Withdraw from Paypal to Philippine bank account
@whitneysquirrel (224)
Philippines
April 6, 2013 12:49am CST
I have only tried this with the Unionbank EON card years ago and with Banco de Oro. They withheld a bank fee of 200 pesos per transaction. They also use a lower dollar to peso exchange rate. Does anybody know a reliable way to avoid the bank fees or how to get a higher amount when withdrawing from Paypal?
3 responses
@allen0187 (58582)
• Philippines
8 Apr 13
hi there whitneysquirrel.
if you have a bpi account, you can use it to withdraw your paypal funds into your bpi accoutn directly. for withdrawals amounting to Php8,000 and above, bpi will waive their banking fee.
hope this helps.
cheers!!!
@allen0187 (58582)
• Philippines
8 Apr 13
hi whitneysquirrel.
thanks for the 'best response' tag. do give it a try.
@hereandthere, i use a bpi island account and yes it is a regular peso savings account. i have a couple of bpi family savings accounts but have not linked my paypal account with these accounts so i'm unsure of the fee amount or even if this is allowed.
really can't recall how much is the fee for withdrawals but checking my paypal account i see that it is actually a Php50 fee for withdrawals of Php6,999 or less and it is free for withdrawals of Php7,000 and above. not bad in my opinion. you can expect to see the funds credited to your bank account in two to four banking days.
hope this info helps.
cheers!!!
@hereandthere (45645)
• Philippines
8 Apr 13
how much is the banking fee if you transfer money from paypal to bpi that's less than P8,000?
is this for bpi island or bpi family or both? regular peso savings account?
@whitneysquirrel (224)
• Philippines
8 Apr 13
Really?! I am so happy to hear this. I have not tried withdrawing through BPI yet. Thanks very much.
@owlwings (43910)
• Cambridge, England
6 Apr 13
First, read the Fees section of PayPal for your country. Note what the conversion rates are in PayPal and see what difference it will make if you convert from dollars to pesos in PayPal before you transfer to your bank. Also, call your bank (or look at their web page) to see what fees they charge for various transactions.
You can never avoid fees entirely. Some are built in to the conversion rates and some are charged up front, either as a percentage or as a flat rate. You can minimise what you have to pay by accumulating funds in PayPal, avoiding their charges for transferring smaller amounts and by checking whether the conversion rates used by PayPal are less or more than the conversion rates (dollar/peso) used by your bank. You should also be aware that the conversion rates stated on most Internet sites are an average between the buying and selling rates for the currencies. They are NOT the same as those used by either PayPal or your bank.
@whitneysquirrel (224)
• Philippines
6 Apr 13
I have called my bank several times over the years about this. But I am asking if there are other banks who may not charge any fees or charge less. The exchange rate that Paypal uses is lower by almost a dollar. You cannot avoid it because you can only withdraw Paypal funds to a Peso account.
@raynejasper (2322)
• Philippines
6 Apr 13
hi. It's a rule. When you send money to any account from another currency or even if it is Peso, the band still charges service fees. I think there's no other way to get as higher amount in paypal unless you reach above $50 because as the amount goes higher, the service fees become lesser.
@whitneysquirrel (224)
• Philippines
6 Apr 13
You only save 50 pesos when the amount you withdraw from Paypal to your bank account is more than 7000 pesos. This amount goes to Paypal, not the bank. The 200 pesos fee goes to the bank for every transaction.
