List of Banks with Paypal Withdrawal Fees
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.