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How to Withdraw From PayPal to a Bank Account in the Philippines

Renz is a digital technology enthusiast. He devotes his time to studying how these platforms can help make things work for us.

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!

Earning via the Internet

It always feels great earning in cyberspace. In this article, we will discuss 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 focus 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.

How to Verify Your PayPal Account Before You Begin

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!
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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

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

How to Register 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