PayPal will let you cash out instantly for 25 cents

 cnet.com  6/20/2017 8:35:40 PM  2  Sean Hollister
androidpaypaypalhero.png

Android Pay, one of the many ways to pay with PayPal.

Need cash fast? Got some in your PayPal account? Previously, you might have had to wait a day or two to liquidate that money -- but starting today, you can pay a single quarter to instantly cash out.

That's according to an official PayPal blog post, which explains that the new feature is in beta for now (it'll roll out across the US over the coming months), and requires you to link an eligible Visa or MasterCard debit card to your PayPal account. 

"Instant" won't necessarily be instant, but it should be far faster. "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," writes PayPal COO Bill Ready.

PayPal says it previously took one business day on average to release funds, though a calculator on the company's support page shows that withdrawal requests made after 7 p.m. Eastern could take as much as two days to process.

The move seems to be a reaction to upstart rival mobile payments service Zelle, which is advertising itself as an instant alternative peer-to-peer payment service to PayPal-owned Venmo

A PayPal spokeman tells CNET that a similar instant transfer feature will come to Venmo this summer.

« Go back