BusinessFinding a JobFrugal LivingIndustriesInsurancePersonal FinanceReal EstateScams & FraudSelf-EmploymentStarting a Business

How to Withdraw from Paypal to a Bank Account in the Philippines

Updated on September 25, 2016

Joined: 4 years agoFollowers: 314Articles: 70
Withdrawing Paypal Money to Bank Account in the Philippines
Withdrawing Paypal Money to Bank Account in the Philippines | Source

How much are you earning monthly towards your Paypal account?

See results
It's time to withdraw your hard-earned money from Paypal to your own Bank Account!
It's time to withdraw your hard-earned money from Paypal to your own Bank Account! | Source

Earning via the Internet

It always feels great earning through the cyberspace. In this article, we will learn together how to cash out your PayPal money through your bank account. It's fairly easy, and all the steps necessary are conveniently detailed here in this article.

Important Note: This post will centralize more on using Unionbank’s EON Banking in getting PayPal earnings to your bank.

Essential Steps to Withdraw from Paypal to a Bank

Before we begin, let me just outline the basic steps in withdrawing your Paypal money to a bank account. Hence, in case, you already know some of the steps, you may freely skip them.

  1. Verifying your Paypal Account
  2. Getting Your Bank Account Ready/ Getting Your EON Card
  3. Registering Your Bank Account under Paypal
  4. Withdrawing Money from Paypal

Now, that I've set out the outline, let's begin the process of your Paypal withdrawal!

Start verifying your Paypal account to enable withdrawal to your bank account!
Start verifying your Paypal account to enable withdrawal to your bank account!

Important Notes:

On Using EON Card

When using an EON card of Unionbank, it is not necessary that you use the same card for verification, although you are definitely free to do so. That being said, you also use your credit card to fund (i.e. the P100 charge) and to verify your account.

On P100 Verification Fee

Paypal will charge a P100 fee over your credit card/eon card for the verification process. Fret not. This will be reimbursed back to your Paypal balance.

Verifying Your Paypal Account

Before you can actually withdraw anything from your Paypal account, you will need to verify your account. Hence, if you haven't done so, it's about time that you do, but don't worry I'll help you out on that.

Here are the things you need to do:

  1. Ready your credit card or your Unionbank EON card, and take note of the 3 digit code at the back of the card (near the signature portion)
  2. Click on "Get Verified Now" or something similar
  3. Properly indicate all the necessary details of the card you own (e.g. Mastercard, Visa, etc) including the 3-digit code
  4. Verify again all the details before you click on next
  5. After the steps listed above, you will still need to wait for you credit card/bank statement (but you may do this via customer service to hasten the process) to get the verification code. (Paypal will expound on this)
  6. Input the verification code, and you are done with this step!

Ensure that You Have A Balance to Withdraw

Alright, before we proceed further. You need to make sure of course that you have money in your Paypal account. Luckily, the home page of Paypal is already accurate enough, and clearly show to you your updated balance.

Earnings from Hubpages go to Paypal Account, which then could next go to the Bank Account
Earnings from Hubpages go to Paypal Account, which then could next go to the Bank Account
Unionbank's EON - good for Philippine Paypal users!
Unionbank's EON - good for Philippine Paypal users!

Getting Your Unionbank EON Card

Just in case that you don't have other banks yet, it is suggested that you try getting a Unionbank EON Card for these simple reasons:

  • You may use it for verification process (good for those who do not own credit cards)
  • There is no maintaining balance
  • It is included in the accepted banks for Paypal withdrawals
  • There is no separate transaction fees in transferring funds, except for a P10-charge for each time you use the ATM

You may want to check out more about the EON Card (especially for the requirements) in Unionbank's Website.

Other Important Things to Note:

  • There is an annual charge of P350 for the EON Card
  • If the average amount of balance you have in your account reaches at least P10,000, you get a measly 0.10% interest.
  • Unionbank charges P10 for every ATM-transactions, so always transact big time!

List of Paypal Acceptable Banks in the Philippines

  • Banco de Oro
  • Bank of Philippine Islands (BPI)
  • Philippine National Bank
  • Security Bank and Trust Co.
  • Unionbank
  • United Coconut Planters Bank (UCPB)
  • more

For the complete list, you may want to check out the post of pinoymoneytalk.com

Registering Your Bank Account under Paypal

It's fairly easy to add a bank account for withdrawal in Paypal.

My account > Withdraw > Withdraw Funds to Bank Account (this is a crucial one) > Add Bank Account

From there, you will need to fill up the necessary information about the bank such as the following:

  • Country
  • Name on account
  • Bank name
  • Bank code (you may retrieve information about this through the link provided on the right)
  • Account Number

After clicking on continue, it will be added now to your account. Unfortunately, you will not be able to change any details so make sure everything else is accurate. If in case you had a mistake, delete the bank and start again.


Withdrawing Money from Paypal to Bank

Now that everything is set, you are down to the very last step! Luckily, all the remaining steps are basic which include only the following:

  • Indicating the amount you want to withdraw
  • Choosing the bank account you want your money to be sent to

Take Note:

The minimum amount of withdrawal in the Philippines is P500.

Click thumbnail to view full-size
Finalizing the details of your withdrawal to Bank AccountAlmost there - the final step in withdrawing Paypal money to your bank account!
Finalizing the details of your withdrawal to Bank Account
Finalizing the details of your withdrawal to Bank Account
Almost there - the final step in withdrawing Paypal money to your bank account!
Almost there - the final step in withdrawing Paypal money to your bank account!

You will easily know you completed the process, when you are brought to the page that looks like this:

Transaction Detail - Proof that the Withdrawal from Paypal is completed
Transaction Detail - Proof that the Withdrawal from Paypal is completed

How long should you wait before the withdrawal gets completed?

The entire process should take a minimum of 2 business days to be completed (i.e. from paypal to your bank account). Take note that there are 2 major processing done. The first one is when Paypal sends it, and the second one is when your bank receives it (after clearance).

Click thumbnail to view full-size
Pending Status of WithdrawalCompleted Status of Withdrawal
Pending Status of Withdrawal
Pending Status of Withdrawal
Completed Status of Withdrawal
Completed Status of Withdrawal

It is important to note that the term "Completed" only refers to the first process involve which pertains to Paypal's sending of money.

You need to check your own bank's balance status to determine whether the withdrawal process is entirely completed. In my case, I got my money 2 days after the status turned to "Completed" in Paypal. Here's a snapshot to give proof to it:

Receiving Money Using Unionbank's EON

Receiving money from Paypal using Unionbank's EON
Receiving money from Paypal using Unionbank's EON

You've reached the end!

I hope you were able to find this guide completely helpful. However, in case, you found something unclear, feel free to drop a comment. I will be glad to assist you to the best of my abilities and experience.

Cheers and happy earning online!

© 2014 Renz Kristofer Cheng

Comments

    0 of 8192 characters used
    Post Comment

    • brycekiguchi profile image

      brycekiguchi 3 years ago

      I'm using my Unionbank ePaycard with PayPal.

      Neat looking article. Voted up!

    • yougotme profile image
      Author

      Renz Kristofer Cheng 3 years ago from Manila

      Hello there! Thanks man! I also personally use an EON card to withdraw money frlm Paypal. :)

    • bron 2 years ago

      Hi,

      May I know if you included your middle initial in the account name when you linked your bank account to PayPal? You see, my account name also includes my middle initial, but I see the PayPal account name only uses first and last name.

    • yougotme profile image
      Author

      Renz Kristofer Cheng 2 years ago from Manila

      If I can remember it correctly, I didn't put my middle initial, since there was no separate field for it. :)

    • Thelma Alberts profile image

      Thelma Alberts 2 years ago from Germany

      Very useful and informative hub. Although I am not using EON bank for my Paypal account, it is still interesting to know how it is in the Philippines. I´ll pass this hub to my nephew who is also writing online. Thanks for sharing.

    • yougotme profile image
      Author

      Renz Kristofer Cheng 2 years ago from Manila

      You're welcome, and thank you for appreciating the hub Thelma!

    • DenverMaria 2 years ago

      All my debts have been paid for. TY Universe!

    • yougotme profile image
      Author

      Renz Kristofer Cheng 2 years ago from Manila

      I'm happy to hear that DenverMaria!

    • jonathan 2 years ago

      my paypal account is limited and my eon card is not verified yet but i already add it to my paypal account.when i try to verifiy my card it automatically log me off..anyone cn help me on how can i verify my card

    • solomon martinez 2 years ago

      How much will BPI charged if I withdraw my Paypal funds thru them?

    • yougotme profile image
      Author

      Renz Kristofer Cheng 2 years ago from Manila

      Hello there buddy! When I asked a BPI staff a few months back, she was unsure and not knowledgeable of the Paypal process.

      Sorry, I won't be able to help you on this. :(

    • Saadat Ali profile image

      Saadat Ali 2 years ago from Pakistan

      very informative, your article cleared my concepts. thanks for sharing this useful information.

    • yougotme profile image
      Author

      Renz Kristofer Cheng 2 years ago from Manila

      @Saadat Ali Thanks and you're welcome! I hope the details here are also useful there in your country.

    • cinderella14 profile image

      Sharon 2 years ago from Philippines

      This is a very helpful hub. I'm sure those who will be able to read this can ask for no more. Every detail has been covered. I personally use LBP for transfer of funds. Have a great day!

    • yougotme profile image
      Author

      Renz Kristofer Cheng 2 years ago from Manila

      Thanks for dropping by and leaving a comment cinderella14! Hopefully, this hub is providing more clarity on how to withdraw money from Paypal.

    • hypnodoctor profile image

      hypnodoctor 23 months ago

      In my country (and I believe in most countries in the world), it's the VISA card that can accept withdrawals from PayPal. There's a fee associated with it, though (I think it's 2 EUR for me). If you can get a bank that offers Visa Electron instead of Maestro card as the bank card, it's even easier because there's no delay between getting the money on your card and then it being transferred to your account (usually 1-2 days).

    • yougotme profile image
      Author

      Renz Kristofer Cheng 23 months ago from Manila

      @hypnodoctor Thank you very much for sharing that piece of information with us!

    • Javier 3 months ago

      nice article, i have some doubts, if my money in paypal is in $ and i want ro withdraw to my eon bank acc the money that i will receive remains on $ or this bank acc only works in PHP, and if so is there any currency fee involved or how this works? one more question, the eon card have any limit in pos purchases per day? for example if i need to use it 20 time in 20 differents purchases online or phisical could i do that?

    • Rosheena 3 months ago

      will there be discrepancies, if my BPI is savings account?

    • yougotme profile image
      Author

      Renz Kristofer Cheng 3 months ago from Manila

      @Rosheena - I haven't tried personally, but my friend went through the same procedures with his Metrobank account

      @Javier - the amount will automatically be converted to PHP and usually it uses the exchange rate of Paypal. I believe there is no limit in POS purchases

    • Avegail 3 months ago

      Can I withdraw in any ATM that has visa or megalink? or do I just need to withdraw at a union bank atm?

    • yougotme profile image
      Author

      Renz Kristofer Cheng 3 months ago from Manila

      As far as I know, yes you can withdraw in ATMs other than UnionBank. However, I am not sure if other ATMs charge for incoming transfers from Paypal. What I know is, Unionbank and Metrobank do not charge additional.

    • elvin 2 months ago

      hey thats great thanks i see theres have 0.10% intereset for 10,000 balance ..

      but how many months to get interest ??

      i withdraw my paypal account around 40,000 to 60,000 monthly .. using my eon card ...

    • CHRISTIAN 7 weeks ago

      Good day sir i would like to seek on your assistance on this matter, my link bank account is china bank then the status of my current balance is still on-hold status,

      Should i get a card on unionbank or china bank is okay?

      thanks

    • yougotme profile image
      Author

      Renz Kristofer Cheng 7 weeks ago from Manila

      @elvin it's computed on an average daily balance (ADB) basis. So, if you withdraw your money immediately, you will not be able to hit the 10,000 ADB to earn the interest.

    • yougotme profile image
      Author

      Renz Kristofer Cheng 7 weeks ago from Manila

      @CHRISTIAN Have you already verified your account? You need to verify your account first before you can transfer funds to your bank account.

    • Ken Navea 7 weeks ago

      Sir, I am using RCBC Mywallet visa card and my paypal already verified and the said account is already linked as my bank account.. and i withdraw to bank account 3weeks ago, i've been worrying and then i got an email now saying my transfer is reversed it said invalid bank account info. but upon checking i put all correct info. my only concern is my Middle name on my bank account it says "Ken Cruz Navea" and on my Paypal It's just Ken Navea, maybe thats a factor? what do u think sir? how about i try withdraw using Credit Card or Debit card option? will it be less hassle? thanks

    • yougotme profile image
      Author

      Renz Kristofer Cheng 6 weeks ago from Manila

      @Ken The name might just be a minor issue. It's possible that the "Mywallet" visa card is not an acceptable "bank account", but this is just a guess. Have you contacted Paypal customer service regarding the issue? I think it's better to have a Savings Account as your linked bank account, since MyWallet is a prepaid visa card.

    • Myss 4 weeks ago

      Hi do you know if i can transfer and withdraw my paypal fund with Metrobank debit Mastercard?

      I got $100 to withdraw and it's my first time to use paypal

      Thanks

    • yougotme profile image
      Author

      Renz Kristofer Cheng 4 weeks ago from Manila

      Yes, I have a friend who was able to withdraw from Paypal to his Metrobank account, although he noted that there might be a fee (or possibly just exchange rate difference).

    • josephtf 4 weeks ago

      Hi. I withdrew money from my PayPal to my BDO account last December 5, 2016. It is showing in the PayPal that the process is completed already, yet the money is still not showing in my BDO account up to now. Thank you in advance for your reply.

    • Plegin 4 weeks ago

      Is there a transfer fee involved when you transfer your balance from Paypal account to your EON account? I know Paypal already charged people once they received payments. So my question is will there be another fee when you try to withdraw/transfer to you EON account?

    • yougotme profile image
      Author

      Renz Kristofer Cheng 4 weeks ago from Manila

      Hi there! You may want to double check the details of the transfer including the bank account number. When did the status change to Completed? I asked because you still need to wait for the payment to clear about 3 more days after it turns to Completed.

    • Dishang 3 weeks ago

      I just applied for an EON acct w/ UBP. This is the article I am looking for. Will update once I get the Card, add it on my Paypal, and get paid (hopefully). thanks!

    • yougotme profile image
      Author

      Renz Kristofer Cheng 3 weeks ago from Manila

      Looking forward to that Dishang! Congratulations!

    • nuzzo 2 weeks ago

      Has anybody used Auction Essistance to get money out of their account? I am unable to get a bank on my own.

    • workingstudent 13 days ago

      hi sir

      i got a bit of problem here, cause when i withdraw my money on paypal to my bank i accidentally put/fill my card number instead the account number, and it got process, what will happen to my money? please help me

    • yougotme profile image
      Author

      Renz Kristofer Cheng 13 days ago from Manila

      Chances are the transfer will not push through and it will be credited back to your Paypal balance.

    Click to Rate This Article