money to withdraw in paypal through atm. dollars or peso?
By Ritchelle
@Ritchelle (3790)
Philippines
April 14, 2010 4:30am CST
it had been eons ago since i was complaining on linking my bank no. to my paypal account. i hope everything is fine now as my union bank card no. is now verified. however, we do know that for the paypal transaction to be free there should be about php 8,000+ money in there. so, when i cash it out in atm do i get pesos or dollars?
1 person likes this
13 responses
@TheAdvocate (2392)
• Philippines
14 Apr 10
You get pesos if you cash it in a Philippine bank.
1 person likes this
@TheAdvocate (2392)
• Philippines
14 Apr 10
FYI, Unionbank is no longer the only bank that deals with paypal. Almost all banks now accept paypal. You just have to call your bank for the bank code.
@Ritchelle (3790)
• Philippines
14 Apr 10
gee, thank you. since my email settings made me open your post last i asked one of the pinoys who responded here if i could only use union bank's atm 
@TheAdvocate (2392)
• Philippines
14 Apr 10
To withdraw from an atm, you can use your EON account on any Bancnet/Megalink accredited bank, which nowadays means any ATM. Just press savings. It's a lot easier to use a Unionbank ATM because they have a button for EON and so you don't get confuse. Silly me, when I first tried to withdraw from a non-Unionbank ATM, I couldn't figure out which button to press (I kept thinking, this is a debit card, where's that option?). But the problem is that Unionbank has only a few ATM's, so if you need to use other ATM's remember that the usual banking fees apply.
What I meant in my post was that whereas before, you can only access your paypal with EON, now virtually all Philippine banks will accept paypal. So if you live in a place where there is no nearby Unionbank, then you need not fret. There are alternatives in acccessing your paypal.
@dvirtualist (399)
• Philippines
14 Apr 10
Actually, it Php7,000 you'll be charge if you withdraw below that amount the charge will be Php50.00 for bank account transfer. if you withdraw using your debit/credit card, the charge will be php250.00. You'll get peso, if you withdraw it via your Philippine Bank Account.
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@dvirtualist (399)
• Philippines
15 Apr 10
No problemo. thanks for the discussion. everyone's learning.
@Ritchelle (3790)
• Philippines
14 Apr 10
oh, sorry for the wrong information. and thanks for responding 
.
.
@semicolonp (518)
• Philippines
14 Apr 10
The others have successfully answered the only thing I know about this topic (which was whether or not the money cashed out will be in dollar or peso) but, wow, thanks for starting this topic! I never knew about the Php 7,000 limit and the Php250 deduction if a credit/debit card is used. I haven't tried withdrawing any money, actually, since I'm waiting for my BDO internet banking to be approved.
Anyway, thanks again for starting the topic! It was really helpful for a relative newbie like me. :)
1 person likes this
@Ritchelle (3790)
• Philippines
15 Apr 10
i've learned a lot here also along the way. that's what mylot is for 
. if you have any questions just put it here. the filipino community here always makes sure one of their kababayan's query gets a response.
. if you have any questions just put it here. the filipino community here always makes sure one of their kababayan's query gets a response.
@strawberrychocodahi (4818)
• Philippines
14 Apr 10
Actually it's P7,000 without charge, but if you cash it out less than that amount, they only charge you P50. When you withdraw it using Union Bank EON, it will be in pesos only.
If you check your paypal transaction, it says there about your peso and dollar amount. If you withdraw such an amount, you can select it easily. If your bank is not yet cleared on Paypal, it will bounce back with a fee just like what happened to me when I got an error on placing information about my bank. But anyway, hope you won't get a problem with that.
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@Ritchelle (3790)
• Philippines
14 Apr 10
something similar like that happened to me. i mistook the date i applied. i thought what was indicated in the eon card was the month and year. turns out it was a month and a day.
@rivengodwind (369)
• Philippines
14 Apr 10
Just like what the other folks said: 7,000 and above to waive the transaction fee of 50 pesos, and you'll get it in peso using the Unionbank Eon account. I also would like to point out that the conversion rates that paypal uses (in the transfers) are around a peso lower than the exchange rates we have here in the Philippines - most of the time, at least.
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@dvirtualist (399)
• Philippines
15 Apr 10
he is right, it is always lower than the actual Dollar-Peso exchange rates.
@sir_rodner (124)
• Philippines
14 Apr 10
You will get pesos, when you cash it out from union bank eon.
@kenchiprincess (5296)
• Philippines
14 Apr 10
Hi, if your in the Philippines then you will receive pesos... 
@ethanonthemoon (1494)
• Quezon, Philippines
15 Apr 10
You would not get it whole as there is a fee in a wire transfer between Paypal and in any bank here in the Philippines. Also, it is not advisable to give any bank account number to Paypal or any payment processor.
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@Ingkingderders (3832)
• Philippines
14 Apr 10
You get pesos of course.
When you withdraw, paypal would give you a computation of how much will you get based on the current currency conversion less the charges. It usually takes about 2 days for them to process your request and then you can withdraw the money from your Unionbank account.
When you withdraw, paypal would give you a computation of how much will you get based on the current currency conversion less the charges. It usually takes about 2 days for them to process your request and then you can withdraw the money from your Unionbank account. @Ritchelle (3790)
• Philippines
15 Apr 10
2 days to process online? i don't have a unionbank account. just an eon card of union bank. is that the same thing?
@Ingkingderders (3832)
• Philippines
15 Apr 10
as dvirtualist said, your EON card acts as a credit card and as an ATM card at the same time.
Paypal says processing is around 2 to 4 days, but in my experience, it's usually just 2 whole days then your money is already withdrawal in your account. Don't forget to nominate your EON bank account in Paypal, it's not the same thing as the verify thing.
You can search some videos on how to use the EON account with regards to paypal, I think I saw one in youtube and it really helped me a lot.
@ada8may21 (2405)
• Philippines
14 Apr 10
What I know is that its 7,000 pesos that you can withdraw it without any charge. However once you withdraw it its all converted into peso. Since the bank is a philippine bank.
@jmservese (43)
• Philippines
14 Apr 10
I would chose the dollar. But in the case today you can convert your money into dollar or peso if you withdraw money from paypal to any bank accounts.
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