Paypal Philippines: Withdraw funds to your local bank account!
Posted on | January 29, 2008 | 13 Comments
Two weeks ago, I attended the baptismal ceremony of Erwin’s daughter, Faith. One of the guests there was Exx, a friend from my previous work and currently working for Paypal. He told me that Paypal was working on the option for a local bank withdrawal albeit, he didn’t provide any specific dates but he did mention that it will be “soon”. At the back of my head, I was thinking that Paypal will take a few more months before they will make this option available to their clients until I saw this…
eBay’s online payment division and the global leader in online payments, PayPal, has added a new withdrawal feature for its Philippine and Indonesian members, allowing them to conveniently withdraw funds from their PayPal accounts to their local bank accounts.
I saw this when I logged into my Ebay Philippine account. A much awaited feature indeed from Paypal after it opened its doors several months ago to the Philippine market. When Paypal Philippines initially opened, it only allowed its customers to send funds which is a half-baked launch it my opinion. Then a few weeks later, it allowed its clients to received funds on their account however they can only withdraw the funds to a US bank account. This is quite frustrating to their clients especially the local freelance programmers, netrepreneurs and bloggers who are expecting that Paypal will be an added option on receiving payments and online earnings.
Some of their clients found a work around with these restrictions such as using Xoom, an International money transfer service while others used a Visa Debit / Credit card for fund withdrawals.
Withdrawing and getting the funds to your local bank account is much easier now that this feature is already available. So how do you withdraw your Paypal funds to your local bank?
The first thing that you need to do is add your local bank to your Paypal account. The good thing is almost all local banks are supported. You will need to provide the name of your bank, the account holder’s name (you), the bank code or swift code which you can find a good list here and the bank account number.
Withdrawal to a local bank with funds Php 7,000 and up is free while there is a Php50 fee if you’re going to withdraw funds lower than 7K. Transfers will take approximately 5 to 7 business days to process the withdrawal request once it is made. You can find a detailed instructions here.
I believe that local e-commerce sites will embrace these developments from Paypal . I also believe that our OFWs will use this available option for sending their remittances to the Philippines. Now, what I want to see is how Paypal will handle fraud transactions and other criminal activities online which is quite prevalent here in our country.
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13 Responses to “Paypal Philippines: Withdraw funds to your local bank account!”
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Etcetera
January 29th, 2008 @ 3:02 pm
[...] Read the rest of this entry » [...]
January 29th, 2008 @ 3:22 pm
January 29th, 2008 @ 9:42 pm
Local bank should make a move. Although UnionBank’s EON already have this kind of thing. I guess they need have to make it an instant transfer without waiting for several days. I hope BSP should help our local bank to make it materialized as soon as possible for a better and easier fund transfer or remittance for all of us.
Cheers!
January 30th, 2008 @ 8:49 am
Wow this is cool. Thanks for the heads up!
January 30th, 2008 @ 6:20 pm
Hi orgl,
5 to 7 business days wait time to process a withdrawal request is fine with me. It’s just the same with US based Paypal accounts. On my US Paypal account, it just takes 2 days (in most cases) to transfer funds to my Wellsfargo checking account.
And besides, this will make some criminals harder to use Paypal for their activities since there is a delay of transferring the funds hence the “victim” has time to reverse the transaction.
JP Loh,
No problem. Thanks for dropping by.
February 2nd, 2008 @ 5:37 am
Lloyd, this is very intersting. I’m a German who has some Pinoy friends. Now i’m going global as an Infopreneur and i want to help my Pinoy Firends to make some money online. It will be much easier now for any affiliate in the Philippines to get his share …*-)
Ingats
Michael
Michael’s last blog post..Mass Control Craze
February 27th, 2008 @ 10:14 am
[...] are links to other discussions of same issue from a site called Pinoymoneytalk and from a Mr. Lloyd Lopez, all with external links of their own. Here’s another interesting post from Mr. Santos’ blog, indicating a failed transaction [...]
December 9th, 2008 @ 11:09 am
Hi Lloyd,
I just want to ask if I can withdraw my money to my Allied bank account even if my ATM card doesn’t have a mastercard/visa logo?
Pls help.
April 20th, 2010 @ 9:15 am
hi.. how can i use my allied atm bank card to paypal? ive been trying to widraw some amounts but they kept asking me for credit card, visa card account number..which i dont have and i applied for paypal premier..i heard i could use my atm card right?
thanks alot… please reply asap…
May 19th, 2010 @ 3:11 am
sir or maam im having a hard time looking for online job, i think all scamps they said register then order nor or buy now is appearing so irritated. pls recommend me a good website please i really need a money badly. please send your reply it to this shown email address. i will work hard thank you God bless you.
May 19th, 2010 @ 3:14 am
byungdo8@naver.com this is my email address
May 19th, 2010 @ 3:16 am
Lloyd, sir can you pls help me to find a web site? pls help me. sir
May 22nd, 2010 @ 9:22 am
byung, try odesk