PayPal Update Adds Instant Transfer Support for Bank Accounts

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PayPal has begun rolling out an update that enables instant money transfers to a connected bank account. This works the same way as an instant transfer to a Visa or Mastercard in which it will take up to 30 minutes for your money to appear in your account. It’s in direct contradiction of PayPal’s slower back transfer method which typically takes one to three business days.

This isn’t to say the instant new bank transfer feature is free. On the contrary, much like a credit or debit transfer, PayPal will charge you a one percent fee when you choose an instant bank transfer, up to $10. While it’s certainly not free, it might be worth it if you’re in a rush and you need your money in a matter of minutes.

Right now, the feature is only available in the U.S. However, other countries will get the new tool in the future.

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