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Thread: how long paypal been doing same day transfers?

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    Regular Member 06sri's Avatar
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    Default how long paypal been doing same day transfers?

    withdrew some money from paypal, 10 mins later its in my bank account for immediate withdraw (halifax)

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    I've not seen this yet, great news if this is new and works for everyone/all banks.

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    Regular Member 06sri's Avatar
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    100% gurantee this has just happened couldnt belive it.

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    Regular Member Ben50n's Avatar
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    It used to be three days. No reason wht they cannot put it in instantly, they take it out instantly.

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    Regular Member m8internet's Avatar
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    Quote Originally Posted by Ben50n View Post
    No reason wht they cannot put it in instantly, they take it out instantly.
    This was an old regulation to prevent cash converting and money laundering
    People could then simply spend all day moving money back and forth
    Now that the UK banks have signed up this latest regulation the 3 day waiting period has been removed
    If a bank account performs more than a set number of such transactions then it becomes flagged for money laundering

    PayPal has always processed withdrawal same day, the issue in the UK has been the receiving banks and the 3 day waiting period
    The restriction remains in place for business accounts

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    Regular Member 19CDTi's Avatar
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    What's the fee these days on paypal transfers into bank accounts?

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    Regular Member m8internet's Avatar
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    Quote Originally Posted by 19CDTi View Post
    What's the fee these days on paypal transfers into bank accounts?
    Should still be nil, when the withdrawal is over £50, otherwise it is 50p

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    Regular Member 19CDTi's Avatar
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    I see, thanks.

    Last time I withdrew there was a fee attached

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    Regular Member marktaylor's Avatar
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    Same day withdrawal doesn't work at weekend's can still take from 3-5 working days

    Sent from my GT-I9300 using Forum Runner

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    Regular Member 06sri's Avatar
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    fees still nil, i belive this is some thing some banks do, where you can transfer money to other accounts at different banks with in 2 hours, it did have a special name but cant rember what this 2 hour transaction is called.

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