How to Withdraw from Paypal to a Bank Account in the Philippines
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.
- Verifying your Paypal Account
- Getting Your Bank Account Ready/ Getting Your EON Card
- Registering Your Bank Account under Paypal
- Withdrawing Money from Paypal
Now, that I've set out the outline, let's begin the process of your Paypal withdrawal!
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:
- 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)
- Click on "Get Verified Now" or something similar
- Properly indicate all the necessary details of the card you own (e.g. Mastercard, Visa, etc) including the 3-digit code
- Verify again all the details before you click on next
- 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)
- 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.
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.
- United Coconut Planters Bank (UCPB)
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:
- 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
The minimum amount of withdrawal in the Philippines is P500.
You will easily know you completed the process, when you are brought to the page that looks like this:
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).
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
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