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 Now that funds can be withdrawn to peso bank accounts, several people look forward to directly transferring Paypal to their dollar accounts.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.
