Paypal transfers

[audistarelectronics]

Hi all, probably a complaint  that we all know about, but in these modern days of money movements, I still can't see why Paypal takes your money in a flash when you make a purchase, and your Paypal account is linked to your bank account, yet when drawing funds from Paypal to your bank it has to take 3 to 5 working days? Now with the long weekend on us, any funds transfer will take almost a week. Please don't tell me that Paypal is not a bank, so this causes the delay, because the delay is only one way, when in their best interest to get cracking. Yes, INTEREST being the operative word here. How many million  to be made playing with all the ebay transfers. Also, why use the working days excuse? In the modern age we live in, there is no such thing, bank interest is calculated all year round, not just on the so called working days. What I am saying is, Paypal makes interest on our money seven days a week, so where do the working days come into it. and why can't funds be moved around all week, as it is all electronically done anyway, and computers don't care what day it is.

[harley_babes_hoard]

Umm they are in business to make money!

[letscleanupmycupboards]

I've found it doesn't matter what day you request it, with my bank its there in 2-3 days regardless, weekday or weekend.

Incedentally, when I pay for something funded by the same account it doesn't come out of my account for about 3 or 4 days. On occasions I've received the item prior to the money going (in cases of very fast postage or local pickup)

[audistarelectronics]

If I buy something today, its gone from my bank account after midnight , without fail, but yet it takes 3 days to draw funds, bit unbalanced in my opinion. Yes, they are in the business to make a profit, but let's do it in an honest way, stop blaming the banking system for the holdup, when the holdup is at Paypal's discretion.

[barney_rubbles]

this is a bit like asking 'why does it still take 3 days for a cheque to clear' 😉 (but yes i do get your frustration)

[davewil1964]

I generally get my money on the next business day evening.

Change banks?

[phorum_junkie*]

Never takes longer than 2 days to withdraw funds to my ANZ account, if it is taking longer look to your bank.

As making a payment to a seller and withdrawing funds are entirely different types of transaction there is no reason they should take the same amount of time.

[*crikey*mate*]

I'm with Westpac and my money generally transfers in by close of the second business day.

Here's how this whole process was explained to me. (But I agree with the OP, being cyberspacey stuff, dunno why they can't just make it instant)

When I buy something and pay by PayPal, PayPal immediately sends a carrier pidgeon to my bank. Now, my bank may take out the money instantly, or if it is after 7pm on a Friday, they don't take the funds out till Monday.

But,m PayPal pays the seller on my behalf on the promise that the money is coming. Depending on the bank, just like us, PayPal waits 3 to 5 business days to actually get the money.

Until then it's floating around in bank cyberspace whilst they verify and cross check that the money is being sent to the right place.

Somehow, that all ties in wioth e cheques and why they take so long to clear, but my eyes kinda glazed over during that bit as it doesn't apply to me

.....................

Now when money goes back the other way, it goes through the same process

PayPal sends the money to the bank, and the banmk opens their little hatch just a tad and lets the money into their outer sanctum and let it float around in there for a while until they verify that it is going to the right place and they then release it into the inner sanctums, our accounts.

.....................................

[2106greencat]

sanctum

read that wrong at a glance LOL - thought you were takling about something else there, along the lines of packaging peanuts IYKWIM