If you’ve ever transferred money from PayPal to your bank account, you know that it’s not necessarily an instantaneous process and could take a while, or even longer depending on the country you are living in. However over in the US, PayPal will be adding a new feature to its services that will facilitate instant money transfer to your bank account.Announced on PayPal’s website, this is a feature that the company is testing out. “In that same spirit, PayPal users in the U.S. will soon be able to instantly transfer money to their bank accounts via eligible debit cards linked to their PayPal account. We expect that funds will typically be available in your bank account in a matter of minutes, although some banks may take up to 30 minutes.”
The feature will be made available to select PayPal users, and if successful it will be rolled out to all PayPal users in the US with an eligible Visa or Mastercard debit card over the coming weeks and months. However there is a slight catch to using this service, and that is it will incur a $0.25 fee whenever you use the instant transfer feature.
This isn’t so different from some banks in certain parts of the world where opting to use instant transfer will incur a small fee, versus normal transfer methods which are either cheaper or in some cases even free, but if you desperately need the money or if you’re not too fussed, we guess $0.25 isn’t too much to ask.
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