Wednesday, February 9, 2011

An Overview: Withdraw from PayPal to a Philippine Bank Account

Instead of detailing the withdrawal process in ever post of the PayPal-to-Bank series, I decided to place the basic process of linking PayPal to a Philippine bank account here. So whenever you need to check if you’ve done the withdrawal process correctly, you can just visit this post for reference.

Requirements for PayPal to Bank Account Withdrawals

Before you can withdraw your PayPal funds to a Philippine bank account, your account must be verified. You can do this with either a Mastercard or Visa credit or debit card. For Pinoy freelancers using oDesk, I would suggest applying for a Payoneer debit card or an EON Cyber Account at Unionbank Philippines to do this.

Once your account is verified, here’s what you need to withdraw your funds from PayPal:

  • Bank account name – Unionbank Philippines, Bank of the Philippine Islands, etc.
  • Bank account number – usually the number is found at the back of your card
  • Bank code – you can download a free copy of the updated list of Philippine bank codes here
  • Funds over PhP 7,000 or USD 160 – this is to avoid the PhP 250 withdrawal fee imposed by PayPal

If you don’t already have a bank account added to your PayPal profile, you can add one by visiting your PayPal account page, hovering your cursor over Profile, and clicking on Add/Edit Bank account. You can then add your bank account details there to start the withdrawal process.

The Withdrawal Process in Detail

Now we’re ready to withdraw our funds from PayPal to a Philippine bank account. Follow these steps and make sure that the details are correct to avoid any errors along the way:

  1. With enough funds in your PayPal account, click on the Withdraw link on the top menu to be directed to the Withdraw Funds page.

  2. You’ll be given 2 choices: withdraw funds to your bank account or withdraw funds to your card. Select the first one. Funds over P6,999 are free of any withdrawal charges while funds below this amount are subject to P50 charge.

  3. Type in the amount you wish to withdraw to your bank account. Avoid using a comma when entering a 4-digit amount to avoid unnecessary confusion. And if you’re receiving foreign currency, you can use PayPal’s currency converter to find out how much you are going to receive after converting to peso. Once you’re ready, click Continue.

  4. Review your transaction and click on the Withdraw Funds button to complete the transaction. Expect your earnings to arrive in your bank account in 3 – 5 days’ time.

If you have any questions or don’t understand something in this tutorial, just leave your questions in the comments below.

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