Paypal allows fund withdrawal through local banks
Sunday, January 27, 2008
Good news to my fellow Paypal users!

You can now withdraw your funds and transfer them to your Philippine bank account without the $5 fee. Paypal has added this option aside from withdrawing your fund to your credit/debit card. Check out this table for processing time and cost.

You would be asked to enter your name, bank name, the 9-digit bank code (ask your bank for this, I'm not sure if it's the same with the swift code), and the 1-16 digits (depending on your bank) of our bank account number.

Php7000 is about $170, so you might want to limit your withdrawal to that amount or more so you won't be charged anything. And yeah, the name on your Paypal account should be match EXACTLY to the name on your bank account to avoid problems. Here is Paypal's notice and guidelines for this concern.

For more details, log on to your Paypal account and click on the WITHDRAW tab.

This is definitely good news as I hear a lot of griping about Unionbank's EON card.

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's thoughts were ambushed at 9:59 PM

2 wisecracks:

  • At 10:16 PM, Anonymous GM Tristan's ambushed thoughts were:

    does this mean we can use the EON as the bank?

  • At 11:57 PM, Blogger aMbUsH101's ambushed thoughts were:

    we can use EON as one of the credit/debit cards. the fund transfer to local bank accounts is an additional avenue for you to get your paypal funds. i believe they did this to encourage paypal usage in the country.