It is no lie that people do not like waiting to get their money. This is why PayPal has decided to introduce the instant transfer feature. Old PayPal users know that they have to wait for PayPal to process their money. This feature will help PayPal users easily move money to their bank account instead of using the standard money transfer function. The standard transfer function usually takes up to one business day for the money to reflect on your bank account. This new feature comes as a result of an expanded [partnership with JP Morgan Chase. JP Morgan Chase has given PayPal access to a real-time payment network used by major banks. According to PayPal, getting faster access to your money can be important and that was a motivating factor behind the creating of the instant transfer.
When you want to transfer money on PayPal, you get to choose to either use the instant transfer or standard transfer. Using the standard transfer, you would have to wait within one to three business days. Using the instant transfer, you can get your money in less than ten minutes. However, using the PayPal instant transfer will call for charges. If time is of the essence, you can transfer your money to your bank account for a one percent fee (up to ten dollars). The instant transfer can also be used to transfer money to debit cards in case you did not know.
Benefits of this Platform
There are a lot of benefits to this PayPal Instant Transfer to bank. Faster access to your money can help;
- Cover unexpected expenses.
- Take care of emergencies.
- Stay on top of bills.
- Boost your cash flow.
- Avoid late fees and so much more.
This is all possible because the PayPal instant transfer feature usually takes a few minutes. It is usually less than ten minutes depending on the bank.
How to Transfer Money on PayPal
PayPal Instant Transfer your PayPal account is quite easy and can be done following the steps listed below accordingly. Here are the following steps to PayPal Instant Transfer to Bank
- Get your device and head to www.paypal.com.
- Log in to your PayPal account and you should see your recent activity including your account balance.
- Click on the “Transfer Money” button on the homepage and choose how you would like to receive your money.
- Select your eligible bank account or debit card you want to receive your money on.
- Now, carefully enter the amount you would like to transfer and click on the “Next” button.
- Finally, review your request and click the “Transfer” button.
That is all you need to do to successfully transfer money to your debit card or bank account using PayPal.