How to withdraw Paypal to a Philippine bank account
More and more Filipinos are now using Paypal and several users are asking how exactly to withdraw funds to their bank accounts.
Here’s a simple tutorial to guide you regarding the Paypal withdrawal process.
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 have not added an account, log on 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 a P250.00 return fee when you make 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.)
Withdraw Paypal funds to Bank Account in the Philippines
Once you have attached a bank account to your Paypal account, you can now withdraw your funds. Follow these simple steps.
1. 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.
2. Enter the amount you wish to withdraw and choose the bank account where funds are to be transferred. Once you are done, click Continue.
3. Review all related details before submitting the request. PayPal reminds you that there is a withdrawal fee (click here to view Paypal withdrawal fees). Additional return fees are charged if you have an incomplete or incorrect withdrawal request so make sure you input the correct details.
4. A confirmation page appears if the request is successfully submitted. The page also shows your remaining daily withdrawal limit, if any.
5. The transaction then appears 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 are 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 The transaction is charged by Paypal and local banks in the Philippines also deduct a certain fee from the withdrawn amount.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.
Must read these other interesting, amazing articles:
- Fees charged when using Paypal in the Philippines
- Paypal Philippines Bank Codes
- Paypal fees when withdrawing funds to bank account or credit card
- How to solve limited Paypal accounts
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