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PayPal has just announced that its customers in the US will soon be able to transfer money to their linked bank accounts and have it available within minutes. The company notes in its announcement that it could take up to 30 minutes for some banks, but for the most part it should be a matter of minutes. That’s a stark difference from the 3-5 days that PayPal had typically quoted when transferring money to a bank. Although some banks would be much faster – usually overnight – but now this instant transfer is even faster.
The company is rolling out this feature in beta to select PayPal customers in the US. The company notes that it’ll be available to all US PayPal users with an eligible Visa or MasterCard debit cards over the coming weeks and months. This new, quicker transfer option will be available for $0.25 per transfer. However, the original bank transfer functionality will still be available free of charge, which could take up to 3-5 days. The faster transfer is great for those times that you need money in your bank account instantly, and can’t wait a few days for it to appear in your account. PayPal notes that this feature was made possible due to the partnerships it made with Visa and MasterCard last year, as well as its closer relationships with banks and other card issuers.
This feature has been a much requested feature for PayPal, so users will be ecstatic to see it finally becoming available. Unfortunately, there’s no word on when this will launch outside of the US. As is the case for most companies in the US, it is US only and no mention of other countries. It’ll likely launch in other countries like Canada, the UK and other parts of Europe in the next few months. PayPal is likely using the US as a test bed for this new feature before expanding it to other countries. While this feature will cost you $0.25 for each transfer, that’s still not a bad fee, and is right in line with its other fees that PayPal charges for different transfers and such.