Fund PayPal using bank account?
January 29, 2008
Now that PayPal is offering more and more features to users in the Philippines — the latest of which is the withdraw to bank account feature — a lot of people are wondering what will be offered next.
Some users are asking for Paypal to eventually allow direct withdrawal to US Dollar bank accounts. Now that funds can be withdrawn to peso bank accounts, several people look forward to directly transferring Paypal to their dollar accounts.
If allowed, then users will have the option to convert funds to peso anytime they want. They can even profit from changes in the exchange rate if they converted money using a better rate. The bad thing, however, is that we’re not sure if local banks will ever allow this. Since they will “lose” on the spread they earn from offering rates slightly lower than the current rate, they might hesitate on giving Paypal this functionality.
Another feature some people are requesting is the funding of Paypal using one’s bank account. At present, Paypal accounts can only be funded via select debit or credit cards or by receiving Paypal balances from another user. Being able to fund using a bank account will definitely be convenient especially to those who don’t want to use credit cards online. However, it can also be dangerous if a hacker succesfully got into somebody’s Paypal account.
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Wrote yagami_kira in the How to withdraw funds from Paypal Philippines thread:
In my opinion, this capability of withdrawing funds from local bank to PayPal should not be enabled. It seems very dangerous. If someone hacked your PayPal account, they can directly get your money from your bank account, especially if your bank account contains millions, right?
One other feature that will prove to be useful to Paypal users is the real-time, online access of the Expanded Use (EXPUSE) number upon enrolment in the Expanded Use Program. At present, users have to wait for days (sometimes weeks) before they can get the required EXPUSE number. At times, they even have to call their banks only to be notified that the bank representative himself doesn’t know what an EXPUSE number is.
This is a delay that’s certainly not necessary and if Paypal can ensure the timely access of Expanded Use numbers, then more users can start using Paypal right after they have signed up.
How about you, what feature would you want Paypal to offer next?
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May 9th, 2008 at 4:20 pm
hi sir. you said that people can recieve funds even their paypal account is unverified but there are limits.. can i ask what are those limits?? thanks..
May 9th, 2008 at 1:50 pm
Hi sheena, there are limits but yes you can receive Paypal funds even if your account is unverified.
Philippine Beach Resorts, if you already own the card, try it on Paypal and see if it will work. If you still don’t have it, contact the bank and try to ask them if you can use it with PayPal. Or try posting in the Paypal Philippines thread forum and see if other members can confirm if that BDO card can indeed be used.
May 8th, 2008 at 4:32 am
Hi, I’d like to ask. Will I be able to receive funds even if my paypal account is unverified?
March 9th, 2008 at 6:37 pm
does BDO have a debit card similar to EON that we can use to verify our PayPal accounts? i wonder if this would work?
February 4th, 2008 at 8:45 am
From the Paypal FAQ page:
What are the advantages of a Premier or Business account?
Personal accounts are for individual use only and have limited access to PayPal’s features. For those with a high transaction volume or the need to accept credit or debit cards, Premier and Business accounts offer the following premium services:
* All the core features of a Personal account
* Unlimited credit or debit card payment acceptance
* Subscriptions and Recurring payments
* PayPal Debit Card
* Mass Payment
* PayPal Shops
* Customizable Transaction History Logs
* 7-day-a-week toll-free customer service
* Multi-user access
* Ability to do business under a corporate or group name
February 4th, 2008 at 3:13 am
Ano po ba benefits if Premier yung account natin sa PAYPAL..can we receive an unlimited funded credit card payment through paypal??
February 3rd, 2008 at 1:04 am
prej8, the bank codes are here. BPI’s bank code is 010040018.
February 2nd, 2008 at 11:36 pm
ask ko lng poo what ’s the 9 digit bank code of BPI???
January 30th, 2008 at 9:51 am
To be able to withdraw your Paypal funds, your account should be verified — which means you need to have a debit or credit card. Wait for your EON card and use it to verify your Paypal account.
As for Paypal funding, aside from debit or credit card funding, you can get funds by receiving Paypal balances of other users. “Buy” the funds from your friends or use our Currency Exchange folder and look for people selling their Paypal funds.
A note though: Paypal strictly disallows funds exchange, so be careful not to get caught.
January 30th, 2008 at 9:47 am
That would really be of help to online sellers because their clients won’t have to open a Paypal account anymore just to be able to buy something online. Let’s see if Paypal Philippines will soon offer this too.
January 30th, 2008 at 9:45 am
Wow, good for you, Joni! :)
January 30th, 2008 at 9:17 am
I’m satisfied with PayPal’s current features. :)
January 29th, 2008 at 9:35 pm
Another feature I want to be added in PayPal PHilippines is to have the “PayPal Account Optional”. In this way, we can accept credit card payments from buyers who don’t have a PayPal account. More like a merchant account.
January 29th, 2008 at 8:06 pm
I cant wait any much longer funding my paypal account via local bank account. I dont have any credit card or debit card this moment. My paypal acount is unverified account until now. in the meantime i’m applying EON CyberSpace account from UnionBank. It this possible since I dont have any valid credit/debit card. although i have a Xoom account and payeasy account. I need your assistance on how do i quickly fund my paypal account. thank you very much