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 Now that funds can be withdrawn to peso bank accounts, several people look forward to directly transferring Paypal to their dollar accounts.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.
FAQ: How to withdraw PayPal to bank account
January 28, 2008
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.
Complete list of Paypal Bank Codes in the Philippines
January 27, 2008
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
| Bank Name | Bank Code |
|---|---|
| ALLIED BANKING CORP | 010320013 |
| AUSTRALIA NEW ZEALAND | 010700015 |
| ASIA UNITED BANK | 011020011 |
| BANGKO SENTRAL NG PILIPINAS | 010030015 |
| BANGKOK BANK | 010670019 |
| BANK OF AMERICA | 010120019 |
| BANK OF CHINA | 011140014 |
| BANK OF TOKYO | 010460012 |
| BANCO DE ORO (& EQUITABLE PCI BANK) | 010530667 |
| BANK OF COMMERCE | 010440016 |
| BANK OF THE PHIL ISLANDS (BPI) | 010040018 |
| CHINA BANKING CORP | 010100013 |
| CHINA TRUST COMML BANK | 010690015 |
| CITIBANK N.A. | 010070017 |
| DEVT BANK OF THE PHILS (DBP) | 010590018 |
| DEUTSCHE BANK | 010650013 |
| EAST WEST BANK | 010620014 |
| EXPORT & INDUSTRY BANK | 010860010 |
| FUJI BANK | 010640010 |
| HONGKONG AND SHANGHAI BANK (HSBC) | 010060014 |
| INTL COMML BANK OF CHINA | 010560019 |
| INTL EXCHANGE BANK | 010680012 |
| JP MORGAN CHASE BANK | 010720011 |
| KOREA EXCHANGE BANK | 010710018 |
| INTL NEDERLAND BANK | 010660016 |
| LANDBANK OF THE PHILS | 010350025 |
| MAYBANK OF THE PHILS | 010220016 |
| METROPOLITAN BANK & TRUST CO | 010269996 |
| PHIL BANK OF COMMUNICATION | 010110016 |
| PHIL TRUST COMPANY | 010090039 |
| PHIL NATIONAL BANK (PNB) | 010080010 |
| PRUDENTIAL BANK | 010150018 |
| PHIL VETERANS BANK | 010330016 |
| RIZAL COMML BANKING CORP (RCBC) | 010280014 |
| SECURITY BANK & TRUST CO | 010140015 |
| STANDARD CHARTERED BANK | 010050011 |
| UNITED COCONUT PLANTERS BANK | 010299995 |
| UNION BANK OF THE PHILS (UBP) | 010419995 |
| UNITED OVERSEAS BANK | 010270189 |
Withdraw PayPal to bank accounts in Philippines
January 26, 2008
Pinoy Money Talk is one of the first, probably the very first, to break this news to the blogosphere but expect other sites and blogs to write about this without giving us credit although they got the news from us. LOL.
Anyway, brace yourself:
Effective yesterday, PayPal started allowing users in the Philippines to withdraw funds to local bank accounts.
Yup, it’s confirmed. Log in to your PayPal account and see that in the My Account > Withdraw page, you now have an option to directly transfer funds from your PayPal account to your bank account in the Philippines.
Withdraw PayPal via Xoom from same country — allowed or not?
January 10, 2008
One of our members, Joanna (ani*****@gmail.com), wrote to tell us about Xoom.com’s confusing policy on intra-country transfer of PayPal funds.
Joanna wants to convert her PayPal funds to cash via Xoom. She contacted Xoom to inquire whether it is indeed possible to make an intra-country transfer, that is transfer funds from a PayPal Philippines account to an account holder in the Philippines.
Merry Christmas from PayPal!
December 19, 2007
Just sharing this holiday greeting email sent by PayPal’s Asia Pacific Team which I found really cool.
(I just hope earning money is as easy as picking those hanging currencies… LOL)
Anyway…
Happy Holidays, everyone!
- From PayPal and from us here at Pinoy Money Talk too!
Earn money when you refer people to Paypal
November 24, 2007
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?
PayPal discourages phone calls to get Expanded Use Number
November 23, 2007
The Expanded Use or EXPUSE Number is a requirement to lift the $100 sending limit in PayPal.
Those who paid the $1.95 Expanded Use fee via credit card can normally get the EXPUSE Number on their billing statement the next month.
Those who used debit cards, however, need to call their card issuer to get the EXPUSE Number, as in the case of UnionBank EON CyberAccount or eWallet users.
But PayPal “strongly discourages” this policy of contacting card companies to get the Number, as seen in the following note from the PayPal website.
PayPal’s note reads:
PayPal strongly discourages customers from calling their credit card companies in order to obtain PayPal Expanded Use Numbers. If PayPal receives a complaint from Visa, MasterCard, or your card issuer about a phone call made to obtain PayPal Expanded Use Numbers, the complaint will be investigated. As a result, your PayPal account may be closed. Please check for your Expanded Use Number on your online credit card statement (monthly transaction history) or when you receive it in the mail. It may take up to 3-4 business days for the number to appear on your statement.
If PayPal already explicitly announced its dislike of the method, why do card issuers like UnionBank still do this?
Other way to convert PayPal to cash? Sell it
November 8, 2007
We’ve already outlined here how to withdraw PayPal in the Philippines and we also have a bustling discussion here of the details of these withdrawal methods.
Almost all of these ways, however, incur a certain amount of transaction fee, for example, the $5 that PayPal charges whenever you make a transfer to your local debit or credit card. At times, you also lose on the exchange rate because the banks’ rates are often lower.
So is there an alternative way to convert PayPal funds to cash without incurring a lot of fees and without losing on the exchange rate?
Yes, by selling your PayPal funds.
List of methods to withdraw PayPal in the Philippines
November 2, 2007
Based on personal experiences posted by dozens of PayPal Philippines users, this post summarizes the different ways of withdrawing Paypal in the Philippines.
Our list is not limited to debit and credit cards alone. We also gathered information regarding a few non-traditional methods of converting PayPal funds into cash.
Possible Methods of Withdrawing PayPal in the Philippines
| Method/Service | Possible to Withdraw? | Fund Transfer Type |
|---|---|---|
| UnionBank EON/eWallet | Yes | Deposit to bank account (ATM) |
| Citibank Visa | Yes | Cash Advance or Over-payment Cheque |
| Citibank MasterCard | Yes | Cash Advance or Over-payment Cheque (?) |
| HSBC Visa | Yes | Cash Advance |
| Standard Chartered Visa | Yes | Cash Advance (?) |
| Metrobank Visa | Yes | Cash Advance |
| EPCI Bank Visa Electron | Yes | Deposit to bank account (ATM) |
| Xoom.com | Yes | Deposit to bank account or Cash Pickup |
| Chikka.com | Yes | Load credits convertible to cash (?) |
| Scriptlance.com | Yes | Withdrawn as e-gold convertible to cash |
| ATM cards w/o Visa/Mastercard logo | No | - |
| BDO Debit card w/ Mastercard logo | No | - |
| BDO Mastercard | No | - |
| ChinaTrust Visa | No | - |
| Globe G-Cash | No | - |
Each method is explained in detail below.
More details in the discussion thread How to withdraw funds from Paypal Philippines.
