go before the catch up with PayPal UK and enable transfers to and from bank accounts almost instantly. The guys in PayPal UK office did good for us!