How exactly do you withdraw Paypal funds to your bank account?
Here’s a simple tutorial to guide you regarding the Paypal withdrawal process.
Step 1: Add Bank Account or Credit/Debit Card to Paypal
Before you can make a withdrawal, you need to first attach a bank account or debit/credit card to your Paypal account.
If you still haven’t added an account, log on to your Paypal account and go to:
Account Settings > Profile > Add/Edit Bank Account; or
Banks and cards > Add a bank account or card
When adding bank accounts, you must input the bank code. Don’t worry, here’s a complete list of Paypal bank codes for Philippine banks.
Make sure you correctly type all information because Paypal charges a P250.00 return fee when you request a withdrawal using incorrect bank account details.
(If you are adding a debit or credit card, check out our article How to Add UnionBank EON debit card to Paypal. Although it refers to UnionBank EON cards, the instructions also apply to cards issued by other banks.)
Step 2: Request to Withdraw Paypal funds
Once you’ve attached a bank account to your Paypal account, you can now withdraw your funds. In your PayPal account, go to the My Account > Withdraw section and choose your withdrawal option.
If you are transferring funds to your bank account, click the Withdraw funds to your bank account link.
Step 3: Input withdrawal amount and choose bank account
Now, enter the amount you wish to withdraw.
Also choose the bank account where you want the funds to be transferred. Once you are done, click Continue.
Step 4: Review before you confirm
Make sure you review all pertinent details before submitting your withdrawal request. Take note that Paypal charges withdrawal fees and additional return fees are charged to you if you have incomplete or incorrect withdrawal request details.
Step 5: Submit and you’re done!
Press the Submit button to send your request. A confirmation page will appear if your withdrawalrequest is successfully submitted. The page also shows your remaining daily withdrawal limit, if any.
You can check your requested withdrawal in your Transaction History. Requests that are not yet confirmed by PayPal are shown as “Pending.” Those successfully processed are marked “Completed.”
According to Paypal, funds will be transferred to Philippine bank accounts within 2-4 banking days.
Withdrawals are not entirely free. The transaction is charged by Paypal and local banks in the Philippines also deduct a certain fee from the withdrawn amount.
These fees are explained in the article Paypal fees when withdrawing funds to bank account or credit card.
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