PayPal charges .25 cents to transfer funds to your bank in just 30 minutes

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Dallas, Texas
September 28, 2017 11:45am CST
Do you like this new feature? Did you know about this new feature with PayPal? Just one note : Even though that link says they will let you have it in an instant, the truth of the matter is, you must in fact, wait 30 minutes before that transfer will be completed. You will need also to confirm that transfer. The transfer amount will be listed as the amount you wish to transfer, example: 10.00, but in the end, on your end, you will see that amount drop by 25 cents to the tune of 9.75 , once it gets into your bank. Have you ever asked big brother for a slice of chocolate cake and he gave it to you but you noticed that there was a bite taken out of it? That is my attempt at bad humor.
Previously, you had to wait a full business day to withdraw money. Venmo will add a similar feature soon.
11 people like this
15 responses
@marguicha (106303)
• Chile
28 Sep 17
I donĀ“t take out money from PayPal until it is time for a vacation. So I can wait.
3 people like this
• Dallas, Texas
28 Sep 17
Just to let you know, the fee for a fast transfer within a 30 minute rather than full business day to do so, the fee for doing this will be 25 cents taken from your amount to transfer. Mostly I like the idea of not having to wait a day to TF so the 25 cent fee is okay with me.
2 people like this
@marguicha (106303)
• Chile
28 Sep 17
@lookatdesktop If you use PP a lot it could be important.
1 person likes this
• Dallas, Texas
29 Sep 17
@marguicha , well the only drawback is, when they transfer for instance, ten dollars, they give your bank account only nine dollars and seventy-five cents, not the full ten dollars because they deduct that 25 cents from what is taken out from your PayPal account. If I wanted to put exactly ten bucks in my bank I would have to withdraw 10.25 from PayPal to cover the 25 cent 30 minute fast transfer fee.
1 person likes this
@JohnRoberts (67329)
• Los Angeles, California
28 Sep 17
I can wait the however many business days for a free transfer. Eventually we will pay for any transfer.
3 people like this
• Dallas, Texas
28 Sep 17
It is likely to be the case with many businesses. For example, to get cash back at a Dollar Tree, the register clerk told me there is a $1.00 one dollar fee to get cash back so if you want ten bucks cash when you check out at the register from your purchase, you will get that ten but be debited eleven dollars from the account the funds are debited from. They call this a surcharge for cash-back transactions and charge 1.00 for this service for each cash-back transaction.
https://www.dollartree.com/custserv/custserv_popup.jsp?pageName=StoreCreditDebitCards
1 person likes this
• Defuniak Springs, Florida
28 Sep 17
@lookatdesktop it's been that way for years. And yeah it's like that at our store and all of them
2 people like this
@Courtlynn (55148)
• United States
28 Sep 17
Ive known about this for least two weeks, and did it to transfer August's mylot payment to my bank. Only cuz I needed the money that day instead of waiting for it the next day when i would normally get it. But dont think ill do it again, unless i really need it right then.
2 people like this
• Dallas, Texas
28 Sep 17
I think it is good that there are a few options. Sometimes I need money fast and other times it can wait.
1 person likes this
@Courtlynn (55148)
• United States
28 Sep 17
1 person likes this
• United States
28 Sep 17
Wow is that a new feature? Has it started Direct deposit from PayPal to bank is quite fast in general usually next day for me!
2 people like this
• Dallas, Texas
28 Sep 17
The 30 minute transfer for 25 cents is a new feature. I am not certain when it all started. below is a link to more information about this specific feature from PayPal online:
Your browser is out of date. Get the latest version to see all your account features.?globalNav.summary?MenuSummaryHow can we help?Submit SearchAsk the CommunityResolution CenterMessage CenterCall Customer SupportCloseCloseAsk the CommunityFind answers or
1 person likes this
• United States
28 Sep 17
@lookatdesktop Gotcha! Thank you ! I will read about it - good to know they will release this feature soon.
1 person likes this
@alberello75 (19943)
• Genova, Italy
28 Sep 17
I own a prepaid card, VISA-Electron. Usually for the transfer of money, they needed about 2/3 business days. Now, this new feature of Paypal is interesting. However, it will also work in italy, where the currency is EURO?
1 person likes this
• Dallas, Texas
28 Sep 17
I do not know about that particular card or how it works in places such as Italy.
1 person likes this
@alberello75 (19943)
• Genova, Italy
28 Sep 17
@lookatdesktop Ok. I try to find information about it. Thanks anyway
1 person likes this
• Dallas, Texas
29 Sep 17
@alberello75 , I have this link for you to look at and hope it helps provide an answer that you are looking for:
Hello. I created an account and I can't register my VISA Electron debit card that I use often when I travel. When I try this message appears   "We were unable to verify this credit card. Please check if the information you entered is correct. If the proble
1 person likes this
@DianneN (92230)
• United States
29 Sep 17
I can wait. I wouldn't waste a quarter to have my money transferred sooner. lol
1 person likes this
• Dallas, Texas
29 Sep 17
Sometimes you can wait but if you're needing to put funds in to take care of a purchase that you just can't wait another day for, it's a convenience that works for many.
1 person likes this
@DianneN (92230)
• United States
30 Sep 17
@lookatdesktop That I understand, but my bank transfers from one account to the other at no charge.
1 person likes this
• Dallas, Texas
30 Sep 17
@DianneN , I think you are getting a very fair deal with your bank. I can't see why it should cost 25 cents to get money transferred especially an amount not to exceed 20 bucks. Then there are stores that charge a dollar each cash-back transaction so they are squeezing us anyway they can get by with.
@kobesbuddy (59642)
• East Tawas, Michigan
28 Sep 17
They can keep their silly service!
1 person likes this
• Dallas, Texas
28 Sep 17
I just heard the news today. So I figure it will work for many people who are in a hurry to TF their money from PayPal to their bank.
1 person likes this
@kobesbuddy (59642)
• East Tawas, Michigan
28 Sep 17
@lookatdesktop They make money any way they can:(
1 person likes this
• Dallas, Texas
28 Sep 17
@kobesbuddy , yes but in this case getting your money faster might be worth a quarter of one dollar do get it done ASAP.
1 person likes this
• Defuniak Springs, Florida
28 Sep 17
I don't transfer the money to a bank account so this doesn't apply to me. I just use the funds to shop online or sometimes to buy a Walmart gift card.
1 person likes this
• Dallas, Texas
28 Sep 17
I understand. I also use the PayPal for instant payments for things I want to buy directly. They do offer many options and that makes PayPal one of the best ways to manage your own account with them to suit your personal needs and they provide alternative methods because people like to have choices.
• Defuniak Springs, Florida
28 Sep 17
@lookatdesktop I just use it that way because it helps me use only PayPal funds or online earnings for the majority of online shopping
1 person likes this
@kepweng (19286)
• Waikoloa, Hawaii
29 Sep 17
first time i heard this before i cash out in my paypal to my bank and the paypal fee is $ 1
1 person likes this
• Dallas, Texas
29 Sep 17
Well, that might be the case in certain parts. I don't know the rules that apply overseas.
@maezee (34559)
• United States
28 Sep 17
I hadnt heard of this but I would totally pay 25 cents if I was in a pinch!
1 person likes this
• Dallas, Texas
28 Sep 17
Exactly.
1 person likes this
@JolietJake (51067)
• United States
28 Sep 17
I don't transfer mine, I have a PayPal debit card that works just like a bank debit card, with the added advantage that it withdraws from my bank if I don't have PayPal funds.
1 person likes this
• Dallas, Texas
29 Sep 17
You have things well covered.
1 person likes this
@crossbones27 (22395)
• Redlands, California
28 Sep 17
I did not, might do that when need money quick. I imagine most people can hold off, but could come in handy in an emergency. In the scheme of things sounds like a big money deal for them with having to link to Visa and MasterCard and while 25 cents is very cheap compared to what these other thief's of what we call corporations charge. Sure that will add up to millions and millions of dollars for Paypal.
1 person likes this
• Dallas, Texas
29 Sep 17
They are making a big profit because lots of people will do this and all those quarters sure will add up.
@RasmaSandra (21172)
• Daytona Beach, Florida
28 Sep 17
I usually let my money pile up for a bit before I take it out. But thanks for informing about this.
1 person likes this
• Dallas, Texas
28 Sep 17
I would think that a wise thing. It is always good to save money until you have enough to actually do something meaningful with it. PayPal can be used as a piggy bank of sorts to save for it to pile up a bit for sure.
1 person likes this
@Asylum (48215)
• Manchester, England
28 Sep 17
It is academic to me because I am in no hurry and can happily wait for the free transfer.
1 person likes this
• Dallas, Texas
28 Sep 17
You are among those who have patience. I for one lack patience and it is for this reason I don't mind paying the 25 cents. I used both methods, but noticed this new feature was indicated today when I looked into it.
1 person likes this
@divalounger (2247)
• United States
29 Sep 17
I didn't know about that--I use paypal more and more these days
1 person likes this