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| Scriptlance.com | Yes | Withdrawn as e-gold convertible to cash |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.
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.
