PayPal instant transfer lets you send money from your PayPal balance to an eligible bank account in just a few minutes for an extra fee. Show
We’ll cover everything about PayPal instant transfers, including the PayPal instant transfer fee structure, limits and more. Ready to get started with a PayPal instant bank transfer? Let’s dive right in. But first, a word. If you want to send money abroad fast for low fees, take a look at Wise. It takes just a few minutes to get a free account.
How do instant transfers work with PayPal?A standard PayPal transfer takes about 1-3 days to reach a bank account. However, if you have a PayPal balance, you can use instant transfers to move your money to your bank or debit card up to 30 minutes for an extra fee. Maybe you sold something online and got paid via PayPal, or a friend sent you some money with PayPal to cover a split bill. If you need to withdraw the money to your bank account fast, an instant transfer might be the best option.¹ There are costs involved with using this withdrawal method, so make sure you read on to the fee section before you get started. How to link your bank account or card to PayPal to do instant transfers?If you’re shopping online or using PayPal to send money to family or friends - and don’t hold a current PayPal balance - you’ll need to link your PayPal account to your bank account or card to allow instant transfers from bank to PayPal.² ³ To add a credit or debit card to your PayPal account, take the following steps:
To add a bank account:
It’s worth noting that this process doesn’t mean you’re withdrawing money from your account or adding money to your PayPal balance. It just means your card or account is linked so the next time you use PayPal to make a payment or transfer, the amount will be deducted from the payment method you select. How to transfer money from PayPal to bank account instantly?So, if you’re withdrawing the money to your regular bank, you’ll have the option of a standard withdrawal or instant transfer. The standard withdrawal takes longer, but is usually fee-free - you’ll pay a charge to get your money faster with instant transfer. Here’s how you can use instant transfer: ¹
Get a free Wise account today PayPal instant transfer feesIs PayPal’s instant transfer free? No, as we mentioned above, there are some charges you need to know about if you want to use PayPal instant transfer. Here’s a run through of the key costs - full details are available online on the PayPal website. Withdrawing money to your bank account
Fees effective from 17 June 2022 Other types of transferIf you’re using PayPal as a way to send money to friends or family from your linked bank account or card, there are different fees depending on the transfer details. Here’s an overview.
PayPal instant transfer limitsIs there a limit on PayPal instant transfers? Yes. If you want to use the instant transfer service, there are some limits you need to know about:
Frequently asked questionsPayPal has resources online, including an FAQ section and community answers to specific questions. If you need personal advice, you can also notify the PayPal support team. Here are a couple of common issues and how to resolve them. PayPal instant transfer pending: Why and what does it mean?If you get a notification that your transfer is pending, or if it takes longer than you expect, it could be because it’s being checked by PayPal. Transfers are subject to review to help stop fraud, which can cause a delay.⁵ Other reasons your payment may be pending can be to do with your bank or card provider’s own processes. There’s advice online, and in the PayPal community forums which may help you troubleshoot in this situation.⁶⁷ PayPal instant transfer not working?If you’re still struggling to get instant transfer to work it could be as a result of the following issues:⁸
You could try to use an alternative linked card or account to process the payment, or use a PayPal Cash Card. You’ll also be able to order a check to get your money. There are fees for some of these services, so be sure to look at the full terms and conditions online before you make a decision. If you need to get in touch with someone at PayPal to ask questions about your account, or file a complaint, you can use the contact form available on the PayPal website.⁹ If you use PayPal regularly, instant transfer can be an easy way to send money to your bank account or linked card quickly. However, as we have covered above, there are fees you need to consider before you use the service. Do a bit of research before you start using instant transfer to make sure it’s the best option available for you, and to avoid paying more than you need to for your PayPal balance withdrawal. Sources:
All sources last checked on 2 May 2022 This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. |