PinoyMoneyTalk.com

PayPal has finally released the “official” list of Bank Codes for PayPal Philippines. Check our list below.

Apparently, the initial “bank code” information we got from Metrobank and BPI were wrong. A note to our Paypal friends: before you launched this new direct withdraw feature, you should have at least coordinated with local banks and issued the bank codes simultaneously with the launch. Until now, most bank people have no idea whenever we ask them about the PayPal Philippines Bank Codes.

Anyway, I personally hope this officially begins the fruitful relationship of Filipino online earners with PayPal. Finally, users in the Philippines will have no problem attaching their bank accounts and can now request to directly withdraw their PayPal funds!

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If you are withdrawing PayPal to your bank account in the Philippines, you’re probably wondering what the “Bank Code” is.

If this is your first attempt to withdraw PayPal, you need to add a bank account to your PayPal account first. To do this, log in to PayPal, go to My Account > Profile > Add or Edit Bank Account then fill in the Bank Name, Account Number, and Bank Code.

What is the Bank Code? See below.

Official List of PayPal Philippines Bank Codes

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Do you know that you can earn as much as $1,000 per person you refer to PayPal? Under PayPal’s Merchant Referral Bonus Program, you are eligible to receive a portion of the transaction amounts of people you referred to PayPal.

Once your Referred Merchant has used PayPal to receive a total of $200.00, you immediately receive an initial bonus of $1.00.

In addition, you will get 0.5% of the total amount of their payments for 12 months, up to $1,000.

In order to receive the Bonus, your Referred Merchant must: (1) sign up for a PayPal Business or Premier Account through your link; (2) become a verified user; and (3) not already have a PayPal Personal, Business, or Premier account at the time of the referral.

Tell your friends to open a PayPal account now so you can be entitled for Merchant Referral Bonuses just like below.

How do you start referring new users to PayPal?

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Finally, my own story of a successful PayPal withdrawal.

On October 19, I requested a withdrawal of $73.55 worth of PayPal funds to my UnionBank EON account. On October 21, PayPal marked the transaction as “Completed” and two days later, the peso equivalent showed up in my EON account. All in all, the withdrawal request took 4 calendar days.

According to UnionBank’s Customer Support, PayPal funds received from merchants — those received from eBay buyers, for instance — usually take up to 11 calendar days before they are transferred to the UnionBank account.

However, normal PayPal transfers — that is, transfer of PayPal balance (not credit card funds) from one person to another — may only take 1-2 calendar days.

That explains why several withdrawal requests in the past had varying processing times. PMT member Biske withdrew PayPal funds on October 13 and received the cash four days later. Another member, jerometurner, got the funds after three banking days. Member smile experienced the fastest PayPal-to-UnionBank transfer; cash was transferred to the bank account after only one day.

To those who plan to withdraw and transfer PayPal to their UnionBank accounts, here is a step-by-step guide to do just that.

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Here are the steps to open a PayPal account.

Do note that unverified accounts have a sending limit of $100. To be able to send without limit, the account must be verified and enrolled in the Expanded Use Program.

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