Paypal now accepts withdrawals to your local Philippines bank account

Great day for Filipinos, Paypal now accepts withdrawals directly to your local bank accounts. No need to fuss over one and only Unionbank EON debit card because Paypal's new withdrawal features allows you to add your local bank accounts now.

Here is what you should do:
1. Obtain this link first for the list of Paypal bank codes for all the major codes here in the Philippines.
Please click here : http://pages.ebay.ph/bankwithdrawal/bank_codes_ph.html

2. Access your Paypal account then go to edit profile.
3. On the page look for add bank account right under the add credit card/debit card.
4. Click on add bank account and put in your bank information and the code of the bank. Please remember step 1, the link.
5. After that click continue, review then click continue.

There is no charge with fund transfers over P7,000 but this does not include our local receiving bank. I hope they will be as nice as Paypal not to charge us. If Paypal can make it why can't they help their own people. However there will a P50 charge for withdrawals below P7,000.




How much does it cost?

For Philippine users, withdrawals of PHP 7,000 or more are free. For withdrawal amounts less than PHP 7,000 there will be a fee of PHP 50.

Foreign exchange fees may also apply. Check their schedule of fees for details. Please note that some banks charge their customers a fee for electronic funds transfers. PayPal can make no assurances that you will not be charged by your bank. Please ask your bank whether it charges for electronic fund transfers before you initiate a withdrawal.

Glad to let you know Paypal that we sure are happy with this new withdrawal features. Credit cards and debit cards have expiry dates and we don't want to go and stand on queue at our local banks to renegotiate and renew our debit cards. Philippines has a very long queue when it comes to banking. Spending half a day for one transaction including travel time may not feel right. Thank you again from the Philippines!







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