PayPal Offering Instant Transfers to Your Bank (with a catch)

jimbobaus on 02/12/2019 - 13:10
Last edited 02/12/2019 - 13:11

So recently i went to refund money from Paypal and i noticed it gave me the option for an instant bank transfer
looking at the way its set up it appears to use a similar system to Beem It where it processes it like a refund to your debit card.

To use instant transfer will incur a 1% fee
You can still do the free 3-5 day transfer if you wish.

One thing i noticed as someone who (under duress) has used paypal for a long time the bank transfers always took max 2 days to my bank (i am with ING) so i decided to use the free process. I am convinced they have made this process even slower now to get us to use the instant option. 4 Days (biz days) and money still not in, 100% of previous paypal to bank transfers were in the following morning or afternoon, click refund Monday money is in by Tuesday Afternoon, Worst case Wednesday morning.

Anyways This post is to share that 1) the option now exists for those that did not know
and 2) to share some anecdotal feedback on the free option now.

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Comments

  • Pigey on 02/12/2019 - 13:37

    I use the 'slow' option and still get it later that evening. I'm with CBA.

    • jimbobaus on 02/12/2019 - 13:42

      Yeah 2 weeks ago i had next morning, then they started offering the instant transfer option and its slower
      Saying that, have initiated another slow transfer today and will see how long this one takes

  • tomclancy on 02/12/2019 - 13:52

    Last Friday (29/11/19) I chose the 'slow' option at 11am and the money was in my account at 4pm. I'm with ANZ. To be honest I expected not to receive the funds until Monday so I was surprised when they came on the same day. I did then wonder who would pay 1% for instant?

  • brendanm on 02/12/2019 - 14:34
    +2

    Just another PayPal scam. I opted for the normal option and had it in a day.

  • OZBMate8911 on 02/12/2019 - 14:57

    I have to say I'm with all the other posters - the free option is still just as good.

  • Scantu on 02/12/2019 - 15:13

    If I do a PP transfer on a weekday in the earlier morning it is always there in the afternoon, 4-5pm

    • Neoika on 02/12/2019 - 21:48

      Agree. If tranfer out before 4 or 5pm, usually same day. Pointless to waste 1%.

  • jimbobaus on 02/12/2019 - 16:36

    Are all the people commenting being given the instant transfer option?
    Cause one other place I posted this the general response has been if instant transfer option is there slow is slooooooow if it’s not the transfer is a day or so max.

    • tomclancy on 02/12/2019 - 21:25

      Referring to my comment above, yes I was offerred the instant 1% option.

    • brad1-8tsi on 03/12/2019 - 10:47

      I transferred money at 09.00 today. The fast option was available but I chose slow. I'll let you know what happens.

      • brad1-8tsi on 03/12/2019 - 23:26

        money is there at 23:25. haven't looked since this morning

    • tomclancy on 03/12/2019 - 18:14

      I transferred money at 11.00am today. The fast option was available but I chose slow. Funds are in my ANZ account now (6pm).

    • brendanm on 03/12/2019 - 19:36

      Yep I was offered it, slow option was the same as always, a day.

  • JCrown9 on 02/12/2019 - 17:16

    I have a business account.
    Whether transferring to my business bank account (ANZ) or personal (ING), transfers are done same day.
    Has been this way for as long as i can remember.

  • CC123 on 02/12/2019 - 23:53
    +1

    Doubt I would ever use it. It's not worth the 1% transaction fee plus I have no problem with waiting until the next business day

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