When I withdraw money back to my bank from Paypal I get 2 choices, the “rocket” which is instant and free or the “hot air balloon” which will take 2-3 days and may charge a fee. As I’ve never chosen the hot air ballon I don’t know if it would actually give me a fee, but given those choices why does the hot-air ballon option exist, it’s both slower and (possibly) costs more money?
UK if relevant.
I’ve only seen it the opposite way; instant transfer charges a fee, 2-3 days is free. Are you sure you’re reading that correctly?
Yes definitely. The rocket which I always use is free and instant. The hot air balloon warns it may take 2-3 days and may charge a fee. Since I’ve never picked it (why would I?) I don’t know how long it actually takes or what fee gets applied.
I went to this Paypal discussion site, and there seems to be some confusion among the people discussing this issue. One person claimed “Rocket” fees were a penny on the dollar and “hot air balloon” was free. Another person claimed he wasn’t charged the penny on the dollar fee and BOTH options were free. He wondered if that was simply a promotional effort by Paypal.
(never mind)
I’m in the US. Looking at my PayPal account right now, the rocket ride costs 1.75%, and the balloon ride is free. Here’s a redacted screenshot:
The fee for the rocket ride may have varied in the past, but I’ve never known it to be free (and I’ve never known the balloon ride to cost anything).
Just to show what I’m seeing. I guess something to do with the UK’s easy general transfer is why it’s free, the balloon option a holdover from the US version, not sure why balloon isn’t free also though.