Impressive speed of PayPal to NZ Bank transfer

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Forums › Finance and wealth management › Impressive speed of PayPal to NZ Bank transfer - same day!

keewee01

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#195948 13-May-2016 08:10

Lately when transferring money from my PayPal account to my New Zealand based bank account I have been receiving the transfers in under 48 hours, but yesterday I transferred money from PayPal mid-morning and it was in my bank account early evening!! Very impressive and far better than the 4 or 5 days it used to take.

tripp

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#1551933 13-May-2016 08:45

Most banks have gone to same day/hourly processing (not over night). Maybe paypal has setup a local bank account and this could be why the speed has increased. Otherwise our banks may also be processing funds from overseas hourly now.

keewee01

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#1552011 13-May-2016 10:16

tripp:

Most banks have gone to same day/hourly processing (not over night). Maybe paypal has setup a local bank account and this could be why the speed has increased. Otherwise our banks may also be processing funds from overseas hourly now.

Yeah, I was wondering if that was the case. I was always suspicious of how long NZ banks were hold funds before depositing into accounts.

mudguard

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#1552194 13-May-2016 13:46

keewee01:

tripp:

Most banks have gone to same day/hourly processing (not over night). Maybe paypal has setup a local bank account and this could be why the speed has increased. Otherwise our banks may also be processing funds from overseas hourly now.

Yeah, I was wondering if that was the case. I was always suspicious of how long NZ banks were hold funds before depositing into accounts.

It was a fraud/AML thing as far as I remember from when I worked at Westpac.

freitasm

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#1552196 13-May-2016 13:54

PayPal transfer have been same day for a couple of months now - if you initiate the transfer before 8am then you might have the money available before 8pm.

To compare I use a BNZ ATM to deposit cash into my account (otherwise there's a fee if you walk into the branch) and the money wasn't available until two nights after - almost 72 hours later. May I remind you that was CASH, not cheque...

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Geektastic

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#1552198 13-May-2016 14:00

freitasm:

PayPal transfer have been same day for a couple of months now - if you initiate the transfer before 8am then you might have the money available before 8pm.

To compare I use a BNZ ATM to deposit cash into my account (otherwise there's a fee if you walk into the branch) and the money wasn't available until two nights after - almost 72 hours later. May I remind you that was CASH, not cheque...

Good job, BNZ...!

loceff13

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#1552360 13-May-2016 19:56

NETELLER is also fantastic, transferring a few hundred direct into my account overnight

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bmt

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#1552630 14-May-2016 15:19

Transferred from Rabo to ANZ in the morning and was in my account by afternoon. Oh what a time to be alive!

sbiddle

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#1553381 16-May-2016 07:52

bmt:

Transferred from Rabo to ANZ in the morning and was in my account by afternoon. Oh what a time to be alive!

ANZ moved to real-time SBI about a month ago.

Benjip

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#1553447 16-May-2016 10:00

freitasm:
PayPal transfer have been same day for a couple of months now - if you initiate the transfer before 8am then you might have the money available before 8pm.

To compare I use a BNZ ATM to deposit cash into my account (otherwise there's a fee if you walk into the branch) and the money wasn't available until two nights after - almost 72 hours later. May I remind you that was CASH, not cheque...

That's a shocker! I know with ASB their cash deposits via ATM are available instantaneously.

keewee01

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#1569545 10-Jun-2016 16:28

freitasm:

PayPal transfer have been same day for a couple of months now - if you initiate the transfer before 8am then you might have the money available before 8pm.

To compare I use a BNZ ATM to deposit cash into my account (otherwise there's a fee if you walk into the branch) and the money wasn't available until two nights after - almost 72 hours later. May I remind you that was CASH, not cheque...

Well - you've been very lucky then, as your specific bank mut be releasing the funds to your account faster than other banks.

I've made quite a few transfers from PayPal to ANZ since Christmas (every couple of weeks) and that was the first one that was same day - all the rest were, as I had said, under 48 hours (usually around 36 hours).

I've made one to ANZ since that one and it was again overnight (36 hours), and I made one to ASB first thing yesterday morning and I am still waiting to see it appear in my account.

So the speed which it appears may well be bank related. Which bank are you with?

freitasm

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#1569692 10-Jun-2016 19:01

BNZ.

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