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PayPal now lets you instantly transfer money to bank accounts

Instant Transfer to bank accounts lets you move money faster, though there's a fee.

PayPal is rolling out a Instant Transfer service for US users.
NurPhoto/Getty Images

PayPal wants you to get your money faster. 

The online payments company said Tuesday it will start rolling out Instant Transfer to bank accounts in the US in the coming week. The feature lets you quickly move money from your PayPal account to your bank account instead of using the standard transfer function, which usually takes one business day. The new feature comes via an expanded partnership with JP Morgan Chase, which has given PayPal access to a real-time payment network used by major banks.

PayPal said getting faster access to your money can be important and was a motivating factor behind the creation of Instant Transfer. It launched a similar feature, Instant Transfer to debit cards, in 2017.  

"Faster access to your money can also mean being able to cover unexpected expenses and emergencies, staying on top of bills and avoiding late fees," Bill Ready, PayPal's chief operating officer, said in a blog post Tuesday.

Instant Transfers usually take just a few minutes depending on the bank, said PayPal, while debit card transfers can take up to 30 minutes. Each transaction has a one percent fee capped at $10, and those fees can change.

The new feature will be accessible to US users at first, but PayPal expects an international launch in the near future.