Paypal launches a quick money transfer option on bank account – Bestal banks, Paypal: money transfer, services and costs

Paypal: transfer of money, services and costs

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Paypal is launching a fast money transfer option on bank account

Paypal site screenshot

Payment service providers are increasing innovations to facilitate the daily life of consumers. With the American firm Paypal, it is now a maximum of half an hour to transfer money to a bank account. This option, from which the operator takes a commission, will initially be reserved for the United States.

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Since 2017, all holders of a PayPal account can carry out a funds directly on a Visa or MasterCard bank card. But for the moment, the money puts between one and three working days to be positioned. In addition, no operation is possible during the weekend.

Paypal has just extended the service by including a money transfer option to the bank account. In addition, the operation is much faster, since it is enough for thirty minutes, or even less depending on the establishment, so that the funds are available and immediately usable.

This development aims to meet the expectations of part of the customer of the online payment service, many of which do not have a debit card and that this link with Paypal will help considerably.

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A paid service for the moment reserved for the United States

To benefit from the possibility of transferring money with a reduced waiting period, consumers will have to pay. Indeed, Paypal plans to collect a commission corresponding to 1 % of the value sent, up to a limit of $ 10, a sum equivalent to that claimed for a transfer to CB. This cap therefore automatically limits the amount of each transaction to $ 1,000.

But the time has saved compared to 24 hours to 72 hours required for a free standard transfer should motivate individuals in a hurry. The service could even encourage other people to open a bank account.

During the launching phase of the instant transfer option on bank account, only the United States is affected, but Paypal plans to deploy it as soon as possible within the rest of the world.

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Paypal: transfer of money, services and costs

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Alexandre DESUTTER Updated on September 10, 2021

Paypal, undisputed leader in online payment, also offers money transfers for professionals and individuals internationally, between holders of PayPal accounts.

You want to know if the Paypal service is secure ? If the transfer fees are competitive ?

The exclusive guide below will tell you everything you need to know about Paypal: user reviews, exchange rate used and transfer fees, covered countries, security, contacts, means of payment and much more.

Opinion on Paypal

Paypal is the leader in online payment, especially widely used by sellers on eBay. Regarding money transfers, the company only allows transfers from a PAYPAL account to another PayPal account and applies prohibitive costs as soon as a currency conversion is at stake. The platform is therefore more recommended for national transfers between holders of PayPal accounts.

Free for national transfers, prohibitive costs for international transfers

No transparency on the increase in the exchange rate

  • Transfer of money (individuals and professionals) of paypal account paypal only
  • Online payment service
  • Integration of the Paypal API on e-commerce site
  • No multi-divest account or card offered.

Company listed in Nasdaq, authorized and regulated by numerous financial institutions. Maximum security. No exchange of bank details during transactions (only need an email address)

IOS and Android Intuitive Applications, very well rated with millions of users.

E-mail and phone, bad notes on Trustpilot.

1.4/5 average note on Trustpilot. Trustpilot assessments of very bad users.

Paypal, undisputed leader in terms of online electronic payments, allows buyers and sellers around the world to receive and send online payments.

Paypal now has more than 100 million active accounts distributed in 202 countries. Originally, especially used by merchants on eBay, it is now used all over the world, as well for professionals only for individuals.

The fact that the Paypal platform is authoritative in particular for the payments of online sellers, does not make the serious of the money transfer services between individuals in no way. Indeed, at this level, the company is still far from competing with platforms like TransferWise (now Wise) allowing everyone to transfer in a few minutes to the real exchange rate of the currency market worldwide (without the recipient n ‘ necessarily need a bank account).

With Paypal, You can only transfer from one paypal account to another, You then only need the recipient’s email address, which greatly simplifies the transfer but also drastically reduces the field of possibilities.

If national transfers are free with Paypal, the other black point of the service lies in the prohibitive exchange conversion costs. As soon as online payment implies a currency exchange, The platform is largely remunerated by applying costs ranging from 2.8% to 10% of the transfer amount (vs. 0.4% to 2% on average for the best online platforms). The Paypal platform has many advantages, such as being able to transfer money very easily easily from more than 200 countries, in 75 different currencies.

PAYPAL has recently acquired XOOM, an alternative online money transfer much more competitive than the parent company. However, the service is only open to individuals at this stage.

Paypal services are very badly rated from users with an average score of 1.4/5 on Trustpilot. However, users do not distinguish services. This does not necessarily apply to payments between individuals. The bad advice mainly concern customer service as well as the sometimes very tedious registration procedures they seem.

Paypal is therefore a particularly suitable service for shipments and transfers of money within the same country. The Paypal service is however not recommended that the transfer of money implies a currency exchange.

The most paypal

Platform adapted to rapid and free national payments
Largest online payment operator (especially on ebay), credibility ++
Extended geographic coverage
Services for individuals and pros.

Paypal under

Exclusively from one paypal account to another
Prohibitive transfer fees
No transparency on exchange costs
Very bad notes on Trustpilot
Customer service that is difficult to reach.

Before transferring your money with Paypal, compare the alternatives available to you as well as the different exchange rates and transfer fees applied by each fund transfer platform.

Compare the best money transfer services to Canada

Money transfers with Paypal Canada in short

Here are the services offered by Paypal in short:

Individuals and professionals