Super Tips to Withdraw Your Paypal Money in the Philippines

Super Tips to Withdraw Your Paypal Money in the Philippines

How do you withdraw your Paypal money in the Philippines? There are a dozen of options out there. You could use almost any of the big banks out there. 

Paypal charges Php50.00 if you want to transfer an amount that is less than Php7,000. Otherwise, it would be free of charge on the Paypal end for transfers worth Php7,000 and above. But, our local banks may also charge us depending on their arrangement with Paypal.

UnionBank of the Philippines is the most popular method for online workers like us. Open Eon Visa Debit Card and link it to your Paypal account. It has been in the market for a long time. There is much positive feedback as this bank is a partner of Paypal, and many online workers use it. It is also linked to Visa so you can use it for your online transactions.

Using UnionBank EON, there is no charge for regular transactions. Usually, it takes a minimum of 2 days for the completion of transfer from Paypal to the EON account.

However, UnionBank has limited branches in the provinces. If you have to process something in the physical bank itself, it’s a hassle. For example, the nearest UnionBank branch from San Pablo City is at Calamba City. How if I encounter a problem with my bank account? I may have to go to the nearest bank branch to settle the disputes personally.

If you have your accounts on other accounts listed below on the table, you may also link it to Paypal. These are also options to withdraw your Paypal money in the Philippines. Yes, these banks could be easily accessible. But, regular banks charge a certain amount for the bank transfer transaction. BPI charges an extra Php150, while BDO charges its extra Php200 to Php250 for the transfer (as of Sep ’17). For small earners, that amount would count. There are also reports that the transaction could take from 5 to 7 days. You may check with your local banks for specific details.

 One of the best ways is to use GCash. Using Gcash, withdrawing your money to your account is almost real-time with no additional charge. It’s better than the regular banks in terms of cost. GCash is a service partnered with MasterCard. You can only, however, cash-out from your nearest Globe Business Center or any authorized GCash outlet. If you want to know more about GCash, visit this link.

One of my ultimate tip to withdraw your PayPal money in the Philippines is to use EastWest Bank account. What makes their account one of the best options?

After reading online forums and carefully weighing the pros and cons, we decided to try the EastWest basic savings account. The initial deposit requirement is just Php100, and there is no annual fee. Plus, it’s a Visa card. The EastWest option is far more accessible than UnionBank for us, as we do have a local EastWest bank here. ATM is also available anytime.

The first withdrawal transaction from Paypal to EastWest may take 3 to 5 days. But after that, you could receive your money in less than 24 hours. I usually transfer money at around 5 am. I always receive the money that I transfer at around 6 pm or earlier on the same day. There is absolutely no additional bank transaction fee on top of Paypal charges.

Bank Codes for Paypal

If you want to try to link your bank account with Paypal, here’s the latest list of local banks in the Philippines that you may link with Paypal, together with their corresponding codes. You may use these to withdraw your Paypal money in the Philippines.

BANK NAMEBANK ACCOUNT
ALLIED BANKING CORP010320013
ASIA UNITED BANK011020011
AUSTRALIA NEW ZEALAND (ANZ) BANK010700015
BANCO DE ORO (BDO)010530667
BANGKO SENTRAL NG PILIPINAS010030015
BANGKOK BANK010670019
BANK OF AMERICA010120019
BANK OF CHINA011140014
BANK OF COMMERCE010440016
BANK OF THE PHILIPPINE ISLANDS (BPI)010040018
BANK OF TOKYO010460012
CHINA BANKING CORP (CHINABANK)010100013
CHINA TRUST COMMERCIAL BANK010690015
CITIBANK PHILIPPINES N.A.010070017
DEUTSCHE BANK010650013
DEVELOPMENT BANK OF THE PHILIPPINES (DBP)010590018
EAST WEST BANK010620014
EXPORT & INDUSTRY BANK010860010
FUJI BANK010640010
HONGKONG AND SHANGHAI BANK (HSBC)010060014
INTERNATIONAL COMMERCIAL BANK OF CHINA010560019
INTERNATIONAL NEDERLAND BANK010660016
INTL EXCHANGE BANK010680012
JP MORGAN CHASE BANK010720011
KOREA EXCHANGE BANK010710018
LAND BANK OF THE PHILIPPINES (LANDBANK)010350025
MAYBANK010220016
METROPOLITAN BANK & TRUST CO. (METROBANK)010269996
PHIL TRUST COMPANY (PHILTRUST)010090039
PHILIPPINE BANK OF COMMUNICATION (PBCOM)010110016
PHILIPPINE NATIONAL BANK (PNB)010080010
PHILIPPINE VETERANS BANK (VETERANS BANK)010330016
PRUDENTIAL BANK010150018
RIZAL COMMERCIAL BANKING CORP (RCBC)010280014
SECURITY BANK010140015
STANDARD CHARTERED BANK010050011
UNION BANK OF THE PHILIPPINES (UBP)010419995
UNITED COCONUT PLANTERS BANK (UCPB)010299995
UNITED OVERSEAS BANK010270189

Disclaimer: We are in no way affiliated with any of the above establishments.

22 thoughts on “Super Tips to Withdraw Your Paypal Money in the Philippines”

  1. Thanks! This is very informative. I have been looking for a bank account that would receive from Paypal in almost real time.

  2. Hello. I was planning to cash in my paypal money to gcash but upon reading your article, I learned that they charge 20php for every 1k cash out. I am avoiding the bank charges fees ?

    As for EastWest, is there really no bank charges when withdrawing funds from paypal?

    1. Hello, Jan. If you’re planning to withdraw funds more than or equal to Php7000, then that would be absolutely free via EastWest. However, as we know, Paypal would charge you Php50/transaction if the amount withdrawn is less than Php7000. You may also open a case on Paypal to confirm the info directly from them. 🙂

  3. Hello. Did you link EastWest Visa ATM number or the account number itself? I’m really confused with the two.. Also, are there any verification steps needed upon linking the card?

    1. Hello Rhona. If you’re gonna use your EastWest account for Paypal verification, then you should use the 16-digit number embossed in your card (i.e. the card number itself). And if you need to link your EastWest bank account itself (for withdrawing money), then you could use your bank account number (not the one embossed in your card). Though mine is a savings account, it still shows checking account. Never had any issues with that account for the past 2 years of using it with Paypal. I hope this helps!

  4. Merry Lien Pagapula-an

    Good day,

    I link my EastWest account to my PayPal already but as I checked my balance in EastWest no deduction. How do I know if my Eastwest is credited already to withdraw funds on PayPal?

    I ask the Customer Service of Eastwest and they don’t know about it? I hope you can help me on this problem.

    Looking forward to hearing from you.

    1. admin@squadpicks.com

      Hello Ms. Merry. As I could remember, it may take a few days to a week for the linking to complete. You should see it listed under Banks and Cards. The same expectation for the first withdrawal transaction lead time. Also, due to the banking hours caused by CQ, money transfer from Paypal to EastWest normally takes 1-2 days now.

  5. hi thank you for this information. This eastwest basic savings is this a credit card ? or different from that? and does paypal will charge me 50 for sending less than 7000? because i wanted to try it first

    thank you

    1. admin@squadpicks.com

      Hi Annie. Sorry for the late response. The Eastwest Basic Savings basically comes with debit card. Credit cards are different matters. Anyway, Paypal charges you Php50 for transactions worth less than Php7,000. You may also try Paypal to Gcash.

  6. Hi! This is very informative. I just have a few questions: Can I transfer USD from Paypal to Eastwest as USD also? Without converting into peso? I’m applying for an Eon Visa Card since I’ve read somewhere that Paypal can remove the conversion process if I have a Visa Debit Card linked to them. I haven’t yet received the card, though. It’s been 2 weeks already 🙁

    1. admin@squadpicks.com

      Hi! I supposed you need a dollar account to bypass Paypal conversion. The Eastwest debit card is also a Visa card tho. Another good option is using Payoneer. I tried using it the other day. To my surprise, I received the money in BDO the next day without local banking charge. The currency conversion is also much better than Paypal.

  7. Hello, just added my eastwest bank account for withdrawal purposes. Account type is CHECKING and the status is CONFIRMED. Upon checking my eastwest account balance there is no deduction. Did i make it right or is there something i missed along the steps? Thanks.

  8. hi, if i can link my eastwest debit visa card to paypal, can i already use it to purchase international stores at once? if not, how many days does it take?

    1. admin@squadpicks.com

      Yeah! I was able to use mine with no issues, Jin. You could use your remaining Paypal balance as well then the remaining amount will be deducted from your linked account.

    1. admin@squadpicks.com

      Oh, please open a ticket with Paypal to check why your account is on hold. They do reply quickly on emails.

    1. admin@squadpicks.com

      If you mean the withdrawal fee from Paypal to Eastwest, it depends on the amount that you’ll withdraw. But for Php7000 and above, it should be free.

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