Need cash fast? Soon PayPal will let you instantly transfer money to your bank account

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Payment services company PayPal has announced it will let users instantly transfer money to their bank account.

PayPal says the funds will be transferred into a person’s bank account in minutes, but in some cases could take up to 30 minutes.

The transfer will take place through eligible debit cards linked to their PayPal account.

The service is currently being beta tested to a selected number of users before being officially launched in the US in the coming months to all users with eligible Visa and Mastercards

“This new feature is another benefit to our customers that we’re able to make possible through the partnerships we announced last year with Visa and Mastercard and our closer working relationship with the bank and card issuing ecosystem,” PayPal COO Bill Ready said in a blog post.

The instant transfers will cost $0.25 per transaction, PayPal said.

Typically transfers had been free of charge but could take up to three days before reaching an account.

There is no information on if the instant transfers will be launched in other countries, although with the increasingly competitive mobile payments sector, it would be expected PayPal would want to offer the service globally in the not too distant future.

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