Are Paypal bank codes really important?
February 5, 2008
When PayPal first launched the withdraw to bank account feature, it did so without coordinating with local banks in the Philippines.
An obvious proof is that banks did not have a clue what a Bank Code is. The Bank Code is a 9-digit number unique to a Philippine bank that Paypal requires before a bank account can be attached to one’s account.
On the first days of the new withdraw feature, banks such as Metrobank and BPI told their clients a bank code which proved to be different from the official Paypal Philippines Bank Codes.
Some banks like UnionBank even insisted that the bank code is not required, despite persistent explanations to their Customer Support Representatives that this is a required field in Paypal.
Worse, other banks had no idea about the bank code, telling their customers about Swift Codes, Routing Numbers, BRSTNs, and what-have-you. Much, much worse, though, is that some banks did not even know about the existence of Paypal.
Surprisingly, however, users who attempted to request withdrawals using the “unofficial” bank codes still got their transactions processed. PMT member Louis shared that, instead of using the official bank code, he used the BRSTN number given to him by his Chinabank branch. Yet, he received his Paypal funds to his bank account after 4 banking days.
Which leads me to the question: Are the bank codes really important? Will Paypal (and the banks) really decline a transaction if an incorrect bank code was used?
Tell us your stories. Did you try withdrawing Paypal using an “unofficial” bank code? Was it processed? How long did it take? Were there any charges?
Post here or join the discussion in the How to withdraw Paypal funds in the Philippines thread.
February 6th, 2008 at %I:%M %p
it might have been less than 4 days. I just noticed it on the 4th day. Another blogger I saw in twitter mentioned he got his funds in 1 day at Union Bank.Ca
February 7th, 2008 at %I:%M %p
I have availed an Eon card… haven’t withdrawn anything, but I am curious if what is more reliable and efficient, Union Bank’s Eon Card or the Bank Codes?
February 8th, 2008 at %I:%M %p
i successfully withdraw my Paypal funds to my BDO account. may charge din na 200 pesos. here’s my story, share ko lang.
February 9th, 2008 at %I:%M %p
Congrats, Marhgil! May P200 charge nga ang BDO, sa UnionBank, libre.
February 9th, 2008 at %I:%M %p
What do you mean “Bank Codes,” Chris? I think you meant UnionBank’s EON debit card or bank account. As of now, withdrawals to EON bank account is faster than withdrawals to EON debit card. Which one is cheaper, however, is the current subject of the discussion in the comments section of Withdraw Paypal to bank accounts in Philippines
February 10th, 2008 at %I:%M %p
Yup, a few PMT members are reporting that their Paypal to EON bank account withdraw requests are processed in just a day. Unfortunately, those who tried withdrawing to their EON debit card are still waiting for almost a month now.
February 10th, 2008 at %I:%M %p
Hi IskualL, still it would have been better if Paypal launched the new direct withdraw feature with an announcement of the bank codes. It took them almost a week to announce what bank codes really are, their Help page did not even include what a “Bank Code” means and where to get those numbers. It’s just a marketing thing. Paypal raised their members’ hopes by offering the new feature but disappointed a lot during the first few days because the members were scrambling to find out what the “Bank Code” is in order to make a withdrawal request.
October 2nd, 2008 at %I:%M %p
*sighs*
I have no problems with PayPal and the Unionbank EON card until just recently when they changed over to doing the exchange automatically. Last month I made over P100,000 and my account has but only P442 in it. It is driving me crazy waiting and waiting for my money to arrive. What’s worse is the oldest withdraw was done 3 weeks ago and on top of that, two of the withdraws that did go through, were credited back to my PayPal account “due to a processing error” I already got the money and even spent it, I sent them an email and for the last week no response, so if they do not fix it soon, I will just declare to myself that it was a bonus for all of the $5 transaction fees.