You have the option to do an instant deposit of funds from your PayPal account to your bank account if you'd prefer not to wait the 1-2 business days for the automatic deposit to go through.
Instant deposits deduct a 1% charge from the amount being deposited, up to a maximum charge of $10.
Deposits can take a couple of minutes up to a couple of hours to arrive in your bank account, depending on your bank.
How to do an instant deposit
To setup an instant deposit, first head over to your PayPal business account's dashboard.
From here you'll see the funds currently available to you. This would typically be the balance of any payments your client paid you that day (since midnight the night before) minus the transaction fee.
As you can see in the example below, I have $25 available in my balance.
Click the Transfer Money button, and you'll be presented with an option to do an instant transfer.
Simply follow the prompts to complete the transfer.
If you don't see the option to transfer to your connected bank, it means your bank does not support instant transfers from PayPal at this time.
Limitations on instant deposits
PayPal has set the following limits for the amount you can transfer using instant deposits:
To a bank
- Up to $25,000 per transfer
To a card
- Up to $5,000 in total per week
- Up to $15,000 in total per month
In some cases PayPal may present a message explaining they won't be able to offer instant transfer in this particular instance and will give you the option to cancel. It's best to cancel in this case so you aren't charged the 1% fee.