PayPal announced last year that it was making it possible for businesses to access their funds after a sale is generated. They could access funds from completed sales instantly provided certain conditions were met. This facility was not extended to individual users and they still had to wait for bank transfers. That changes today with PayPal’s new Instant Transfer option for users in the United States.
PayPal has launched an Instant Transfer option today in the United States which allows individual users to immediately transfer money into their bank account and not just their debit card. This also allows people without debit cards to have the capability to instantly credit funds from their PayPal accounts to their bank account. It’s also going to be very useful for freelancers and workers in the gig economy who have irregular payment schedules.
There is a 1 percent transaction fee for this so while it won’t be worth the charge in most cases, users will appreciate knowing that they now have the capability to instantly transfer PayPal funds to their bank account should they so require.
PayPal explained to TechCrunch that this feature has been made possible in the United States through JPMorgan Chase’s access to The Clearing House. It’s a platform that’s used by major banks for a faster payments network.
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