Question about paypal withdrawal in the Philippines

Philippines
March 18, 2011 1:45am CST
Hi! I think I am ready to withdraw my hard earned earnings in paypal. However, i have few questions and may be you guys can help me... I have no plans of using the money to buy online stuffs or gadgets, i am actually thinking to send the money to my local bank account. I am also thinking what if i opened a dollar account first and send the money in my paypal to that dollar account... to avoid conversion charges... What do you think? I am thinking about metrobank dollar acount... Any advice please. And what is that bank code? I know metrobank and other banks have branch codes - different code per branch... so its different from bank code, right? The only problem about some bank employees, seems like they don't know what paypal is...
2 responses
vannyt
@vannyt (343)
• Philippines
18 Mar 11
I'm using an eon account from unionbank and it's quite easy to connect to paypal I just forgot how much Paypal will charge but it's quite low. Opening a dollar account is quite expensive cause you would also be required to have a maintaining balance in terms of dollars too. If I'm not mistaken the bank code is the 3 or 4 numbers written beside the strip where you place your signature at the back of your atm card.
lovelyn_medrano
@lovelyn_medrano (3070)
• Philippines
8 May 11
Hi vannyt! Thanks for responding! Yes many are using eon account of union bank... I heard about that so many times and got interested on opening one too especially when I was new on online stuffs... I Agree, the maintaining balance, the cheapest is with BDO which is 200 dollars but in order to earn interest the balance must be 500 dollars. Other banks like metro, bpi the maintaining is 500 USD. PNB wow! - 1000 dollars maintaining!
Daddy Neil
@neildc (17239)
• Lapu-Lapu City, Philippines
18 Mar 11
i am not sure if there is a difference withdrawing the funds to peso or dollar. what i know is that, they charge us a certain amount for doing the transaction/transfer. it's the location of the bank and not of what currency it should be. but not sure about this. we could try to check paypal for this.