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.
Loading ...
Nakita kita sa Mornings @ ANC
Twitter: sylv3rblade
replied on Sep 26th, 2008 at 2:33 pm (2)
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
Twitter: sylv3rblade
replied on Sep 26th, 2008 at 2:37 pm (3)
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!
Himalayan Goji Juice
Pinoy Negosyo Directory
Hit-or-Miss
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.
UnionBank is the best in terms of technology and they dont charge as much as other banks!
UNION BANK EON Acct
FEES and Charges
es and Charges
Balance Requirement
Initial Deposit NONE
Maintaining Balance Requirement (MBR) NONE
Minimum ADB to Earn Interest PHP 10,000
Interest Rate 0.500% (for accounts with balances of Php 10,000.00 and above)
Visa Electron Annual Fee PHP 350.00
Inactivity Charges
No Transaction Penalty (no transaction for 1 year) PHP 200.00 per month starting on the end of 12th month of inactivity until the account becomes dormant
Dormancy Charge (no transaction for 2 years) PHP 500.00 per month starting on the end of 24th month of inactivity
Closure Within 30 days NONE
ATM Withdrawals
UBP ATM PHP 10.00 (after the 3rd withdrawal)
Non-UBP ATM within the Philippines PHP 12.00
International VISA Plus ATM
Balance Inquiry PHP 75.00
Withdrawal PHP 175.00
Withdrawal declined due to insufficient funds PHP 75.00
OTC Withdrawal Convenience Fee PHP 100.00
Fund Transfer (OUTWARD)
Send Electronic Funds Transfer to another E-ON Account NONE
Send Electronic Funds Transfer to another UnionBank Account NONE
Send Electronic Funds Transfer to other Banks PHP 10.00
Fund Transfer (INWARD)
Receive Electronic Funds Transfer from another E-ON Account NONE
Receive Electronic Funds Transfer from another UnionBank Account NONE
Receive Electronic Funds Transfer from another Bank NONE
ATM Card Replacement PHP 150.00
Transaction Diary PHP 200.00
NOTES:
*** Some local banks may charge a fee on the EFT transactions sent by our E-ON account holders. These banks charge a Receiving Fee from the amount that is to be credited to the account. This is an addition to the PHP10.00 that will be charged to the client.
*** For Incoming Remittances with incorrect account numbers and/or account names, a Repair Fee of PHP100.00 may be charged.
Fees and Charges (Different Banks)
http://www.pra.gov.ph/main/banks?page=1&pcat=bank
GE MONEY BANK
http://www.gemoneybank.com.ph/en/about-us/rates-and-fees.html
UNionBank
https://ebanking.unionbankph.com/EbankEON/web/L001/EON/jsp/Fees.html
https://www.unionbankph.com/content.asp-paramID=AAAAAEAJZZ.htm
Sterling bank of Asia
http://www.sterlingbankasia.com/ContentPage.aspx?id=3&page=75
I linked my EON card to Pay Pal. How long would it take for Pay Pal to send my card statement for me to confirm and verify my account? In the meantime, can I receive money already?
I’m using Unionbank’s GSIS Ecard and it works perfectly. No additional charges are incurred when I send funds to my bank account, just the P50.00 withdrawal fee charged by Paypal for fund withdrawals (of less than 7K) and ATM charges (when using non-Unionbank ATMs). Never had a problem with their system and I can even anticipate when the fund is coming through. Besides, I enrolled on their online-banking facility that lets me check my account and pay bills from anywhere.
i have been using paypal for almost a year now. i registered my Union Bank EON debit card as well as my Allied Bank savings account to my paypal.
Allied bank deducts Php 200 on top of the Php 50 deduction (if the amount to be withdrawn is less than Php 7,000). i don’t know why they deduct Php 200 per transaction but i never bothered asking my bank.lol
my paypal account was once frozen because paypal suspected it might have been compromised. to unfreeze it, they requested that i prove my identity, which i did by taking a picture of my SmartBro account statement, then i uploaded it to their website. within 24 hours, i gained full access to my paypal account.
i’ve never tried withdrawing my paypal funds directly to my EON card.
Thank you for this info. Is it true that we can receive funds from paypal through BDO?
We have an account at BDO and we asked them if we can receive funds from paypal and direct it to our account. They said currently, they aren’t affiliated with paypal.
Have you tried it at BDO yourself?
Thanks for your help.
UnionBank really is the best for anyone who withdraws money from their PayPal account regularly. This is the only bank I know of that doesn’t charge a P150-P200 fee when you transfer money to your savings account from your PayPal account. I have never had any problems whatsoever with my UnionBank EON account.
Why, thank you! I’m getting a Union Bank account then! The 200php or so deduction via Metrobank or BDO is too much!
will paypal accept application of eastwestbank personal banking-cash access here in the Philippines
will paypal allow my active eastwestbank personal-atm account instead of credit card and/or debit card?
new to this forum how can i read my replies…thanks in advance for the information
I withdrew funds from my PayPal account to Metrobank last Aug. 27, 2009. The amount transferred by PayPal was P7,335.24. The amount that appeared in my Metrobank transaction history was P7,198.54. That means Metrobank “charged” P136.70 and took it off the remitted amount automatically without the charge being entered as a separate transaction entry.
I’m wondering if where do i get this 9digit bank code asked in paypal? And do sterling bank of asia allows paypal withdrawal? how much is their charge? A bag thanks : )
that shud be a BIG thanks.
I withdrew a lot from my paypal account, and I’ve observed that they charge it to a lower rate. But anyway still good because they send money to my local banks..
I have list some complete bank codes for your references. http://www.ctrzone.com/windows-security-reviews/21-ph-bank-transfer/23-ph-paypalcode.html
I have a paypal account but it’s not yet connected with my BDO bank account.
I have a BDO debit/atm card and I tried using that for my paypal account but it got denied. Though, I thought paypal accepts debit cards.
What do I have to do to get my paypal accout connected with my BDO bank account? Or should I find another bank?
I need to ask whether it is really possible to withdraw paypal balances to a BDO account. A BDO customer service representative told me that she hasn’t seen a single successful withdrawal transaction from paypal. In fact, BDO is not tied up with paypal and does not recommend its use, according to her. Paypal asks for a 9-digit bank code which BDO doesn’t have. BDO only has a SWIFT Code and a routing number. Please enlighten me on this.
Jhunz must have answered that for you. Thank you, Jhunz. However, everything I disclosed in the earlier post is true. BDO’s customer service representative really told me that. I do not blame her for that, though. Thank you again!