Does paypal really deducts 5 dollars when we transfer our money to our banks?
By yell0wbell
@yell0wbell (128)
Philippines
November 19, 2009 2:48am CST
Just wanted to know why? this is my first time to join any earning sites and the friend who invited e to join explain almost everything about mylot. I do am having fun but just wanted to ask why does paypal minus that amount? Is it for the transfer fee? Does this apply to every Filipino member? How about other countries? I am not complaining just wanted to know the ins and outs of earning on sites as wonderful as mylot.
3 responses
@pinaybigbucks (267)
• Philippines
19 Nov 09
If you have a Personal Paypal account, there are minimal fees. Paypal deducts $5 only when you transfer your money through credit card. If you transfer through bank account, there will be a charge of 50 pesos when the amount is less than 7000 pesos. More than 7000 pesos, no fees will be deducted.
@dorisday1971 (5657)
• Philippines
19 Nov 09
I agree with you pinaybigbucks that only P50 is being deducted for every transfer transaction less than P7000. I have made around 4 transactions already with Paypal and that's the only amount which they deduct. .. No hassles too.
@eichs1 (1934)
• Philippines
20 Nov 09
Joanna, I am using a Union Bank savings account to get my money from Paypal and I have no problem with it. You need to have a verified paypal account though to be able to transfer money from the site. Verification means you have to link your paypal account with a credit/debit card. If you don't have credit card, you can apply for an Eon Cyber debit card from Union Bank.
@pinaybigbucks (267)
• Philippines
20 Nov 09
maybe you have not put the correct information in your paypal account so your transfer was not completed. paypal charges 250 pesos for every failed transfer.
to withdraw from paypal,
1. enter your bank account number - the bank account number is different from the debit card number. it's better to withdraw to bank account because withdrawing to debit card has a $5 fee
2. enter the bank code - for union bank, the bank code is 010419995
Note:
you must be a verified paypal member to be able to withdraw
your name in your paypal account must match the name in your bank account. if it does not, your withdrawal may be rejected.
hope this helps. :)
@Ingkingderders (3832)
• Philippines
19 Nov 09
It's not really 5 dollars, it all depends on what bank are you using to receive your money from paypal.. I use EON account from unionbank, and they deduct 50php everytime I withdraw my money to my account.. I think when you use BPI account it's 150php.. the fee is higher when you transfer your money to your credit card compared to your bank account...
and oh, minimum amount of transfer should be 10usd. 
