PayPal to bank account

Allan87

Why does this still take 5 days to go through?

Cat695

where do you think all that interest goes while they hold the money>???

Allan87

I don't mind them making interest when theyre holding it as it is my decision to keep the money in there, however when I want it out I should be entitled to the normal BACS processing time. I notice they got this card you can use to purchase things using your PayPal balance, looks like I'll have to get one and ditch the bank account lol

ShelfStacker_3

Cat695 wrote: »

where do you think all that interest goes while they hold the money>???

Erm, nowhere? While a BACS is being processed, nobody really holds the money. It's basically in limbo.

AFAIK though, PayPal do use the normal BACS cycle, with 5 days just being a guide time.

Allan87

ShelfStacker wrote: »

Erm, nowhere? While a BACS is being processed, nobody really holds the money. It's basically in limbo.

AFAIK though, PayPal do use the normal BACS cycle, with 5 days just being a guide time.

If they do use normal BACS I wish they'd adopt the Faster Payments system! Has anyone experienced faster transfers than 5 days?

GrammarGirl

Paypal are insanely slow to transfer money! Sometimes it can take a week or longer! I've never had anything faster than 5 days, even with large amounts. Does anyone know why it takes so long, when you can transfer money from accounts held with different banks in 24 hours?

scubaangel

I had payments which have taken over a week, but my last one only took 2 days - and considering I requested it outside of normal working hours I was impressed. I wonder if it depends on how often they run the payment system?

Extant

Allan87 wrote: »

I don't mind them making interest when theyre holding it as it is my decision to keep the money in there, however when I want it out I should be entitled to the normal BACS processing time. I notice they got this card you can use to purchase things using your PayPal balance, looks like I'll have to get one and ditch the bank account lol

Why should you be "entitled" to it? PayPal isn't a bank or a credit company, it's a money handling service. A service that you CHOOSE to use. As such, you choose to suffer their transfers system, you're not "entitled" to anything.

Allan87

BarclaysManager wrote: »

Why should you be "entitled" to it? PayPal isn't a bank or a credit company, it's a money handling service. A service that you CHOOSE to use. As such, you choose to suffer their transfers system, you're not "entitled" to anything.

It was a figure of speech, just seems a bit silly that they can offer their US customers a faster transfer time than they can do their UK customers.

GrammarGirl

Also, why do they allow US customers to withdraw any amount without charge, yet charge 25p (yes, a small amount I know!) to UK customers withdrawing less that £50?

Cat695

ShelfStacker wrote: »

Erm, nowhere? While a BACS is being processed, nobody really holds the money. It's basically in limbo.

AFAIK though, PayPal do use the normal BACS cycle, with 5 days just being a guide time.

actually the bank holds it till its ready (or BACS and recieving bank) for the transfer so it still earns interest on it (not you the actually owner of the money)

In this day and age money transfers should be instant, but because banks want as much money off you as they can they hold it for the interest.

I would be interested from someone who can tell me why money can't be transfered instantly?? especially when they can take money off me instantly.