YAY! I am so excited about instant transfer on Paypal, I can’t even TELL you!
If you use a regular Paypal personal account, you should see the instant transfer option in your Wallet. The standard one-day transfer is still free, but if you’d like to transfer and have your funds available more immediately, you now have that option for a very nominal $0.25 fee.
They have already started the roll-out so if you don’t see it in your account now, you should very soon.
If you have a Paypal Business account (like I do), though, it may appear that you don’t have the instant transfer capability. You do, but there’s a little bit of a work-around to go through.
That’s because the instant transfer was mainly built for consumers, not business.
To make this easier for you, here are the steps for making an instant transfer if you have a Paypal business account:
- Go to your Paypal account and add your bank debit card (if you don’t already have it in there).
- Download the Paypal consumer app to your smartphone (if you don’t already have it there). The regular consumer app will say simply “Paypal.” If you have downloaded the app that comes up as “Paypal Business,” that’s the wrong one.
- Open the app. Go to the balance page. Click on “Manage Balance.”
- In the lower right, you should see an option for “Transfer to Bank.” Click on that.
- On the page that opens, type in the amount you want to transfer. NOTE: Paypal will deduct the $0.25 fee from any amount you transfer so if you want an even number, be sure to add in the fee. Example: If you want to transfer $1.00, make the transfer amount $1.25.
- Once you’ve entered the transfer amount, click “Done” and then “Next” on the page after that. This will bring up the page to choose where you want to transfer the money to. In the event that you already have your bank account linked to your Paypal account, you will see it listed here. DO NOT choose your bank account. That’s because if you have a Paypal Business account, you can’t do instant transfers to bank accounts. Let me rephrase that: You can transfer to your bank account, but it will take the regular 1-day processing time (which is free). The work-around is that if you want to do an instant transfer from a Paypal business account, it has to go to your bank account’s debit card. So, next to your bank account, you should see an option to “Choose.” Click on that and then scroll right on the images until you see your bank debit card listed. That is the one you want to choose if you want an instant transfer. Select that and away you go!
When I did my first test transfer of $1.25 and it took mere seconds for it to show up in my bank account.
I then transferred a larger, more significant amount, and it also showed up in my online bank account nearly instantly. So it’s very fast!!!!
I also confirmed that you can do as many transfers in a day as you like (no limits). The dollar limit per transfer (or maybe it’s per day?) is $10,000.
It used to take 3-4 days for my transfers to go through, which meant I didn’t have access to those funds until the process was fully completed, which is inconvenient.
If I wanted my money sooner and needed it in an account from where I could (for example) make payments to my credit cards, I would have to make a special trip to withdraw the funds I needed, then go to the bank and make a deposit.
What a waste of time and gas. (Not to mention the nuisance ATM fees we’re often charged, grrrr!)
This is going to add so much more ease and convenience and speed to our banking and accounting processes!
Be sure and let your clients know also as many of them use Paypal, too. This may open up additional options and convenience for them in billing their clients and moving funds around more quickly.
Have you tried Paypal instant transfer out yet? Are you excited to try it out? What do you think?