No one likes waiting to get their money, especially when you’re stuck waiting for PayPal to process it. Fortunately, PayPal is addressing that today with a new option that will let users instantly transfer funds to their bank account (for a small fee, of course), via TechCrunch.
It’s essentially an expansion of the existing instant money transfer feature that PayPal (and Venmo, which PayPal owns) has offered since 2017. That feature only let users instantly transfer funds from PayPal to a Visa or Mastercard debit cards; the new option will let users move it directly to their banks just like they would with PayPal’s free transfer option, just much faster.
Like the debit card transactions, PayPal says that the “instant” transfers will vary by bank and may take up to 30 minutes to clear, but that’s still far faster than the “one to three business days” that the company quotes for the free, standard transfer. PayPal is also charging the same fee for instant transfers, whether they be to a bank or debit card: 1 percent of the total transaction, maxing out at $10.
The new instant transfer feature for banks is only available in the US for now, and it should be rolling out over the next few weeks. PayPal COO Bill Ready has already commented in an interview with TechCrunch that it’s looking to launch the feature in other countries in the future.