While I love Paypal for it’s ease of use in accepting and making purchases, to this day I don’t understand how an otherwise excellent and efficient company can take SO LONG to transfer funds from my bank account in Canada to my Paypal account.  As far as transfers go, a Paypal bank transfer SUCKS.

I know if they ever actually responded to my emailed questions about this, they would go on about protecting both me the customer as well as themselves. Or maybe about the complexities of dealing with foreign bank regulations, or that they have to wait to ensure the funds have cleared.  That’s all a bunch of poppycock.  That’s right I used the word poppycock in a sentence, and I’m not British.  You see, the reason it makes me so angry is not that it takes 8 to 10 business days to transfer from my Canadian bank account to my paypal account.  Paypal is kind enough to inform me several times before initiating the transfer that it will indeed take this long.  The reason it makes me angry is that the funds are removed from my Canadian bank account the next business day after initiating the transfer.  That’s right one business day.  Now I’m not up to snuff on Canadian banking regulations,but I would think that if the funds have been removed from my bank account, that should be proof enough that the funds were indeed available for transfer.

So Mr. Paypal, why is it that it only takes one business day for you to TAKE my funds from my bank account, and another 7 to 9 business days for you to give it back to me in my Paypal account??  So, again, it is not the length of time of the transfer, but rather the length of time my money is in cyberspace not collecting interest(that’s right, I’m missing out on .01% interest!) for me.  So, my question is, who exactly is collecting interest on that money for 7 to 9 business days?

Here’s some screen shots showing that I’m not losing my mind, just my shirt:

Here’s the Paypal item showing the transfer being requested on August 30, 2010, and the tranfer being completed today on September 8, 2010.   By the way, this is the fastest they’ve EVER done this in the four or five times I’ve had to do this, and that’s with the Labor day holiday in this period!  You’ll have to click on it for full size readability.

Now, here’s the line item debit on my bank account, i.e. the day they took my money from me (August 31, 2010).   Wow! That was fast!

I don’t really know why I felt the need to rant about this today, but I do feel a little bit better.  So if you’re in the same boat, and need to do a Paypal bank transfer from a Canadian bank account or maybe another first world country bank, you may want to think about whether you want to wait that long for your money.  Some times it’s better to just wire transfer the money, as it is not only quicker but also usually cheaper as Paypal likes to rape you on the currency exchange as well.  Rant off.

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.