Paypal to Bank Account

I've been searching the internet for testimonies or comments regarding Paypal withdrawal to Bank account/s in the Philippines and I've been jumping from one website to another hoping that I could get a detailed explanation or information but none satisfied my queries.

My wife (chikai - BLOGSILOG) and I decided that in order for us to know this kind of transaction, we have to go over and experience it personally. And glad to know that all the transactions we did went well as expected, though there were some problems along the way... we still manage to complete the process.

Sharing herewith are the information we come along and might be useful for your future "Paypaling":

TO ACQUIRE A VERIFIED PAYPAL ACCOUNT

1.) Visit PAYPAL to apply an account for FREE

2.) Apply an EON VISA ELECTRON Debit Card at UNIONBANK and have it activated. Make sure you will have at least P200.00 initial deposit in preparation for your first paypal transaction. Request for the Expanded Use Program fron Unionbank in order to complete Paypal Verification System. This process will take you 7 - 14 days to complete.

3.) You can also use your current and active Bank account. In my case I have an International ATM Savings Account from Banco de Oro and an ATM Savings Account from EPCIB-BDO.

4.) When the above mentioned details are available, open your paypal account and link your EON VISA ELECTRON by clicking on the PROFILE then CREDIT/DEBIT Card link. For BANK ACCOUNT/S you personally have, just click PROFILE and then ADD or Edit Bank Account.

5.) Once checked and approved by Paypal then you are now a VERIFIED PAYPAL USER.

TO WITHDRAW MONEY FROM PAYPAL

There are only two (2) things to remember in withdrawing your money. The Fees and the Bank Account.

Consider the following:

1.) Fees: Unionbank Visa Electron Debit Card - $5.00 per transaction with $500 as the maximum daily withdrawal.

2.) Fees: Banco de Oro or EPCIB - Service Fee of P200 per transaction irregardless of the Amount. Paypal charges NO WITHDRAWAL FEE if the amount is P7,000 or more and P50.00 charge for P6,999 and below. However, there is a P200 charge for Paypal withdrawal to Banco de Oro (BDO). I don't know with the other banks of how much is their charges for PAYPAL Remittances.

I emailed Banco de Oro (BDO) customer representative asking what the P200 is all about, here is the reply:

We wish to inform you that the following service fees will be charged from the gross amount received by BDO for inward remittances (which may take the form of a bank draft, telegraphic transfer, mail transfer or check) and for local inward telegraphic transfers:

INWARD REMITTANCE

1. US Dollar remittances received and to be credited to a US Dollar account- Service charge is USD 5.00

2. US Dollar remittances received and to be credited to a Peso account- Service charge is Php 100.00 + documentary stamps If the remittance was not directly sent through a BDO correspondent bank or tie-up, there might be additional fees charged by the intermediary banks. Unfortunately, we don't have any information as to how much an intermediary bank charges for an inward remittance.

LOCAL INWARD TELEGRAPHIC TRANSFER

1. P200.00

Paypal, as we all know is the most and widely used electronic payment system in other countries and now in the Philippines. Of course, once electronic there is always the risk of losing your money..... so be careful and keep all information CONFIDENTIAL ALWAYS.

Update: PAYPAL BANK CODES CLICK HERE