planning to withdraw my paypal money..which is better bank trasfer or card??
By owelm0408
@owelm0408 (1011)
Philippines
November 28, 2008 5:39am CST
hi guys, i had been recently verified at paypal so i can withdraw money now.my concern is the fee.i've seen the schedule of fees and i noticed that bank transfer charges 50 pesos (Philippine currency)that's around $1++.while if i withdraw using my debit card, the charge is $5..based on your experience, which of these withdrawal method you prefer to use?thanks a lot
5 responses
@gemjeweled (133)
• Philippines
29 Nov 08
Way to go owelm0408! Verifying a Paypal account does not seem to be easy to some new online earners.
I had used Paypal numerous times and had successfully withdrawn earnings from them. So far, their service is good, although I am not quite satisfied with their customer support.
I always use "withdraw to bank" option as opposed to "withdraw to card" option. You should easily see that the "withdraw to bank" option is cheaper and does not cost you a lot. In fact, you get all the Paypal funds for free if you choose to withdraw more than P7000.
On the other hand, "withdraw to card" option is also possible. Most of what I encounter get their funds in five days. Obviously, this is much more expensive.
I use a Unionbank EON bank account tied to my Paypal account. I get all the funds in just three business days (based on US holidays). Unionbank also don't have that "electronic fund transfer" charge unlike BDO and BPI which will cost you P200 and P150 respectively.
@owelm0408 (1011)
• Philippines
29 Nov 08
thank you for your response.I have PNB and Chinabank account.do you have idea how much they charge?I also have my EON account already which I used at paypal for me to get verified.
@gemjeweled (133)
• Philippines
29 Nov 08
I got no idea how much Chinabank and PNB charges for each account when you try to get those funds into your bank account. You have to call those banks and ask them on how much they are charging for "electronic funds transfer".
@gemjeweled (133)
• Philippines
29 Nov 08
Good to hear you're from my place, or at least near it. Well, in your profile I see Banaue City. I did not know that was a city.
Anyway, I have not encountered that problem on getting rejected in withdrawing Paypal funds. I am quite aware that you should make sure that the name that you had specified on the bank account listed in your Paypal SHOULD MATCH the one that is named in your bank account. If not, then Paypal simply returns the fund to your account (with a corresponding fee).
Check that out very well. Let me know how it goes.
1 person likes this
@smacksman (6053)
•
28 Nov 08
The card is very convenient if you are moving around as you can withdraw money from an ATM 'hole in the wall' machine any where in the world. OK, you have to pay more to do so but then you are paying for convenience.
I would go for a bank transfer if you are not on the move.
@rberon1985 (5359)
• Philippines
28 Nov 08
Hi. the best advice that I can tell you is to accumulate around 6,000 plus earnings so that you will not pay for any fee. That is in unionbank using your EON card. I have not experience yet but I am planning to withdraw this december.
