how Transfer funds to a Philippine bank account using Paypal
- first of all, Make sure that you withdraw atleast $10 USD before making a withdrawal. since $10 is the minimum ammount that you can withdraw.
- Make sure that you are already paypal Verified. you can’t withdraw funds from your paypal account if your account is unverified. if you don’t know how to get paypal verified checkout this post: different ways to get paypal Verified philippines
- if you already own a credit card, Then you’re lucky… just add it to your paypal account and your done. ;-)
I personally use Unionbank’s EON card to verify my paypal account. EON card is the best Alternative for a credit card. it has no maintaining balance (only a P350 annual fee), and best of all it can be used on paypal, google checkout and basically any transaction online requiring a credit card.
to get an EON card, go to the nearest union bank branch and bring the following requirements:
- Xerox copy of 2 valid ids
- copy of your SSS or TIN number (some branches don’t require this, but in my case it was required.)
- P350 fee
- P200 initial deposit (for paypal)
the P200 initial deposit is for paypal. Don’t worry, they won’t take your P200, it’s only needed for account verification purposes. they will give it back to you once you had finished verifying your account.
to help you more on getting verified using eon, fellow pinoy online entrepreneur and ebay powerseller eireen diokno, made a complete video guide on how to use EON card which incledes
- how to get paypal verified using eon
- how to withdraw paypal funds to a local philippine bank account
if you’re already paypal verified and looking for a way to withdraw your funds using a different bank account rather than a Union bank account.(ie: banco de oro, BPI, etc..) then what you should do is link those accounts to your paypal account. here’s how to do it.
- login paypal
- under “profile tab” click on Add/edit bank accounts
- on the bank accounts screen, click on “ADD”
- Complete the form and hit continue.
note: you will be asked for the “BANK CODES” Here is a list of Bank codes of the Philippines
After you had successfully added your bank account information, you can now withdraw paypal funds to that bank account. if you still have no idea on how to do it, I made a Video a long time ago on how to do it watch it below:
Take note: making a withdrawal to your card is more expensive. so I recommend you withdraw it using your bank account. (eon card can also be used as a bank account)
after completing those steps, you can now relax and wait for the money to arrive at your local bank. this process usually takes about 3-7 business days (mine usually takes 3)
if you have any questions or you would like to add anything else, Feel free to add a comment below.