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A lot of Filipino Paypal users may not realize this, but they can turn their PayPal funds into physical cash by transferring them to their local bank. The only thing stopping them is the concern that the transfer may not be successful or that an error may occur which may lead to the possibility of the money being lost in cyberspace. This article contains step-by-step instructions on how to safely transfer money from PayPal to Bank of the Philippine Islands (BPI), a local bank here in the Philippines.
Here is what you can expect to learn from this Paypal to BPI transfer guide:
- How to withdraw PayPal funds to BPI
- How to verify and fund your PayPal account using BPI
- Tips, things to remember, and requirements when withdrawing PayPal funds
It is also important to note that the steps mentioned here apply only to BPI. While the steps may also be somewhat applicable to other local Philippine banks such as Metrobank, BDO, Unionbank, etc., there will likely be many differences in those processes as well. For instance, the bank routing number (9-digit bank code), number of processing days, processing fees, etc. mentioned here apply only to BPI.
Lastly, since we are on the topic of withdrawing money, I will also briefly discuss some of my methods for depositing or transferring money into my Paypal account.
Requirements for Withdrawing From Paypal to BPI
Before withdrawing PayPal funds to a BPI savings account, be sure that you have the following requirements:
- You must have the correct bank routing code, also called the 9-digit bank code (please be advised that this is not the same as the card number or the account number).
- The registered name with PayPal must match with the one on the bank account.
- The bank account must be active and working.
- Your PayPal account must be verified.
- The savings or ATM account to which money will be transferred to must first be added to your PayPal account (see steps below).
Once the above requirements are accomplished, the user may proceed with the funds transfer.
Steps to Link a BPI Savings Account to PayPal
- Log in to your verified Paypal account.
- Click the Profile menu which is part of the “My Account” section.
- A drop-down box will appear. Choose “Add/Edit Bank Account.”
- Fill in the necessary information about your BPI savings (ATM) account.
Steps to Transfer Paypal Funds to BPI
Withdrawing funds from Paypal to BPI (or any other local banks for that matter) is relatively easy. The option is easily viewable and accessible once a user logs in to his or her PayPal account.
- Click the “Withdraw" button. It can be found near the “Add Funds” and “History” buttons.
- After clicking "Withdraw," you will be directed to a page where you must choose whether to withdraw the money to a bank account or to a registered PayPal card. For our purposes, we will choose the former.
- After selecting the “Withdraw to Bank" option, you will be directed to the following page (pictured below).
- Be sure to double-check that the important fields are entered correctly. Make sure the amount to be withdrawn and the appropriate bank are selected. Check that the last four digits correspond to the last four digits of your bank account.
- After double-checking the mentioned fields, proceed by clicking on the “submit” button.
Read More From Toughnickel
As can be seen in the screenshot above, I am withdrawing $290 to my BPI ATM account. Even though it is possible to fund your PayPal account with your credit card, the bulk of my PayPal funds ($290) are coming from other online sources like HubPages, oDesk, and YoHoHoN.
Review Your Withdrawal Information
Before finalizing the transaction, PayPal will ask you to verify again if all information is correct. Below is a screenshot of the particular page.
This is your last chance to edit the transaction. Be sure that all info is correct before proceeding.
Your Request Is Being Processed
This screen is the last portion of the transaction. This part will ask you if you want to visit the details of the withdrawal request or if you would like to go back to your account overview page.
If you choose the first option, here is a screenshot example of what the transaction details look like.
How Do You Know If the Transfer Is Successful?
To know if a PayPal to BPI fund transfer is successful, simply check your bank balance or ask for a copy of the statement balance. By the way, the transaction will fall under the remittance category. As can be seen in the photo below, there is a banking fee of 150 pesos for the transaction.
As you can see in the first picture, the original amount supposed to be given by PayPal has had 150 pesos deducted, and it took three days to process—which is actually relatively fast and hassle-free.
Is there a preferred time to begin the transfer?
Do the transfer on a Monday. Avoid letting the transaction process pass over a weekend or holiday if possible.
How do you put money into PayPal?
There are many ways to put money into Paypal. My favorite one is the BPI Credit Card.
How can I use BPI credit cards with PayPal?
As mentioned in this article, BPI savings and ATM accounts are mainly used to withdraw money from PayPal. However, BPI credit cards can also be used to:
- Verify a PayPal account
- Make online purchases after it has been linked
- Fund a PayPal account
How can I add, link, and verify PayPal with a BPI credit card?
When you use your BPI credit card to verify your PayPal account, it will automatically become linked to your PayPal account.