Extracting $ from PayPal

[theundercutter]

It currently takes over a week to transfer money from PayPal over to my credit card. Withdrawl to Bank (3-5 days) + Pay Credit Card Bill (2-4 days). 

Is there a faster way?

[treasure.hunter.d]

This has been stuck in my craw ever since I started using PayPal and unfortunately there is no way to speed it up.

In the US you can get PayPal debit cards and that speeds things up significantly. they say they are working on that here but they have been saying that for 2 years now so i wouldn't hold my breath.

Cheers,

thd

[pierrelebel]

"Is there a faster way?"

I have been using PayPal for over 13 years, ever since it was introduced to Canadians on November 1st, 2000.  Frankly, I do not understand the delays you mention in your post.

If you initiate a withdrawal from your Cdn$ balance at PayPal before 5:00pm (Eastern) on Monday (for example), your PayPal account will show the transaction as "pending" until late Tuesday afternoon.  Then it will change to "completed".  That is when PayPal actually initiate the transfer.  The twenty-four hour delay is for your protection (and PayPal's).

On Wednesday late afternoon or early evening, the money transferred from PayPal should show up on your online banking account if you bank with any of the Big Five. At BMO, the money is always in my account (online) by 6:00pm.

At that moment, you can immediately transfer - for immediate credit - whatever amount you want to pay to your credit card balance.  This will work if your credit card issuer is the same bank as your bank account (BMO in my case).

Basically = two days (50 hours or so) from initiating a withdrawal to having paid your credit card.

I have done it for 13 years and that is how the system works.

If you do not bank with a Big Five bank, or do not hold a credit card with the same bank, maybe it is time to review your banking.