Until now, I’m not sure what that Php200 charges most banks deduct from Paypal withdrawals. That’s on top of the Php50 for withdrawals less than Php7,000. And we all thought any amount beyond that would be free of charge.
I relayed this observation to a contact from Paypal in Singapore and was asked to get a list of the banks that makes the additional charges.
Based on my previous entry on Paypal/Bank Exchange Rates, the initial list of banks are as follows:
Banks that charge withdrawal fees:
- Bank of the Philippine Islands (BPI)
- China Bank
- Metro Bank (MB)
- Banco de Oro (BDO)
Banks that do not charge withdrawal fees:
- Union Bank
If your bank or you know of a bank that makes additional charges, please let me know in the comments. I will then forward this to Paypal for further investigation or clarification.
I’m not actually sure what this Php200 charges are for — it could be some sort of a clearance fee, a transmittal fee or wire fee.
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Ummm is w/drawing from Union Bank really free? From their FAQ there’s this quote:
From: http://unionbank.com.ph/content.asp-paramID=AMBKADAIBD.htm
err Just re-read the whole thing.. it was referring to payments.. My bad.
AFAIK, the P200 is for the remittance fee. For some local banks like Metrobank, these charges will depend on a number of factors including the amount transferred and the exchange rate on the day the transaction was made.
If I understand it correctly, for BDO, this is a fixed fee (P200).
For Unionbank EON, this charge currently does not apply.
This is their (local banks) way of making money out of the transaction.
I use Union and it works really, I love all there services.
@beau
In my ex-office we use before Union bank till their ATM went offline during payday weekend. The next month, we switch to Security Bank.
Some banks charge fees for electronic fund transfers.
Before I withdrew my Paypal funds to my BPI Savings Account, I called up BPI and asked how much it would cost to transfer funds from Paypal to my account. They said that they didn’t really know how Paypal works (or something to that effect. I realized that local banks don’t really know much about Paypal). So instead, I just asked how much would electronic fund transfers from the States cost me. They told me it would be around P150 - P200. Sure enough, when I received my cash in my savings account, there was a deduction of that amount. I withdrew more than 7K, by the way.
It confirmed what I read earlier from the net which is that BPI has a transfer fee of P150-P200. I came across a list of the fees per bank, but I forgot to save it *is now hitting herself over the head*
are these information accurate? or these are just intuitions?
I tried some of them and saw the Php200 discrepancy.
Thanks for sharing this Abe. I think entrepreneurs who sell products/services online and accept payment through Paypal should start factoring these fees in their mark-up.
This is a cool article!It’s worth trying though
there is no nearby Unionbank where I reside.
Yes! I tried withdrawing using Unionbank and got no fee deduction of 200.00
It was then a good thing I decided to get an EON Account. Thanks for posting this up!
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argh! i just got my funds i’ve withdrawn from paypal and came in P200 short in my bpi account. must check if my eon card is still active. tsk.