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 Now that funds can be withdrawn to peso bank accounts, several people look forward to directly transferring Paypal to their dollar accounts.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.
List of banks offering double-your-money or high-interest accounts
January 18, 2008
A popular discussion among members of the PMT Forum is the one on high-interest accounts or double-your-money offers.
What makes these types of products attractive is the fact that they are offered by banks and, as such, the deposit is protected up to P250,000 ($6,250) per account holder, following the rules of the deposit insurance agency Philippine Deposit Insurance Corporation (PDIC).
The credibility of these banks and the genuineness of their offers have been the subject of a lot of discussion in the past and, in this article, we just post a list of known banks with high-interest account offerings.
Step-by-step guide to withdraw PayPal to UnionBank EON account
October 30, 2007
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.
