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Thread: How long does PayPal take to transfer money?
island
Big BOSS

From: Ireland
Messages: 1469
 How long does PayPal take to transfer money?
Sent: 03-04-2005 04:54
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<Suz>, that's abnormally long to have to wait. Check with your bank and with PayPal again (by logging into the account and seeing if the payment is completed or not).

 




<Suz>
Not Registered

From: N/A
Messages: N/A
 How long does PayPal take to transfer money?
Sent: 03-04-2005 04:42
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Sorry, mean't to say that they won't give details of this nature over the phone.

 




<Suz>
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From: N/A
Messages: N/A
 How long does PayPal take to transfer money?
Sent: 03-04-2005 04:41
  Reply



My son withdrew almost £300 from his account 14 days ago and there is still no sign of it. We've e-mailed twice with no response and have been told that they will give details of this nature via the phone. There is absolutely no way it takes 2 weeks to get money into the bank this way. Anyone any ideas on what we should do now? It was drawn out on 18th February. Have we got to just write it off now?

 




<NOCHEX>
Not Registered

From: N/A
Messages: N/A
 How long does PayPal take to transfer money?
Sent: 03-01-2005 05:49
  Reply



Quote:
FrustratedChris,
PayPal makes a practice of holding fund transfers for 3-4 days to take advantage of the "float". I.E. They delay the transfer, place the funds in THEIR short-term Money Market Account, and draw the interest off of it - AT YOUR EXPENSE - for those 3-4 days. You can imagine how much interest they accumulate daily off their 3+ million accounts.....!

Island is right, it is not the interest PP are for.

This antiquated system is preserved that way on purpose - it largely helps keeping fund liquidity to banking institutions.

 




island
Big BOSS

From: Ireland
Messages: 1469
 How long does PayPal take to transfer money?
Sent: 03-01-2005 02:23
  Reply



The above two posters who suggested that PayPal is making interest on your money are in fact not correct. PayPal is precluded by financial regulations from accepting interest payments on your money.
The delays are caused by our rather antiquated ACH system.

 




<Lisa>
Not Registered

From: N/A
Messages: N/A
 How long does PayPal take to transfer money?
Sent: 02-28-2005 18:59
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<M.K. McKown>, I heard there are 63 million paypal users worldwide. With the fees off of all of them PayPal is already laughing. They could improve their system a lot and be more successful but instead they do stuff like taking interest off of our cash.
By the way with Nationwide Building Society, Current Account, it only takes 4 working days for the money to show up in my account. Not bad.

 




<M.K. McKown>
Not Registered

From: N/A
Messages: N/A
 How long does PayPal take to transfer money?
Sent: 02-28-2005 18:12
  Reply



FrustratedChris,
PayPal makes a practice of holding fund transfers for 3-4 days to take advantage of the "float". I.E. They delay the transfer, place the funds in THEIR short-term Money Market Account, and draw the interest off of it - AT YOUR EXPENSE - for those 3-4 days. You can imagine how much interest they accumulate daily off their 3+ million accounts.....!

 




<NOCHEX>
Not Registered

From: N/A
Messages: N/A
 How long does PayPal take to transfer money?
Sent: 02-24-2005 06:07
  Reply



FrustratedChris, I'd say with HSBC it takes 7 working days on average from the moment u receive a payment on PP to the moment u see funds cleared in your HSBC account.

7 on average with the spread being quite tight actually. I have never seen less than 6 days or longer than 8. That is assuming u withdraw funds from PP the moment u received them.

 




FrustratedChris
New User

From: N/A
Messages: 8
 How long does PayPal take to transfer money?
Sent: 02-24-2005 01:24
  Reply



Quote:
Which bank are you with?
Royal Bank of Scotland, instant access savings account. The money finally appeared on Monday. So that makes five days for PayPal to say the transaction was 'completed' and another seven days before I saw the money. Total: 12 days. At the same time, someone sent me a cheque. It took one day to arrive and 5 days to clear (including a weekend), plus 1 day lost in getting to the bank: total 7 days. Conclusion: cheques are much faster. And safer. And cheaper.

 




<S Soldier>
Not Registered

From: N/A
Messages: N/A
 How long does PayPal take to transfer money?
Sent: 02-23-2005 05:44
  Reply



FrustratedChris, This happens to me a lot. Sometimes it takes way longer, up to 14 days for the money to show up in my bank account.
What type of bank account do you hold as it varies depending on bank policy. Which bank are you with?

 




island
Big BOSS

From: Ireland
Messages: 1469
 How long does PayPal take to transfer money?
Sent: 02-21-2005 07:16
  Reply



FrustratedChris, that seems rather unusual. However I know that transactions have taken up to four working days to clear onto my account in Ireland. Check again today and see if it's gone through.

 




FrustratedChris
New User

From: N/A
Messages: 8
 How long does PayPal take to transfer money?
Sent: 02-18-2005 14:15
  Reply



A month ago I bought something via PayPal that broke in the post. I returned the item and the seller refunded the money on 31st January. I then transferred it (on the PayPal site) to my bank. After a few days, on Monday 14th, PayPal said the transaction was complete. It's now Friday and my bank says there is no sign of the money. Is this normal? They seem to be very quick to take money out of my account, but so far they have never placed a penny into it. (N.B. this is unrelated to my other PayPal experience.)

 






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