Withdraw PayPal to bank accounts in Philippines

James Ryan Jonas

Pinoy Money Talk is one of the first, probably the very first, to break this news to the blogosphere but expect other sites and blogs to write about this without giving us credit although they got the news from us. LOL.

Anyway, brace yourself:

Effective today, PayPal started allowing users in the Philippines to withdraw funds directly to local bank accounts.

Transfer Paypal funds directly to your bank account

Yup, it’s confirmed.

Log in to your PayPal account and see that in the My Account > Withdraw page, you now have an option to directly transfer funds from your PayPal account to your bank account in the Philippines.

Withdrawal fees, charges and processing time

Withdrawal transactions are expected to be processed within 5-7 business days.

There is no charge if the transaction amount is P7,000 or more but there is a P50.00 fee if the amount to be withdrawn is P6,999.99 or less.

A P250.00 return fee is charged if you entered incorrect details about your bank account so make sure you input the correct information.

To withdraw, you must attach a bank account first to your PayPal account. Once added, you can directly submit a withdrawal request.

Try it now!

Go to PayPal and let us know about your funds transfer experience.

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James Ryan Jonas teaches business management, investments, and entrepreneurship at the University of the Philippines (UP). He is also the Executive Director of UP Provident Fund Inc., managing and investing P3.2 Billion ($56.4 Million) worth of retirement funds on behalf of thousands of UP employees.