Paypal is shit
Been using bank giro transfers for years and now we've got IBAN and SEPA* and all the protection of customer credit legislation. Actually that last bit probably means very little where banks are expected to stiff the customers and get bailed out** when their bets go wrong.
* pretty much same day transfers in the Euro area for everyone.
** anti-terrorist legislation can, of course, be invoked at will against any foreign banks we license but later decide we don't really like.