Subscribe by RSS FeedPaypal Bank Account Withdrawal In The Philippines
January 29th, 2008 by Lavern | Filed under Blogging Tips and Resources. 63 viewsI just want to clarify this issue to our valued Paypal co-members to carefully review the procedure in making withdrawals from your Paypal account to your bank account in the Philippines. Despite of the many articles written by some blogs, some readers didn’t seem to understand the procedure on how the system works.
Let me tell you, it is really an overwhelming news that Paypal now confirmed that all local banks in the Philippines is now accepted by Paypal. One important detail that a Paypal member needs to understand is, Debit/Credit card or the Neon Debit card from Union Bank is still needed to verify your account to use the bank account feature by Paypal.
Frequently Asked Questions from Ebay.
Which bank can I use to withdraw my money?
All local banks can be used to withdraw the funds.
How long does it take for funds to reach my bank account?
It typically takes 5-7 business days. However, depending on your bank’s policies, it may take longer.
Are there any minimum or maximum withdrawal amounts?
No, once you are a verified PayPal member, there are no minimum withdrawal amounts or maximum withdrawal amounts. However, non-verified PayPal members will not be permitted to make withdrawals of any amount.
Are there any requirements that I must fulfill before I can withdraw my funds?
You will need to add a bank account and also become a verified PayPal member.
Can I still withdraw funds to a US bank account?
Yes, the functionality to withdraw your PayPal balance to a US bank account is still available.
Can I still withdraw funds to a Visa debit, credit, or prepaid card?
Yes, the functionality to withdraw your PayPal balance to a Visa debit card, credit card, or prepaid card is still available.
Can I withdraw US Dollars to a US Dollar denominated Philippine bank account?
No. At this time, PayPal only supports withdrawal to Peso bank accounts located in the Philippines. However, you can withdraw funds in US Dollars, if you have a United States bank account.
What currency will be transferred from my PayPal account to my local bank account?
Regardless of the foreign currency (USD, EUR, AUD, etc.) you are withdrawing from your PayPal account, the funds will be converted to your local currency.
For example, if you are in the Philippines, your withdrawal will be converted into Pesos and transferred to your local bank account. If you are in Indonesia, your withdrawal will be converted into Rupiahs and transferred to your local bank account.
How much does it cost?
For Philippine users, withdrawals of PHP 7,000 or more are free. For withdrawal amounts less than PHP 7,000 there will be a fee of PHP 50.
Finally, it is best to know your Bank Code first before using the Bank Account feature of Paypal. See Official List of Paypal Bank Codes in the Philippines from Pinoymoneytalk.com or Bank Codes of Major Banks in the Philippines from ebay.com. It is better to call your bank first and confirm this code before making your transaction. Be safe.
confirm as well if your local bank charges for electronic fund transfer transaction because if they do, expect that you’ll be deducted with not just paypal’s PhP50.
iRonnie’s last blog post..Prescription Glasses
[Reply]
Ambo (32 comments.) reply on January 29th, 2008:
That’s a good suggestion Ronnie. Thanks for posting. Buena mano ka lagi. hehe
[Reply]
Kuya ask ko lang po regarding sa EON. After ko po maclaim yung card ko ilang days po ba bago sya ma activate? Thanks
Benedicy Aluan’s last blog post..Why you must start using CSS today
[Reply]
Ambo (32 comments.) reply on January 29th, 2008:
Hi Benedicy. Actually the card is active the following day. At para magamit sa paypal, you need to ask them how to activate it online. They’ll give you the proceduce. You can call their hotline for follow-up. The whole procedure took me a week.
[Reply]
Benedicy Aluan (2 comments.) reply on January 30th, 2008:
Ahh ganun pala yun. Hehe kala ko activated na sya once. May online activation pa pala. Naman. Hehe Thanks for the info dude.
Benedicy Aluan’s last blog post..Why you must start using CSS today
[Reply]
Ambo (32 comments.) reply on January 30th, 2008:
No Problem Ben. Anytime.
Goodluck.
Ambolicious :-)
[Reply]
badtrip naman, parang pam pabango lang ung pwede nang mag withdraw thru ur local bank accounts e in the first place kelangan mo pa rin ng credit/debit cards para mka pag verify ng account at mka withdarw mismo sa paypal account mo.
tech4idiots’s last blog post..PSP: Customfirmware 3.90 m33-2 out now!
[Reply]
Ambolicious (2 comments.) reply on February 14th, 2008:
@Tech4idiots sadly yun ang kanilang rules ngayon. sana nga di na kelangan ng credit/debit card na yan. Hassle pa din eh.
[Reply]
i already received my eon card and after 3 days i enroll it in eon cyber acoount. 3 days pass from the day that i enrolled, i try to log in in my eon cyber account but still i cannot log in.Whats the problem?
[Reply]