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 NAME BANK ACCOUNT ALLIED BANKING CORP 010320013 ASIA UNITED BANK 011020011 AUSTRALIA NEW ZEALAND (ANZ) BANK 010700015 BANCO DE ORO (BDO) 010530667 BANGKO SENTRAL NG PILIPINAS 010030015 BANGKOK BANK 010670019 BANK OF AMERICA 010120019 BANK OF CHINA 011140014 BANK OF COMMERCE 010440016 BANK OF THE PHILIPPINE ISLANDS (BPI) 010040018 BANK OF TOKYO 010460012 CHINA BANKING CORP (CHINABANK) 010100013 CHINA TRUST COMMERCIAL BANK 010690015 CITIBANK PHILIPPINES N.A. 010070017 DEUTSCHE BANK 010650013 DEVELOPMENT BANK OF THE PHILIPPINES (DBP) 010590018 EAST WEST BANK 010620014 EXPORT & INDUSTRY BANK 010860010 FUJI BANK 010640010 HONGKONG AND SHANGHAI BANK (HSBC) 010060014 INTERNATIONAL COMMERCIAL BANK OF CHINA 010560019 INTERNATIONAL NEDERLAND BANK 010660016 INTL EXCHANGE BANK 010680012 JP MORGAN CHASE BANK 010720011 KOREA EXCHANGE BANK 010710018 LAND BANK OF THE PHILIPPINES (LANDBANK) 010350025 MAYBANK 010220016 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 BANK 010150018 RIZAL COMMERCIAL BANKING CORP (RCBC) 010280014 SECURITY BANK 010140015 STANDARD CHARTERED BANK 010050011 UNION BANK OF THE PHILIPPINES (UBP) 010419995 UNITED COCONUT PLANTERS BANK (UCPB) 010299995 UNITED OVERSEAS BANK 010270189