If you have a credit card on file as a "back up source of funding" and you send the money out of your bank account to someone that has a PayPal account, that transfer is instant.
With no back up source, you can transfer money from your bank account into your PayPal account, which will take about 3 pr 4 days, then you can send money from your PayPal account to someone else instantly.
Alternatively, (again no back-up source) you can just send the other person a PayPal eCheck, and rather than transferring the money into your account, PayPal will transfer it into the other person's PayPal account after the 3 or 4 day clearance.
Kevin