When sending money to friends and family how fast do they get the transfer?

[hockeynut1437]

I don't have any money in my Paypal balance so if I send my friend money from my linked bank account does he have to wait to use the money that he receives from me in the transfer.  Is it any quicker for him if I use a credit card and pay the small fee?

[sharpiemarker · Accepted solution]

If you have a card and bank account linked to your account, you can send what is called an Instant Transfer by which PayPal is fronting the money to the recipient first so they can get it instantly and PayPal waits the 3-5 days it takes for the bank to settle the payment in PayPal 's account.  Note:  Once you initiate the payment to your friend, the transfer cannot be stopped.  If you want cancel, it has to complete first and then bounce back.  Basically, it takes more time to undo the transaction.

[hockeynut1437]

tyvm.  So basically if I use my linked checking account number or a credit card, my friend will receive an instant payment regardless?

[sharpiemarker]

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@hockeynut1437 wrote:

tyvm.  So basically if I use my linked checking account number or a credit card, my friend will receive an instant payment regardless?

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No, use your bank account as the payment method as you planned, but if you happen to have a card linked to your account in general, PayPal can front the money for you for the payment first and your friend will get the money instantly.  If you do not also have a card linked, the payment will end up an eCheck, which is not instant.  If you use your credit card, it will be instant of course, plus fees.

[hockeynut1437]

Oh I see, since I have a card linked if theres an issue with the bank they will charge my card. 

[sharpiemarker]

Yes. 

[pattyane2008]

So I added a debit card as a backup method but will not be using it... Am I understanding correctly that this will insure that I would be paying a family member with no fee? And paypal will not use this card, correc? I have a checking set up as the primary method with money in it.

[Whac-A-Mole]

If he needs cash and needs it fast,Western Union is better