Withdraw Fund From PayPal to a Bank in the Philippines

A Simplified Guide

Video Credits: StarterGuy via YouTube

 

Image Credits: Sharon Lopez via Bitlanders

It's a truly fulfilling experience to receive the fruit of your hard work on your PayPal Account. The joy and the feeling of accomplishment can be somehow overwhelming especially if this is your first time receiving the amount. You should be happy because not everyone has been able to reach this far. A large percentage could not make the first step while others would give up before they could even successfully create a verified PayPal account. You are now part of the few successful individuals who are earning from the cyber world! Such a great accomplishment!

The mere fact that you are looking for ways on how you could withdraw your money from your PayPal account, is an indication that you were able to surpass the greatest obstacle in your online journey. You may encounter some issues in the future but those could be considered as minor problems. Because the greatest obstacle is the one we experienced while starting out.

I would assume that you already have a verified PayPal account because otherwise, you might not be able to receive payments from online earning sites. However, for some reasons that your PayPal is yet to be verified or you are yet to create one, you may refer on the following posts for the Guide on Opening a PayPal Account and Guide for Verifying a PayPal Account. These guides may be most beneficial to individuals from the Philippines. 

Let's Get Started

Let's start by adding a bank account to your PayPal account. Please remember, Bank Account and Credit Card are two different things. A bank account is primarily used for withdrawing our funds from PayPal while Credit Card is for verifying our PayPal accounts.  But there are some Visa or Mastercards which be used for both transactions. Initially, you should log in to your account in order to start the process. While on your homepage, click WALLET from the menu bar.  If you don't have a bank account yet, please refer to this link for the list of banks near your location. It is advisable to open an account on the bank near to your place of residence.  This would save you time and money.

 

Adding a Bank Account 

 Image Credits: Sharon Lopez via Bitlanders

 

You may also click the 'Add a bank account or card' button as shown below:

Image Credits: Sharon Lopez via Bitlanders

 

You will be routed to another page where options to link bank and credit card are available. Choose 'Link a Bank Account'.

 

Image Credits: Sharon Lopez via Bitlanders

 

A form like the one shown below will be available. Complete the details as required and click continue. Makes sure that the name on your bank accounts matches the name on your PayPal account. Otherwise, you won't be able to complete the withdrawal process and you will be charged Php when your fund has been returned to your PayPal balance for that reason. 

Image Credits: Sharon Lopez via Bitlanders

 

 You will be required to enter the '9-digit bank code'. Please refer to the following list of the corresponding bank codes. You may also check this link for the complete list of Philippine bank codes. 

• 010320013   ALLIED BANK
  011020011   ASIA UNITED BANK
  010700015   ANZ BANK
  010530667   BANCO DE ORO
  010030015   BANGKO SENTRAL NG PILIPINAS
  010670019   BANGKOK BANK
  010120019   BANK OF AMERICA
  011140014   BANK OF CHINA
  010440016   COMBANK
  010040018   BPI
  010460012   BANK OF TOKYO
  010100013   CHINA BANK
  010690015   CHINA TRUST
  010070017   CITIBANK
  010650013   DEUTSCHE
  010590018   DBP
  010620014   EASTWEST BANK
  010860010   EXPORT
  010060014   HONGKONG BANK
  010720011   JP MORGAN
  010710018   KOREA EXCH BANK
  010350025   LAND BANK
  010220016   MAYBANK
  010560019   MEGA INTL COMML BANK OF CHINA
  010269996   METROBANK
  010640010   MIZUHO CORPORATE BANK
  010110016   PB COM
  010080010   PNB
  010090039   PHILTRUST
  010330016   VETERANS BANK
  010280014   RCBC
  010770074   ROYAL BANK OF SCOTLAND (PHILS)
  010140015   SECURITY BANK
  010050011   HARTERED BANK
  010419995   UNION BANK
  010299995   COCOBANK
  010270341   UNITED OVERSEAS BANK

Source: List of Bank Codes for the Philippines

 

You can add up to eight (8) bank accounts on your PayPal account. After adding your bank account, you can now withdraw funds from your PayPal using the following guide. 

Withdraw Funds from PayPal - the Process

 Step 1. Click Withdraw Funds

On your homepage, you can view your PayPal balance and the withdraw funds button just slightly below your profile photo. 

Image Credits: Sharon Lopez via Bitlanders

 Step 2. Enter the desired amount

A new form where you can enter the desired amount will be made available. Fill out the form and click 'continue'. A Php 50.00 fee will be charged on withdrawals less than Seven Thousand (Php 7,000.00) pesos. 

Image Credits: Sharon Lopez via Bitlanders

 

You will be allowed to review your withdrawal details before you can finally hit the withdraw button for last time before processing. Please refer to a sample transaction below:

Image Credits: Sharon Lopez via Bitlanders

You will notice that the amount on the PayPal account is in Dollars and a corresponding conversion rate is shown as well as the equivalent amount in peso. Review the transaction before you click the Withdraw button.  The transaction will be processed immediately and a notification will be sent to your inbox. 

Note: Dollar value is changing every day and we have the option to keep our PayPal funds in Dollars before we decided to withdraw.  Make use of this option to your advantage by monitoring the value of Dollars against Peso. 

The amount will be made available to your bank or ATM within 2 to 4 working days. Here is a sample of a completed withdrawal transaction:

Image Credits: Sharon Lopez via Bitlanders

 

 Minimum Amount 

The minimum amount that you can withdraw from your PayPal account is Php500.00. Make sure you have enough balance on your account before you decide to withdraw in order to avoid any issue. 

Fees and Charges

PayPal will charge you Php50.00 for withdrawals below Php7,000.00. When it comes to bank fees and charges, it would depend on your bank. Different banks impose different fees. Others may not have fees for bank transfer like Eon of Union Bank. Land Bank collect Php100.00 while some banks collect Php250.00. You may talk to your bank regarding this matter. 

You can also transfer fund to your credit card but with a much higher fee. 

You can also use PayPal with your online shopping or flight and accommodation bookings. Here is a sample of a transaction with Cebu Pacific using PayPal. Personally, this is a better option rather than using a credit card. This is one of the perks of working online. 

Image Credits: Sharon Lopez via Bitlanders

 

 Here is another useful video that you might consider watching.

Video Credits: pfltuts via YouTube

 

Her is a Querlo Chat for you...

 

Note: Photos and videos used in this blog post are for information only and not for promotional purpose. Thank you.

That would be all. Thank you for reading. I hope this post helped you in one way or another. 

 

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Written for Bitlanders:

by: Sharon Lopez

Thank you for reading. 

Please visit my blogs for more articles. 

Sharon Lopez is a graduate of Bachelor of Science in Commerce Major in Banking and Finance and currently working in the government handling programs on Business Friendly and Competitive LGUs.
You may visit me on Facebook. 
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Disclaimer: The views and opinions expressed in this blog post are that of the author and does not in any way represent the agency or department she currently belongs.