Will new bank transfer speed up paypal transfers to bank account?

craigblade

Hi,
As you may have heard, most of the major UK banks have just adopted (or about to) a new scheme whereby they can do sameday transfers for free or at a reduced rate. Previously, it would take about 3 days to transfer money from one bank to another.

My question.....when I withdraw money from paypal to my Alliance & Leicester account it always seems to take 5 working days.....will this speed up with the introduction of this new scheme for transferring money?

thanks,
craig.

brettcta

let's hope so

peter_the_piper

Being a cynic I doubt that it'll make much difference. They'll still hold onto your money as long as possible.

RFW

peter_the_piper wrote: »

Being a cynic I doubt that it'll make much difference. They'll still hold onto your money as long as possible.

To be fair they don't, once its requested it goes into the banking system (as Paypal isn't a bank) who sort it to the relevant bank and then they put it in your account. They also aren't allowed to earn on the money they hold, so holding onto it is of no benefit to them. The reason it takes longer isn't down to Paypal but the system after they release it.

With the new system it may get a bit quicker, but I wouldn't bet on it!

RFW

Just reading through the changes here http://forums.moneysavingexpert.com/showthread.html?t=936095

it doesn't look like it will make much difference to Paypal at this stage.

ArmitageShanks

Means you can push BACS transfers harder as payment option though.:D

soolin

ArmitageShanks wrote: »

Means you can push BACS transfers harder as payment option though.:D

Goo didea, I must think up a nice snappy statement on my auctions to encourage the use of these. I offer bank transfers already but I can't recall anyone ever using it to pay me.

RFW

I'd rather wait for it to settle down before deciding that a BACS payment is instant, some banks aren't taking part, some are charging and it hasn't been rolled out for businesses yet.

Chances are if you offer it as an option you could still end up waiting a week for the money to arrive and have an unhappy customer.

ArmitageShanks

soolin wrote: »

Goo didea, I must think up a nice snappy statement on my auctions to encourage the use of these. I offer bank transfers already but I can't recall anyone ever using it to pay me.

We've had a few, but nothing to write home about. Though today someone transferred funds to us and I've just checked and they've come through.

Alternatively any chance we have to avoid paypal or ebay fees we try and spoon feed methods to customers that allow us to take advantage of it. Whether its doing transaction out side of ebay or pushing google chekcout as instant payment, we're happy to do it, regardless of ebay rules. But not in the stubbornness or dogmatic way, but just the fact we provider excellent service/products and what ebay should try and cherish, they may not but we feel we're entitled to do it.