Paypal Depositing A Payment

BenitoGraffagnino

I signed up for a Savings account today.. They gave me the Sort code and the bank number..

I added it to my paypal, and they deposited two payments into my account.. I checked only and my balance is still 0GBP for my Bank.

Does it take a few days to be processed and appear in my bank?

Aegis

The likelihood is that Paypal is still using the BACS cycle, which means 3 working days for the funds to clear. Many of the banks now send and receive using the Faster Payments system, which is more or less instant.

BenitoGraffagnino

So, are you saying that it will take 3 Days to clear?

runciblespoon

If Paypal deposited it today before 3pm, working days are today, Friday, Monday and Tuesday. So it should be there sometime on Tuesday. If Paypal deposited it after close of business (which can be somewhere between 3pm to 5.30pm, depends on the bank) then add another day, so Wednesday. Because Paypal may only do their BACS transactions in batches, you don't know whether they'll issue a BACS transaction straightaway or overnight, so that might add an extra day.