PayPal withdrawal to Bank of Ireland

Rosstopher

Hi

Longshot, but has anyone withdrew from PayPal to Bank of Ireland, or any bank, recently? And know how long it takes?

More specifically, has anyone ever done this on a Friday and had the funds over the weekend?

Research tells me if you withdraw before 5pm it should be in the account the next day. Usually if I am paid my wages on a Monday I will receive it on a saturday morning. So by that reckoning I am hoping it will be in tomorrow?

staticdoor71

pretty sure they dont move money to bank accounts over the weekend so you will have it monday
i did a withdrawal on tuesday, it was there thurs about 10am
ulsterbank

harr

Definitely not over the weekend well never for me (BoI) the last time I transferred I did it on a Thursday evening and money arrived Tuesday morning.
Should have been Monday...

Rosstopher

staticdoor71 wrote: »

pretty sure they dont move money to bank accounts over the weekend so you will have it monday
i did a withdrawal on tuesday, it was there thurs about 10am
ulsterbank

I see. I did fear that. It's annoying as from what I've read in the UK the money transfer is usually more or less instantaneous regardless of the time or day. I'm guessing in Ireland they do a mass transfer on every weekday morning and no such facility exists for that kind of transfer...

Rosstopher

The fear I have is that a buyer of one of my items on eBay paid me, has received the item and is now trying to fraudulently (or if not fraudulently at least not genuinely) now trying to claim the item was not received to try to get some or all of the money back and keep the item. It is quite obvious they are trying something incorrect as there was a tracking number which says delivered but I'm sure ebay have to follow a process for all claims regardless of how believable or ridiculous they are.

I fear if ebay open up a case on it that paypal will freeze the funds before they hit my bank so this idiot will affect me by having paypal hang onto my money until they confirm he's a BS'er which could take God know how long. It does say completed on the bank withdrawal on Paypals side but I can't be too sure.

DMcL1971

When transferring money between your PayPal account and your bank account the delay is caused by PayPal.

Under the SEPA regulations (assuming we are talking Euro transfer between SEPA countries) banks are required to move the money from one account to another by the next business day. However PayPal is not a bank. So, you can request money be moved from your PayPal account to your bank account but Paypal is under no obligation to act on that immediately. They may do it that day, or the next, or the next. Once they initiate the transfer with their bank, then you will receive it the following business day.

Same when sending money from your bank account to PayPal. You send it from your bank and PayPal will receive it the next business day but they are under no obligation to apply it to your account balance immediately.

If the transfer is to/from an account outside of the SEPA area or in a currency other than Euro then it can often take longer.

When it comes to the weekend, Sat/Sun are not a business days, so any money send on a Friday regardless of the time of day will not arrive until Monday at the earliest. If a banks cut-off time for transfers is 17:00. That means money sent before 17:00 on Friday will arrive on the next business day which is Monday. However money sent after 17:00 on Friday will not be sent until Monday and will therefore not arrive until Tuesday.

FortySeven

Usually 2-3 working days to my KBC account. Never on a weekend.

DMcL1971

FortySeven wrote: »

Usually 2-3 working days to my KBC account. Never on a weekend.

That has also been my experience.

I reckon that PayPal initiate their transfers once a day and process yesterday's requests. So if you request a withdrawal on Monday, PayPal send the request to the bank on Tuesday and you get your money on Wednesday.

Rosstopher

No money today as expected. I called out of curiosity and they said Tuesday is likely.