How to Access PayPal Funds Using RCBC Bank
What to Expect on This PayPal-RCBC Guide
Since this post is very detailed and quite long, below is a bulleted breakdown of what to expect from this Paypal-to-RCBC (and vice versa) guide:
- How to apply for an RCBC Mercury Drug MyWallet VISA card
- Requirements for getting the card
- How to link and verify your PayPal account using the newly acquired RCBC card. You must link to your PayPal account "without credit card," since MyWallet VISA card is not that type of card.
- How to acquire the PayPal EXPUSE Code from RCBC
- How to add the MyWallet VISA card to a PayPal account
- How to withdraw PayPal funds to a recently added RCBC card
- Important tips and things to remember
How to Remove Paypal’s "Withdrawal Limit" Message
If you have just recently signed up for PayPal, your account is probably not yet verified.
It's important to know that unverified PayPal accounts have some limitations. One such limitation is being unable to withdraw funds from PayPal, which can become a problem for some readers (particularly online freelancers). Trying to withdraw PayPal funds with an unverified account may lead to this message “What you are trying to withdraw is greater than your withdrawal limit.”
The above message is usually followed with another message asking you to lift the limit by linking and confirming a debit or a credit card.
If these two messages appear, the reason is probably that your account is not yet verified. If you haven’t gone through the process involving credit cards and verification, then you won’t be able to withdraw your money yet.
Luckily, PayPal cash withdrawal problems due to an account’s unverified status can easily be solved even without using a credit card. If you’re a Philippine resident, then this tutorial will guide you on how to acquire and use RCBC Mercury Drug MyWallet VISA card to verify your PayPal account.
Be sure to remember the order of items in the checklist below. This method should allow for seamless transactions between PayPal and the specified RCBC card.
Here Is a Checklist of Things You Need to Do
1. Sign up for PayPal (new accounts have unverified status).
2. Get requirements when applying RCBC card.
3. Apply for RCBC Mercury Drug MyWallet Visa card.
4. Link RCBC card to PayPal account.
5. Get Expuse code.
6. Verify PayPal account by supplying Expuse code.
7. Add RCBC Mercury Drug MyWallet Visa card as a bank account in PayPal.
8. Withdraw PayPal funds to your newly added RCBC bank account.
What Is RCBC and Why Use It With Paypal?
RCBC (Rizal Banking Corporation) is a local bank here in the Philippines, established in 1960.
In 2016, the bank was the center of controversy when it was involved in the multi-million dollar bank laundering heist stolen from the Bangladesh Bank. Because of this, one can assume that the bank has stepped up its security efforts to prevent similar scenarios to happen in the future.
RCBC's so-called MyWallet VISA can double as an ATM card, allows the user cashless shopping, and can also be used for online banking, which is perfect for over-the-web transactions.
Although there are many ways to link a PayPal account to an RCBC account, the steps and instructions presented here seem to be the most convenient way based on personal hands-on experience.
The best reason to choose the RCBC MyWallet VISA Card is that it can be used to take care of multiple functions—it can verify and fund your PayPal account as well as transfer and/or withdraw your PayPal funds onto it.
That being said, please ensure reading the entire guide and kindly pay attention to all the details. Your questions may already have been addressed within this post’s contents.
Requirements for Verifying PayPal With an RCBC Mercury Drug MyWallet Visa Card
Before we proceed, please make sure that you have already enrolled in the following in order to link and verify your PayPal account with RCBC:
- PayPal Account. PayPal is one of several ways to do transactions online. Please note that one’s account must be verified to fully utilize this particular service.
- RCBC Mercury Drug MyWallet VISA card. This is the credit card alternative that will be used to verify the PayPal account. If you already own an RCBC credit card under your name, you can use it to save you the trouble of applying for an RCBC Mercury Drug MyWallet Visa Card.
Step-by-Step: How to Apply for the RCBC Mercury Drug MyWallet Visa Card
It was actually easy for me to apply for an RCBC Mercury Drug MyWallet VISA card. I simply went to a nearby RCBC Commercial bank and asked for a card that I could link to my PayPal account. Fortunately, the person I talked to was familiar with my inquiry and knew which card to recommend.
The person suggested depositing at least 120 pesos on the card, since PayPal will charge around 101 pesos to verify that the card is legit, not dormant, and has existing funds inside it. Don’t worry though, after PayPal verifies the card, the deducted amount will be returned to the card.
Anyway, just in case the staff you encountered is not familiar with PayPal, here are the instructions one can follow on how to successfully obtain an RCBC Mercury Drug MyWallet VISA card that can be linked with a PayPal account.
- Prepare one valid ID and have it photocopied. I opted for a voter’s ID and it was accepted. Accepted valid IDs are readily available on the internet, but government-issued IDs are mostly welcomed. Examples of such include:
- Driver's License
- PRC ID
- Government Services and Insurance System (GSIS) e-Card
- SSS Card
- Postal ID
- Voter's ID
- Philhealth Card
- Senior Citizen Card
- OFW ID
- OWWA ID
- Home Development Mutual fund (HDMF) ID
- Next, go to any RCBC Commercial bank (DO NOT GO to an RCBC Savings bank) and ask for an RCBC Mercury Drug MyWallet VISA card. Don’t forget to mention Mercury Drug, because other kinds of MyWallet VISA card are available and I'm not sure these other types are accepted by PayPal.
- Present your valid ID and fill out an application form. Once done, you will be asked to deposit 120 pesos (as of posting time) into your card. If the bank staff asks for a lesser amount (like 10 pesos) to be deposited, inform him (or her) that you want to deposit at least 120 pesos to your card right away.
- After filling out the form, be sure to write down and remember the details, such as the branch you applied in, mobile number, address, and email address. You will need these details when requesting the EXPUSE code that will be used to verify the PayPal account.
- Once the application is done, it is possible to get the card right away (in the past there was a 3-day waiting time).
- After receiving the card, ask if the card is already activated. You can test it by using it on an ATM machine.
When the RCBC Mercury Drug MyWallet VISA card is activated, you are one step closer to getting your PayPal account verified.
How to Verify Your PayPal Account Using the RCBC Card
- Go to the PayPal website and log in to your account. Go to “My Account” and click the “Overview” tab.
- Under the welcome message, you will see your account type, status, and your sending/withdrawal limits. Next to your status, you will see “Get Verified” highlighted in blue.
- Click "get verified" and you will be directed to a page where you need to fill out a form about your credit card/debit card. In our case, we will use RCBC Mercury Drug MyWallet VISA card.
- Be sure to fill out the form correctly to avoid any problem. Also, make sure the details on your RCBC Mercury Drug MyWallet VISA card match the details in your PayPal account (particularly full name and billing address). Otherwise, verification will fail. Important information:
- Card type: your card is Visa powered
- Card number: 16 digits found in front of your card, grouped by fours
- Expiry date: located at the bottom right part, on the front of your card
- Security code: 3 digits written in the white rectangle at the back of your card
What and How to Get the EXPUSE Code
Once you followed the instructions above and are done filling out the form, PayPal will automatically send a 4-digit code called the EXPUSE code. You need to contact RCBC to retrieve the EXPUSE code as this is needed for the final step of verifying your PayPal account.
Please remember that there are two ways to acquire the EXPUSE code—via phone support or email.
Phone support is obviously faster as all you need to do is call RCBC at 877-RCBC or 877-7222.
If you opt for email, you must send an email to firstname.lastname@example.org with “EXPUSE Code” as the email subject. It is important to include the following information when sending the email:
- Full name
- Card number
- Issuing branch
- Mobile number
- Billing Address
- Date card was linked
- Email address
It took me almost two days to get my EXPUSE code because my email didn't have all the information. However, some were able to get their code faster (within 12 hours) when following the correct email format.
Final Step of the Verification Process:
- Once you have retrieved the EXPUSE code, log into your PayPal account and return to the “get verified” section.
- A form will appear wherein you have to key in the code.
- After supplying the code, your PayPal account status will now change to Verified.
Please take note that PayPal will charge no less than 100 pesos to determine if the card is active. Don't worry, because the amount will be refunded to your PayPal account.
Benefits of Adding the RCBC Mercury Drug MyWallet VISA Card as a Bank Account to Your Paypal
If you properly followed this PayPal RCBC guide, your PayPal should already be verified. As a verified PayPal account, you are now entitled to the following benefits:
- Make payments to or transact with any online site that accepts PayPal
- Fund your PayPal account using your linked debit card or credit card
- Transfer your PayPal funds to your bank account
Surely, that last bullet piques the interest of the reader. Although it is possible to transfer your PayPal funds to a local bank, the bank must first be added to your PayPal account. How to do so is described in the next section.
How to Add the RCBC Card Under PayPal Bank Account
This process can be done in three simple steps:
- In your PayPal account, hover your mouse above “Profile” tab. Click "Add/Edit Bank Account" (see Figure 1).
- Fill out the necessary details. For your reference, the bank code for RCBC is 010280014 (see Figure 2).
- Once done, click "Save" (see Figure 3).
Instructions to Withdraw PayPal Funds to an RCBC card
After adding your MyWallet VISA card as a bank account in PayPal, you may now withdraw your PayPal funds to it by following the steps below:
- Log in to your PayPal account and click “Withdraw” under the My Account tab.
- You will be prompted to a page that lets you choose from where to withdraw your funds. Choose the option "Withdraw funds to your bank account"
- A new page will appear where you have to fill out your withdrawal details. Here, put the amount you wish to transfer to your bank account. Please note: for amounts less than 7,000 pesos, there will be a 50-peso fee.
- Select RCBC as your bank account. Then click "Continue."
- Once done, PayPal will show you a summary of your transaction details. Be sure to check it for errors.
- Once you confirm the withdrawal, you will receive an email about this particular transaction.
Instructions for Withdrawing Funds From PayPalClick thumbnail to view full-size
Things to Remember When Transferring Paypal Funds to a Bank Account
- Please remember that if there are errors or any incorrect information, the transfer will likely fail and the amount you wish to withdraw will be refunded to your PayPal account. If this happens, you will be charged a 250-peso fee.
- Although PayPal says that your funds will arrive in your bank in 2-4 business days, it may take longer when making a withdrawal request that will cross over weekends and holidays.
- Wait till the date indicated for when your funds will arrive. It usually arrives in the morning. Use your RCBC Mercury Drug MyWallet Visa card to see if the money is already there.
Did You Read and Understand the Entire Tutorial?view quiz statistics
Remember, other banks can also be used to verify your PayPal account and transfer funds to it. The steps might be similar with a few slight differences.
Below is a link for a complete PayPal-and-BPI guide.
- Tutorial: Steps for Transferring from PayPal to BPI
This post will discuss the steps on how to withdraw Paypal funds to BPI (Bank of the Philippines Island) complete with step-by-step pictures - plus other important information.
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
© 2015 writerjj