FAQ: How to withdraw PayPal to bank account
Here are some more information regarding the new withdraw to bank account feature of PayPal that it started offering late last week.
Is there a requirement before I can withdraw funds to my bank account?
Yes, you need to add a bank account and you need to be a verified PayPal member.
How do I add a bank account?
Follow the instructions below.
- Login to your PayPal account and go to Profile > Add or Edit Bank Account.
- Add your bank details. The Bank Code is a unique 9-digit number, however, no official information yet about this is available. We do have a partial list of PayPal Bank Codes in the Philippines but, again, this is only partial and unofficial.
- Review your bank information and click Add Bank Account to confirm.
Make sure that the first and last name on your PayPal account matches the name on your bank account. If it does not, your withdrawal request may be rejected by the bank.
How do I become a verified PayPal member?
Detailed instructions in our Open a PayPal account FAQ page.
How do I withdraw PayPal to my bank account?
Here’s what you need to do.
- Login to your PayPal account and go to My Account > Withdraw.
- Click the Withdraw funds to your bank account link.
- Input the withdrawal amount and select the bank account where money will be transferred.
- Review the transfer details and press Submit button to confirm the withdrawal request.
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Can I use any bank to withdraw my money?
Yes, all local banks can be used to withdraw the funds.
How long before the funds will reach my bank account?
Your withdrawal request should typically be completed within 5-7 business days. However, depending on your bank’s policies, it may take additional time.
Are there any minimum or maximum withdrawal amounts?
There is a $10 minimum withdrawal amount. Verified PayPal users DO NOT have maximum withdrawal amounts. Also, non-verified PayPal members will not be permitted to withdraw any amount to their bank account.
Can I still withdraw PayPal to my credit or debit card?
Yes, this is still available. Click here for information on what cards in the Philippines can be used.
Can I receive my funds in dollars?
No, your withdrawal will be converted into Pesos and transferred to your local bank account.
What fees do I have to pay when withdrawing to my bank account?
Withdrawals of P7,000.00 or more are FREE. For amounts less than P7,000.00, there is a P50.00 fee.
Foreign exchange fees may also apply.
Do note that some banks also charge a fee for electronic funds transfers. Ask your bank whether it charges for electronic fund transfers before you initiate a withdrawal.
Transfer requests with incorrect bank information will be canceled and charged a P250.00 return fee.
Need help? Join the discussion about How to withdraw funds from PayPal Philippines.
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May 14th, 2008 at 12:50 am
can anyone help me about withdrawing my funds at paypal to my metrobank debit card? I tried to added the bank but I still not successful. Is there anyone successfully withdraw there money with metrobank debit card?. I don’t know the security number with it. Please let me know how you did it. please help me. thank you so much.
February 19th, 2008 at 10:21 pm
If I add a Dollar Savings account, will I be able to receive the funds I withdrew in US dollar denomination?
February 7th, 2008 at 5:51 pm
hi tanong ko lang.. i verified my paypal account using a credit card
pwede ko ba i-add yung unionbank eon card ko as a “bank account” and NOT a debit/credit card para doon ko na lang iwithdraw?
February 4th, 2008 at 8:39 am
Nope, the bank codes are not the same as the Routing Number or the SWIFT Code. Just refer to our list of Paypal bank codes in the Philippines for the correct bank code to use.
February 4th, 2008 at 5:36 am
Is the bank code for BPI same as the routing number?
February 4th, 2008 at 1:17 am
It only means your Personal Account is only allowed to receive 5 credit card-funded payments per 12 month period. Succeeding funds sent from a credit card won’t be credited to your account, unless you upgrade to a Business or Premier account.
February 3rd, 2008 at 8:38 am
If PayPal cannot simplify their services big-time and go user-friendly real soon, they’re gonna lose it, and everybody is going to use Moneybookers, which does everything you can ask for, and does so for many years already. 4+ Million users and growing. Wake up guys, PayPal is crap.
February 3rd, 2008 at 7:58 am
Can you explain po kung ano ang ibig sabihin ng paypal sa agreement na nasa ibaba. Kasi nag-aalala ako. Because I will be receiving every 2 weeks my salary sa client ko po sa CA, using his paypal account with his credit card. Mahal kasi ang western.
” 4.2 Receiving Different Types of Payments. If you have a Personal Account you may receive Balance/Bank Funded Payments for free, and up to 5 Card Funded Payments per 12 month period for a Fee, except that you may not receive Card Funded Payments into a Personal Account for an eBay transaction.”
HELP!
January 30th, 2008 at 5:11 pm
A better solution is to get a Virtual Credit Card and then add your bank account ;)
January 30th, 2008 at 10:05 am
Or use a credit card to be verified, if you have one. Otherwise, yes, the EON card is your easiest choice.