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Paypal bank transfer, why is it so slow?

Why does it take so long to transfer money from PayPal to your bank account?  In this day and age of electronic or online banking there's surely no reason why a bank transfer transaction should take so long?  It's something I have noticed not just with PayPal as it goes.  It happens with other lots of other companies and the delay always seems to be with money going into your bank account, never the other way round.

When you pay a bill or need to transfer money to a company, the cash leaves your account quite quickly in most cases, in fact quite often instantly (sometimes a bit slower with a debit card).  Well that's quite interesting don't you think?

They don't call it fantastic plastic for nothing because the money just shoots straight out of your bank account.  This goes for paying for goods or services with PayPal too, they seem to get the money out of your account in no time at all.

Bank ATM, Paypal to bank transfer too slow I'm fed up waiting for my cash...

When someone buys something from you though, it's a different matter and I'm fed up waiting for my cash that's stuck in the system somewhere!  Have you ever sold anything on eBay recently?  You're more or less forced to use PayPal unless it's a pick up only item and most people go for the PayPal option.  They discourage other forms of electronic payment you see, so there's not really much choice unless you can find someone who actually has a chequebook these days.  Having sold something recently, the buyer insisted on using PayPal and it took 5 days for money to reach my bank.

I'd dearly love to know where that money was in all that time.  The guy who sent the money to me no doubt lost it out of his account straight away and I certainly didn't benefit from it over the last week.  Was it sitting in some account somewhere making interest for some large faceless company perhaps?  I think so and I'm fed up being screwed over by big companies and banks.  It's us lot at the bottom of the ladder with less money to play around with that suffer every time!

By: Fed up with PayPal and banks

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Its all about profit the longer they hang on to your money the more interest they make. just think how much they make on millions of accounts by holding onto the CASH

+5

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athair_siochain - 8-Jul-13 10:41

I feel the same way about this.....I have an online savings account. When I need to transfer money to my savings account to my bank account, its normally there the next day, or following day. Paypal takes at least 2-4 days.....I just transfered money from paypal, and from my savings account. I got my money from my savings account the next day....going on 3 days now and nothing from paypal...I think they like to hold onto that money as long as possible to get as much interest from you as they can! Its so friggin annoying! Oh and if you buy something on Ebay and pay with your bank account, that money is out of my account the following day! They are so quick to snatch that money right out of your bank account, but as slow as possible to put it back in!!!

-2

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Jeff - 9-Jun-13 14:58

I am a big ebay user and so therefore a PayPal user. I've been selling on ebay for a couple of years now and over the last 6 months have realised how much seller fees can really amount to. It's almost like I'm paying rent to run a online shop it costs so much. Now I could ignore this if it were the only issue but it really angered me when ebay refused to help me with a discrepancy I had with a buyer. I will spare the details but ended up with me having false negative feedback on 2 separate and one of my items was not paid for. The item sold for £40. The buyer did not make any payment nor reply to any of my messages. Instead I was left bad feedback suggesting I harassed said buyer. Of course I wanted to leave my own feedback to warn others of this person. However I discovered I could not leave any feedback until I marked the item as paid. I didn't really understand this and so after a month of waiting for ebay to help me all they suggested was to contact the buyer. Not only that but they could not remove the false negative feedback on my profile. Now considering I have been a trusted seller for over 2 years and have given them so much money through seller fees I almost felt betrayed. It seems to me ebay has become so big they don't really have to care about the individuals that use the site.
I have done some research and come across many people with same problem as well as others, high seller fees, ebay is hand in hand with PayPal and there are very scant alternatives provided by ebay, accounts behind shut down for no good reason, these are but a few of the gripes I have found on the Internet about ebay.
I want an alternative where I don't get charged absurd seller fees, where I get rewarded for being a trusted seller. I have looked into other auction sites and while there are many good ones (Ebid.net, bonanza.com), I have decided to make my own site. I want to get a better understanding of what people don't like about ebay/PayPal, what people would change if they could even past disputes people have had with ebay. Please respond to this with any problems you've had, anything you don't like about the site big or small. My aim is to make a haven for people fed up with ebay and I thought the best place to start is with potential users.

+4

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The Pursuit of Excellence - 20-Mar-13 13:32

I tried to withdraw money from paypal to my account but it said add bank account. Then wouldn't let me use the bank account because I already opened a paypal count with it. Does paypal automatically pay what is owed to you into your bank account after a set time? How can I withdraw money if paypal won't let me use my own bank account?

+3

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CS - 24-Feb-13 22:11

i got a refund a while ago, the money didnt even leave my account at that point. i thought that paypal would just leave it, i continued on and found out today that my account is now in $-158 cause of paypal. that is ridiculous why is it not instantly transferred and then back after the refund?.

-9

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a - 4-Dec-12 07:08

They hold the money to collect interest on it.. it's a scam

+4

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preypal - 30-Nov-12 14:37

I've got to wait 21 days for 5 friggen dollars. I know the pain. This guy received his item a week and a half ago, I should get the money the moment he received the item. That's fair. Not only that, but I'll have to wait another 21 days to transfer it. 42 days for 5 bucks that I need for gas to get to work. This is a rip off.

+2

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p1553d0ff - 31-Oct-12 06:34

I recently made a deposit from my Ladbrokes.com account to my Paypal account but the money has disappeared again. I have asked PayPal about this before and they said it "takes time to go over" but they have never answered my straight forward question, if the money is not in any of my accounts where is it? this kind of thing really gets my goat !

-1

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ajto345 - 21-Oct-12 16:47

I have been waiting 7 days for $250 to go through to my prepaid Paypal Mastercard. Paypal tell me the money transfer has been completed, the prepaid card people say the transfer was rejected. Who am I supposed to believe? The money is to pay rent and now I risk getting evicted because no one at Paypal seems to know what they are doing.

-5

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Ed1965 - 6-Aug-12 19:15

Apply for a paypal access card. You can then withdraw your cash immediately from any cashpoint at a maximum of £200 a day. This is taken directly from your paypal balance. They charge £2 per cash transaction, but if you pay for goods with the card there is no charge.

0

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Richard - 11-Jul-12 12:51

Every bank transfer takes time....Er actually thats not correct.I sent some gold off to one of these gold buying companies and they called me when it arrived to give me a final valuation and said they would pay the money into my bank by fps that day,so few hours later i checked and it was there. In fact fps is pretty much instant,so why cant paypal use this method even if they charge a couple of quid per transaction,rather that then waiting days on end.

-3

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Adem - 23-Jun-12 06:28

I'm still waiting for $5000 in payments that are pending transfer to my bank account from several weeks ago. No explanation from Paypal, other than it's some type of "glitch". The Paypal account is not frozen or limited, and my bank account is verified.

-6

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Mike - 12-Apr-12 14:42

I've been waiting since March 18th, it is April 2 going on the 3rd now. Is there any other instant option other than this slow ass method??? 12 F&^$&# DAYS!!!

+7

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It's my MONEY and I NEED IT NOW!! - 3-Apr-12 03:52

Nicely put. I've been waiting 6 days now...

+15

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Matthew - 11-Jan-12 00:32

ive been waiting nearly 5 days now for my money to go into my bank account. Paypal sucks

+5

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haz - 14-Oct-11 15:29

Paypal does not live up to its claims for easy money transfer. I have just opened an account for my partner to receive funds but it is now blocked because they noticed "unusual activity" on the account, ie the sending of payments. Utterly astonishing and their customer service is useless. The whole process has been fraught with difficulty with further requests for information once one thinks all has been provided. Had the process been transparent then it would have been easier. As it is I can only say that Paypal transfers are not as easy as they claim, are extremely slow and sometimes require fees to be paid to withdraw the money. Definitely not recommended!

-2

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David - 2-Sep-11 06:30

I am not really sure how paypal works behind the scene to pay from one paypal client to another. But as it is there system the account to account transfer should be immediate or even if via a manual queue be done within a few minutes (depends on volume and flow by payments).

The point here is paypal to bank. This process should be different than the internal paypal to paypal process as paypal needs the correct banking details to make payment. there are also restrictions from a 'cash' movement point of view in different countries and currencies on when banks will receive the funds from paypal and then be able to execute the deposits on the correct account.

Even the 'bank' side may be manual and this could also take time.

There is no real instant 'online banking' with immediate transfer of funds. That is only in the movies!!
Currently online banking is a format for users to use cashflow online rather than write a check (do people really still do that- if so why??), or physically go to a cash machine or bank. The process behind the online banking can view the same way as writing a check (debit of the account) but instead of the length of time for the check clearing - when banks will send money back and forth to cover the check - the time is reduced as bank A needs to verify funds are on the sending account before they can be sent and then Bank B needs to receive the funds and verify the account to credit is correct.

Many small and local banks still handle a few steps of the process manually as people are cheaper than some of the technology out there in the banking world. Yes even in the UK and US!

Global banks also still handle portions of this manually but that would be based on exceptions - such as an IBAN or accoutn number not matching as part of an automated system. This 'queue' is then manually viewed to correct or investigate why the issue occurred.

More often than not it is an issue on the sending individual or sending bank not having sent the correct information.

This is a similar when sending money abroad in the same currency - some nuacnes are there as each local bank has their own process. If you are sending corss-currency Briths Pounds to Euros or Dollars then the processis a bit more complicated on how the currency will be exchanged on the sending side or receiving side and can also be a bit manual and then there are the fees - international transfer, exchange fees etc....

Hope this helps on why a transfer may be delayed, but a bank must receive the money, verify the money and correct credit to an account. Not all banks are created equal.....

+4

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Every bank transfer takes time - 27-Jul-11 10:18

I think it will be slow because they must wait some time to see if a fraudulent card has been used. If it has you will have lost your item and your £230. Paypal never lose a penny. It used to make me laugh that if you sent a cheque the seller would wait for days to let the cheque cash but sent items straight away with paypal. The consequences of a bounced cheque or a paypal chargeback are the same. The seller loses everything.

+13

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Fred E - 28-Jun-11 19:16

Ahh! I am a new time buyer and didn't realise this! I don't think I would have used ebay to sell my item had I realised how crap paypal are at transferring funds! I am currently waiting on £230 stuck in the system.

Funny how the money leaves my account almost instantly! Shame it doesnt work both ways!

Lesson learnt: DO NOT USE EBAY IF YOU NEED CASH QUICK!

+2

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PissedOffWithPaypal - 28-Jun-11 17:26

Paypal is not only slow moving money into your bank account but have been know to withdraw money from peoples bank accounts...................................................... After people have closed the paypal account.

What ebay and Paypal do is pretended they are not the same company when it suites them and the same when it does suite them.

NoPal is not regulated by the Sec or FSA and they spend a fortune lobbying/bribing politicians but you real have to look to find information because ebay is googles bigest customer and they activly supress negative views of Paypal member

+10

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UK-NoPal-User - 4-May-11 11:02

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