Paypal users in the Philippines rejoiced when Paypal started allowing the direct withdrawal of funds to bank accounts. However, those who initiated a withdrawal before this feature was offered have nothing to be happy about.
Some of them have reported that their withdrawal transactions are still pending after 3 weeks.
Now that PayPal is offering more and more features to users from the Philippines — the latest of which is the withdraw to bank account feature — a lot of people are wondering what will be offered next.
Here are some more information regarding the new withdraw to bank account feature of PayPal that it started offering late last week.
Pinoy Money Talk is one of the first, probably the very first, to break this news to the blogosphere but expect other sites and blogs to write about this without giving us credit although they got the news from us. LOL.
Anyway, brace yourself:
Effective today, PayPal started allowing users in the Philippines to withdraw funds directly to local bank accounts.
One of our members, Joanna (ani*****@gmail.com), wrote to tell us about Xoom.com‘s confusing policy on intra-country transfer of PayPal funds.
Joanna wants to convert her PayPal funds to cash via Xoom. She contacted Xoom to inquire whether it is indeed possible to make an intra-country transfer, that is transfer funds from a PayPal Philippines account to an account holder in the Philippines.
Do you know that you can earn as much as $1,000 per person you refer to PayPal?
Under PayPal’s Merchant Referral Bonus Program, you are eligible to receive a portion of the transaction amounts of people you referred to PayPal.
The Expanded Use or EXPUSE Number is a requirement to lift the $100 sending limit in PayPal.
Those who paid the $1.95 Expanded Use fee via credit card can normally get the EXPUSE Number on their billing statement the next month.
We’ve already outlined here how to withdraw PayPal in the Philippines and we also have a bustling discussion here of the details of these withdrawal methods.
Almost all of these ways, however, incur a certain amount of transaction fee, for example, the $5 that PayPal charges whenever you make a transfer to your local debit or credit card. At times, you also lose on the exchange rate because the banks’ rates are often lower.
So is there an alternative way to convert PayPal funds to cash without incurring a lot of fees and without losing on the exchange rate?
Yes, by selling your PayPal funds.
