Fund PayPal using bank account?
January 29, 2008
How to fund a Paypal account? Read here: How to add funds to a Paypal account
Withdraw Paypal to US Dollar bank account?
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. Funds can now be withdrawn to peso bank accounts but several people look forward to directly transferring Paypal to their dollar accounts.
If allowed, users will then 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 allow this. Since banks will “lose” on the spread they earn from offering lower rates than the current rate, they might hesitate on giving Paypal this functionality.
Transfer funds from bank account to Paypal?
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 successfully got into somebody’s Paypal account.
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?
Further Reading: Click here if you’re looking for info how to fund a Paypal account.
March 9th, 2008 at %I:%M %p
does BDO have a debit card similar to EON that we can use to verify our PayPal accounts? i wonder if this would work?
May 8th, 2008 at %I:%M %p
Hi, I’d like to ask. Will I be able to receive funds even if my paypal account is unverified?
May 9th, 2008 at %I:%M %p
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 9th, 2008 at %I:%M %p
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 14th, 2009 at %I:%M %p
Hi James. Can you help me? I created a paypal account but still unverified since I have no credit cards and bank accounts to link yet. I understand my account can still be funded but to a certain limit of around 500 dollars I think. My question is how? A friend from abroad who doesn’t have paypal account but have bank accounts would like to deposit to my paypal account? Can he do that?
Can you give me the ways how to fund my paypal since I really need it?
May 15th, 2009 at %I:%M %p
Hi Curious, if your Paypal account is not yet linked to a debit or credit card, the way to fund your account is to receive Paypal funds from another Paypal user. That’s simply transferring funds from one Paypal user’s account to your Paypal account. The way to do that in Paypal is through the “Send Funds” function.
Your friend cannot directly fund your Paypal account using his US bank account. He needs to open a Paypal account first, fund it using his bank account, then transfer the funds to your Paypal account.
May 18th, 2009 at %I:%M %p
Hi James. you’re such big help. Thanks for the reply. Is that the only way to fund an unverified paypal account? No other means?
June 2nd, 2009 at %I:%M %p
@Curious, yup actually there are only 2 ways to fund a Paypal account. I’ve explained them here: How to fund a Paypal account?