Update 4/3/20: Paypal is now sending this out as official policy. I’m guessing this is still only for business accounts, not personal accounts.
Update: Seems it’s only Paypal business accounts that are getting the fee waived.
Original Post:
Paypal offers an ‘instant transfer’ option where the funds go to a linked debit card and arrive at your bank within minutes. The other option is to use ACH bank transfer which takes a day or two.
Reader ID noticed that Paypal doesn’t seem to be charging the $10 instant transfer fee right now. On the initial page it still shows the $10 fee, but when you get to the final ‘Submit’ page it comes up as free. And they’ve confirmed that after transaction completed it remained free too. I’m seeing it come up as free too.
I’m guessing they are waiving the fees in light of the pandemic going on, to allow people quicker access to their funds. Could be useful.
Still working
FYI It appears to not be waived on personal accounts. I did not get the email to my personal account and my friend was charged $1 today for his $100 instant withdrawal from a personal account.
It’s official, at least for Business Debit. From a email I received:
Instant funds transfer: We are waiving fees to instantly withdraw money from a PayPal business account to a bank account, Mastercard® Debit or Visa® Debit card through April 30, 2020.
Transfers typically take just minutes and vary by bank; debit card transfers may take up to 30 minutes. Eligible debit cards or bank accounts only. Limits and holds may apply.
This is now official as per PayPal’s COVID-19 response.
Waived fees on chargebacks
We are waiving chargeback fees for eligible account transactions if your customer files a dispute with their credit card issuer between 26 March 2020 and 30 April 2020.1
Instant funds transfer
We are waiving fees to instantly withdraw money from a PayPal business account to a bank account, Mastercard® Debit or Visa® Debit card through April 30, 2020. Transfers typically occur in minutes and vary by bank; debit card transfers may take up to 30 minutes. Eligible debit cards or bank accounts only. Limits and holds may apply.
Extended customer dispute resolution period
We have extended the time you have to respond to most types of customer disputes – doubling it from 10 to 20 days through April 30, 2020.
Doubling cash back rewards
In partnership with Mastercard, we are doubling the cash back reward on all purchase transactions with the PayPal Business Debit Mastercard beginning April 1 through April 30, 2020.2
Extending seller protection to cover eligible purchases of intangible goods
Starting on April 13, 2020 with no expiration. Seller Protection limits apply.
Over the coming days and weeks we’ll be doing all we can to support you.
I never received an email. It appears as a banner in the app.
Thanks
So all of you transferred to your bank account? Does it charge the fee if you instant transfer from your debit card instead of transfer to the debit card? Like sending money from your bank via the debit card to another paypal acccount?
Thank you for posting this article. I have a PayPal business account and they are in fact waiving fees for instant transfers, but I was never notified about this and yours is the only mention that I have noticed. I think you are exactly right – it does seem ‘unofficial’ (i.e. temporary) and surely due to the pandemic. Thanks again!
Have a biz account. Confirm, it’s true!
Just tried and it is free in the final page. I have a business account.
I transferred yesterday with no fee before reporting to Chuck. I transferred a few minutes ago with no fee as well.
I wonder if this only works with business accounts?
Every screen until the page that shows “submit” showed the fee. But it was free on the final page. Business account.
Ahh, maybe that’s it. My test was also on a business account.
Is there something better to having a business account?