What bank in the Philippines is best matched with paypal?
By barbiejune
@barbiejune (125)
Philippines
October 7, 2009 3:05am CST
Hello everyone!
I'm from the Philippines and I'm an unverified PayPal user. I would like to ask advice on which bank to open an account at since my bank account is not recognized by PayPal.
Also, for transferring money from PayPal to my bank account, how much will be the money transfer fee?
How much money can I store in my PayPal account when I remain Unverified?
Thank you very much and I will appreciate any response to this thread.
June
2 people like this
13 responses
@yenmorales (8)
• Philippines
7 Oct 09
We've got the same problem. My paypal is unverified, too. The only bank i linked for me to be able to transfer funds from paypal is landbank. But im planning to get a unionbank eon soon =)
1 person likes this
@patofgold23 (5069)
• Philippines
8 Oct 09
good idea yen..itis the cheapest way to move your paypal money
@Ingkingderders (3832)
• Philippines
11 Oct 09
Hi agv.. I also only have a BPI account.. when you withdraw your money, can you post here how much is the transaction fee? I'm also planning on using my BPI account to withdraw, but I'm scared that the transaction fee would be too big.
@shellback (864)
• Philippines
1 Jan 10
Avoid using your personal bank accounts, make a separate bank that suit for Paypal like Union bank, using to transact with BPI maybe can cause you trouble, lots of hackers are on the loss, so be careful, if you use your personal account like BPI for claiming salary and other deposit then you use it to transact with Paypal is risky, try to have another account, like Union Bank then begin transacting.
@cheenlly (3476)
• Philippines
7 Oct 09
Letran have said it and the only thing i can add up is that the Union bank Eon cyber Account is the only atm account that can make you verify your paypal plus the fact that it zero maintaining balance and only 50 pesos deduction when you transfer your money from paypal unlike the credit card or other bank that deducts 250. Aside from that it only cost 350 to open. So if your only problem is to verify your paypal then you can open an Eon Cyber account and then link it to your paypal and once you get verified then you can link as many bank accounts you have afterwards.
@marc1025 (67)
• Philippines
2 Jan 10
i suggest BPI, they have a prepaid card called ecash o also their credit card, and ecash you don't need to maintain balance on it, it is only 150 to open an ecash card and you can get it after 24 to 48 business hours,you can add that to your paypal account, but make sure that once paypal will verify the card you must have atleast $1.95 on the card because paypal will charge that amount first before you can verify or confirm the card,
@mrcupido30 (58)
•
7 Oct 09
Hi,
the best bank in the philippines for your paypal is BDO(banko de oro) ,,you may have an open acount in this bank as low as 1000 remaining balance..
the paypal acount will be the one to send your money in your bank acount so dont be confuse,,
God bless
Hope it may help
@barbiejune (125)
• Philippines
7 Oct 09
So are you saying i don't need to bring money to open an account? I can use the money in my paypal account as the initial amount? Please enlighten me.
@nra091501 (173)
• Philippines
8 Oct 09
june a friend of mine used SmartMoney debit card to verify his paypal account. I am planning to use the same :)
@barbiejune (125)
• Philippines
8 Oct 09
If you find out how SmartMoney works, please go back to this discussion so i can find out if the EON is better. :D
Thank you
I'm happy that my co-Filipinos are very helpful in assisting me in making this choice.
@nra091501 (173)
• Philippines
8 Oct 09
if you're a Smart subscriber, you can apply smart money online here: https://secure.smart.com.ph/money/apply.aspx...you'll know everything you've got to do here.
There's no maintaining balance, you can deposit through BDO... NO ANNUAL FEE. NO FINANCIAL DOCUMENTS REQUIRED. you'll only have to pay the one-time processing fee of P30.00, that's when you're claiming the card already. i suggest you try it, even if you've got EON. It's a mastercard so you can also use it at stores.
@carrine (2743)
• Philippines
8 Oct 09
open an account with Union Bank, at any branch. thats the easiest way to open a paypal account. so good luck to you. :P
@zzyw87 (1254)
• Philippines
8 Oct 09
Hi. You can try Union Bank. Union Bank really has this kind of service, specifically for Paypal. It is the EON account. It is recognized by Paypal. You can ask them for further information. I also plan to open an account here once I will encash my Paypal money next year. I think it is around 300pesos for the annual fee for Union Bank. As for the minimum maintaining balance, I think it is zero for the EON account. Hope this helps a bit.
@Ingkingderders (3832)
• Philippines
7 Oct 09
hey june, I actually can't answer your question, cause I have the same problem. lol. I only have a BPI account, I know I can transfer money from paypal to BPI, but my problem is, I don't know how much would be the fee per transaction.
is there anyone out here who knows how much would they charge me?
I am also thinking of getting a unionbank eon account..
Though BPI has just announced that they would also have an internet account, just like the eon account, I'm just not sure what are the requirements for it though,.
@hexeduser22 (7418)
• Philippines
7 Oct 09
I agree with kent and letran. Unionbank is very useful and is made for paypal for the Filipinos
@irene3184 (898)
• Philippines
8 Oct 09
Hello barbiejune, You can open an account to Unionbank the EON card to withdraw your earnings in paypal or if you have your credit card, you can verify it there. For EON bank, you can pay 350php for the card and you can withdraw your paypal earnings there.
@GuidoGunz (4)
• United States
8 Oct 09
It's great to see another Filipino in the crowd. I don't use PayPal much but we do have a debit card from Bank of America that we never had problems with. There isn't a transfer fee or anything like that since you are using the debit card as it is meant to be used. There is a delay though when you go from PayPal to the bank account which can take up to 3 to 5 business days.