Quick Draw

[digital*ghost]

Rather, fast PayPal withdrawls - anyone seen anything about this on their PP account?

Apparently some PP members are seeing an option to pay 25c for a fast withdrawl, and from what I can google, it completes the transfer in about 30 minutes...(except when it doesn't). Seems to be relatively new, may just be in the testing phases, and I'm just seeing the same old "no fee for withdrawls" notice on my account, so I've no option for this, but curious if anyone is seeing this option, and whether they have a link for more info.

[lm-entertainment]

i don't have the option either digi. i usually withdrawal and it's in my account within less than 24 hours - which isn't too bad, but i'd certainly consider paying the 25c for higher amounts (if it works). 

[tazzieterror]

For the best part of a year now, if I withdraw before around 3:30-4pm, it'll hit my account by around 6-6:30pm that evening.

The past couple of weeks, there have been a bunch of occasions where it's taken an additional 24 hours for a withdrawal to hit that same account.

I wonder if PP are deliberately slowing the regular withdrawal to try to up-sell this fast withdrawal option? I personally haven't seen it offered in my PP account, and the feature doesn't interest me anyway.

[digital*ghost]

Another seller on the FB seller group found this: https://www.paypal.com/stories/us/transfer-money-instantly-to-your-bank-account-with-paypal

Which explains that it's US only. Some features make their way here eventually, others don't (eg the PayPal debit card), so we might not get this option.

With my bank, depending on when I withdraw (up to 4:30pm), I'll see the funds hit my account between 5:30 and midnight, which is much better than the 2-3 days it used to be. The slight delay means less impulse withdrawing / spending  but it would have been handy for some situations. 

[brerrabbit585]

The last three or four times I've withdrawn money it's been in my account the same day, usually in the late afternoon if I do it before lunch.

I can't see the ACCC ever allowing them to charge for a quicker transfer here. If they can do it faster then the ACCC would probably say that's what they should be doing anyway, without charging for it.  I could be wrong but I'd be VERY surprised if they could get away with it in Australia.

[digital*ghost]

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@brerrabbit585 wrote:

I can't see the ACCC ever allowing them to charge for a quicker transfer here. If they can do it faster then the ACCC would probably say that's what they should be doing anyway, without charging for it.  

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It depends on what is required to facilitate a faster transfer, as it's not necessarily a matter of delaying a service just to be able to charge for a faster service (like Aus Post do with their priority labels, which the ACCC haven't objected to).

According to the info, most would be completed in a matter of a few minutes, with some taking up to 30 mins, and only if specified debit cards are linked with the PayPal account, which suggests both a special request needing to be made, and other specific conditions being met so even in the US the option would not be available to all account holders. 

[tazzieterror]

If memory serves, from next February 2018 a new system is being put in place that will facilitate near-instant transfers between the larger banks in Australia. It will be interesting to see if this affects PayPal withdrawal times as well.