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PayPal offer faster withdrawal for £5.00 a go

By Chris Dawson October 28, 2009 - 12:02 pm

paypalwithdrawIf you’re in a hurry to get your funds from PayPal they’re willing to charge you a fiver to get the funds to you within one or two working days.

I’m not sure who would be desperate enough to need funds when the typical transfer time has already reduced to 2-3 working days. That’s already a great improvement from a few years back when it wasn’t unusual for a PayPal withdrawal to take over a week.

There are of course cheaper ways to access your PayPal funds than paying £5.00 to speed things up. You could of course simply pay with funds from your balance to merchants that accept PayPal. Failing that if you purchase a PayPal top up card (which costs a one off £4.95) then you can transfer funds directly from your PayPal account to the PayPal card within 24 hours.

If however on the rare occasion you’re desperate for funds or have a large payment you just can’t wait for three days to spend feel free to donate a fiver to PayPal’s coffers and your PayPal withdrawal should hit your bank account one day sooner than normal.

  • board_surfer
    8 years ago

    Surely the transfer should always have been done as fast as possible and there should be no room to make it any quicker?

    Sounds more like an admission that they are pretty lax at sending your money under normal circumstances.

    • 8 years ago

      I think it’s more down to how the banking system works, BS – for example, if you use BACS that takes typically 2-3 days and is cheap, whereas if you use CHAPS, it can be same day but is more expensive. I’m assuming it’s something like that that’s going on here.

    • peter
      8 years ago

      Sorry but under the new faster payments system Uk banks now transfer cash either same day or within 24 hrs if out banking hours. NO need for a CHAPS

    • 8 years ago

      Oookay. Shows you how much notice I take :mrgreen:

  • Richard
    8 years ago

    *checks date*

    Thought it must be April 1st, but it’s not. 😆

  • 8 years ago

    We have been getting ripped off by UK banks for years. Seems like a reasonable deal to me, not as if you have to use it.

    • board_surfer
      8 years ago

      I dont think its unreasonable either.

      I just think they always should have used the fastest method.

  • J
    8 years ago

    I don’t use PayPal but BACS now take one day for most banks that have signed up to their faster payment methods. On top of their hefty charges they are keeping your money as long as possible to get the interest. Just keep regularly transfering money, so they don’t benefit as much, & hopefully you won’t need your money in a rush!

    • Bigpoppa
      8 years ago

      Paypal don’t earn any interest of customers funds, not allowed. The process could all be done within 24 hours but because there is no legislation that says it HAS to be done as fast as possible, they have seen an opportunity to make a few bob.

    • Lino
      8 years ago

      Bigpoppa, are you sure about this? I seem to remember a conversation I had a while back with a Paypal Manager in the States. They said that interest was earned on Reserves placed in the States, but not yet on UK accounts. I could be wrong 😕

  • 8 years ago

    So Paypal do not need to take 7 days to transfer our money to our bank account then?

    Mark

  • frenchcollection
    8 years ago

    Well, transfers are in my bank within 24 hours in France, and there’s no option for paying this five euro-pounds.

    Is it maybe the ‘Faster Payments’ thing for UK banks?

  • Christopher
    8 years ago

    Apparently, this is pottentially illegal as of November under European Payment Service Directive 2007/64/EC. Thoughts?

    http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2007:319:0001:01:EN:HTML

    “(40) It is essential, for the fully integrated straight-through processing of payments and for legal certainty with respect to the fulfilment of any underlying obligation between payment service users, that the full amount transferred by the payer should be credited to the account of the payee. Accordingly, it should not be possible for any of the intermediaries involved in the execution of payment transactions to make deductions from the amount transferred. However, it should be possible for the payee to enter into an agreement with his payment service provider under which the latter may deduct his own charges. Nevertheless, in order to enable the payee to verify that the amount due is correctly paid, subsequent information provided on the payment transaction should indicate not only the full amount of funds transferred but also the amount of any charges.

    (43) In order to improve the efficiency of payments throughout the Community, all payment orders initiated by the payer and denominated in euro or the currency of a Member State outside the euro area, including credit transfers and money remittances, should be subject to a maximum one-day execution time. For all other payments, such as payments initiated by or through a payee, including direct debits and card payments, in the absence of an explicit agreement between the payment service provider and the payer setting a longer execution time, the same one-day execution time should apply. The periods above could be extended by an additional business day, if a payment order is given on paper.”

    • Andy
      8 years ago

      PayPal don’t operate in the EU. They are based in Luxembourg which is outside the EU. Now you know why.

    • peter
      8 years ago

      correct.

      but they are bound by rulings from the FSA, although they didnt have to they signed an undertaking they will accept it as binding

    • 8 years ago

      Luxembourg isn’t in the EU?
      And there’s the EU thinking it’s a founder member. :O
      http://europa.eu/abc/european_countries/eu_members/luxembourg/index_en.htm

    • Andy
      8 years ago

      I bow to your superior knowledge. Brain scrambled obviously! 😀

  • Bigpoppa
    8 years ago

    I think this section is key:

    “in the absence of an explicit agreement between the payment service provider and the payer setting a longer execution time”

    • Christopher
      8 years ago

      damn them and their legally sidesteppingly sneaky ways 🙁 so this fee is in the T&Cs then?

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