Withdraw Paypal to BPI, BDO, Unionbank accounts
August 24, 2011
More and more Filipinos are now using Paypal and a lot are searching online how exactly to withdraw funds to their bank accounts or credit cards. We compiled below information from Paypal and various Philippine banks regarding the withdrawal process and the associated fees and charges.
Add Bank Account or Credit/Debit Card to Paypal
Before you can make a withdrawal, you need to attach first your bank account or debit/credit card details to your Paypal account. To attach these accounts, log in to your Paypal account and go to Profile > Add/Edit Bank Account or Profile > Add/Edit Credit Card.
When adding bank accounts, you need to input the bank code. Here is a complete list of Paypal bank codes for Philippine banks. Make sure you correctly type all information because Paypal charges P250.00 return fee if there are incorrect information.
To add a debit or credit card, follow the instructions here how to add UnionBank EON card to Paypal. Although it refers to UnionBank EON cards, the instructions apply as well to other cards issued by other banks.
Withdraw Paypal to Bank Account or Debit/Credit Card
Paypal users in the Philippines can use either of two options to withdraw funds. The first option is via Bank Account and the other is through a Debit or Credit Card.
Easy-to-follow instructions on how to withdraw funds are available in the Withdraw panel in one’s Paypal account. (A step-by-step guide on how to withdraw funds to a Debit/Credit card is explained in the article How to withdraw Paypal to UnionBank EON account.)
Fees and Charges when Withdrawing Paypal to Bank Account
When withdrawing funds to a Philippine bank account, there is NO CHARGE if the amount withdrawn is at least P7,000.00.You therefore save on fees if you withdraw P7,000.00 or more.
If withdrawing less than P7,000.00, Paypal charges P50.00 per transaction.
Additional Bank Charges on Withdrawals
These, however, are just fees on the part of Paypal. Local banks also charge fees which further reduce the amount to be received by the user.
Banco de Oro (BDO), for example, charges P200.00 to P250.00 on every withdrawal to a BDO bank account.
The Bank of the Philippine Islands (BPI) charges P150.00 to P200.00 for every withdrawal transaction to a BPI bank account.
Take note of these fees because most Paypal tutorials do not mention these charges which surprise users when they receive a less than expected amount to their bank account upon withdrawal.
Most withdrawals to bank accounts get processed within 3-5 banking days.
Fees and Charges when Withdrawing Paypal to Debit or Credit Card
For the information of UnionBank’s EON cardholders, the EON account is actually a debit card so it falls under the category of “Debit/Credit Cards” (and not under “Bank Account”) which means the withdrawal charges are different from the fees mentioned above.
UnionBank’s EON card, like other debit and credit cards, are charged a $5.00 withdrawal fee per transaction by Paypal. The exchange rate used is supposed to be the prevailing exchange rate but most local banks charge a fixed P250.00 fee instead.
There are no additional fees charged by banks but if the withdrawal request contains incorrect information, the transaction will not be processed and, worse, users may be charged a $10.00 return fee by Paypal and possibly additional charges by the bank.
- Complete list of Bank Codes in the Philippines for Paypal
- How to open a PayPal Philippines account
- Earn money online with Paypal
- Discussion on using Paypal in the Philippines
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