PayPal now suports withdrawal to Philippine banks

Author: Dennison Uy - Graphic Designer

29 Jan

Finally, PayPal has added support for withdrawals to Philippine banks!

Some interesting facts from the article:

How long does it take for funds to reach my bank account?
It typically takes 5-7 business days. However, depending on your bank’s policies, it may take longer.

Are there any minimum or maximum withdrawal amounts?
No, once you are a verified PayPal member, there are no minimum withdrawal amounts or maximum withdrawal amounts. However, non-verified PayPal members will not be permitted to make withdrawals of any amount. Learn more about verification.

Can I withdraw US Dollars to a US Dollar denominated Philippine or Indonesian bank account?
No. At this time, PayPal only supports withdrawal to Peso or Rupiah bank accounts located in the Philippines or Indonesia. However, you can withdraw funds in US Dollars, if you have a United States bank account. Add a United States bank account to your PayPal account now.

How much does it cost?
For Philippine users, withdrawals of PHP 7,000 or more are free. For withdrawal amounts less than PHP 7,000 there will be a fee of PHP 50.

Foreign exchange fees may also apply. Check our schedule of fees for details. Please note that some banks charge their customers a fee for electronic funds transfers. PayPal can make no assurances that you will not be charged by your bank. Please ask your bank whether it charges for electronic fund transfers before you initiate a withdrawal.

Below are screenshots taken from my own account:

As you can see, I have already added my Metrobank account. In order to add a local bank account, you need to know the bank code, which I am listing here:

BANK NAME	9 digit bank code
ALLIED BANKING CORP	010320013
AUSTRALIA NEW ZEALAND	010700015
ASIA UNITED BANK	011020011
BANGKO SENTRAL NG PILIPINAS	010030015
BANGKOK BANK	010670019
BANK OF AMERICA	010120019
BANK OF CHINA	011140014
BANK OF TOKYO	010460012
BANCO DE ORO (& EPCIB)	010530667
BANK OF COMMERCE	010440016
BANK OF THE PHIL ISLANDS	010040018
CHINA BANKING CORP	010100013
CHINA TRUST COMML BANK	010690015
CITIBANK N.A.	010070017
DEVT BANK OF THE PHILS	010590018
DEUTSCHE BANK	010650013
EAST WEST BANK	010620014
EXPORT & INDUSTRY BANK	010860010
FUJI BANK	010640010
HONGKONG AND SHANGHAI BANK	010060014
INTL COMML BANK OF CHINA	010560019
INTL EXCHANGE BANK	010680012
JP MORGAN CHASE BANK	010720011
KOREA EXCHANGE BANK	010710018
INTL NEDERLAND BANK	010660016
LAND BANK OF THE PHILS	010350025
MAYBANK OF THE PHILS	010220016
METROPOLITAN BANK & TRUST CO	010269996
PHIL BANK OF COMMUNICATION	010110016
PHIL TRUST COMPANY	010090039
PHIL NATIONAL BANK	010080010
PRUDENTIAL BANK	010150018
PHIL VETERANS BANK	010330016
RIZAL COMML BANKING CORP	010280014
SECURITY BANK & TRUST CO	010140015
STANDARD CHARTERED BANK	010050011
UNITED COCONUT PLANTERS BANK	010299995
UNION BANK OF THE PHILS	010419995
UNITED OVERSEAS BANK	010270189

Is your bank not listed? You may want to check the official table from time to time, which is located at eBay website.

Technorati Tags: paypal, phillippines, paypal philippines, bank, withdrawal, e-commerce, money, online, finance

11 Responses for "PayPal now suports withdrawal to Philippine banks"

JONxBLAZE January 30th, 2008 at 6:56 am 1
Hey thanks for putting this up man, this will really help me out. I’ve been wiring money via my bank account, do you know how much the fee is to withdraw from the P.I?

JONxBLAZE’s last blog post..What Can Mixx Learn From the Digg Revolt?
Dennison Uy - Graphic Designer January 30th, 2008 at 12:02 pm 2
Free. There is no withdrawal fee for withdrawals over PHP 7,000.

For withdrawal amounts less than PHP 7,000 there will be a fee of PHP 50.

Take from the official announcement page
idle me February 28th, 2008 at 12:14 am 3
pardon me for my ignorance, does this mean that one no longer needs to use a union bank eon debit card?

idle me’s last blog post..Kinda Excited
Dennison Uy - Graphic Designer February 28th, 2008 at 1:37 am 4
@idle me, we are never restricted to Unionbank EON card. To answer your question directly, YES
idle me February 28th, 2008 at 7:12 pm 5
thanks. kindly inform us later on if it will be better/advisable to make a withdrawal from one’s savings account than doing the same through union bank eon.

idle me’s last blog post..Kinda Excited
Dennison Uy - Graphic Designer February 29th, 2008 at 10:37 am 6
Personally I prefer doing bank withdrawal because there is no limit to the amount that can be withdrawn.
steph March 3rd, 2008 at 4:43 pm 7
Hi, you are using a metrobank account right? is that a passbook savings account? have you tried withdrawing from it already?
Dennison Uy - Graphic Designer March 5th, 2008 at 8:37 pm 8
Savings account. Not yet, still waiting for $ to go up!
Bean April 15th, 2008 at 11:42 pm 9
Hi! Is it necessary to indicate my Metrobank branch? Can I use Metropolitan Bank and Trust Company as the bank name?
Dennison Uy - Graphic Designer April 16th, 2008 at 7:37 pm 10
Yes!
steph June 19th, 2008 at 1:06 pm 11
Hi, it’s me once again, I haven’t verified my paypal account yet.. have you? You need to put your credit card details to do that right?

Have you withdrawn already?

How was the transaction?

Thanks!