Here are some more information regarding the new withdraw to bank account feature of PayPal that it started offering late last week.
Is there a requirement before I can withdraw funds to my bank account?
Yes, you need to add a bank account and you need to be a verified PayPal member.
How do I add a bank account?
Follow the instructions below.
- Login to your PayPal account and go to Profile > Add or Edit Bank Account.
- Add your bank details. The Bank Code is a unique 9-digit number which you can get from this list of PayPal Bank Codes in the Philippines.
- Review your bank information and click Add Bank Account to confirm.
Make sure that the first and last name on your PayPal account matches the name on your bank account. If it does not, your withdrawal request may be rejected by the bank.
How do I become a verified PayPal member?
Detailed instructions in our How to open a PayPal account FAQ page.
How do I withdraw PayPal to my bank account?
- Login to your PayPal account and go to My Account > Withdraw.
- Click the Withdraw funds to your bank account link.
- Input the withdrawal amount and select the bank account where money will be transferred.
- Review the transfer details and press Submit button to confirm the withdrawal request.
Can I use any bank to withdraw my money?
Yes, all local banks can be used to withdraw the funds.
How long before the funds will reach my bank account?
Your withdrawal request should typically be completed within 5-7 business days. However, depending on your bank’s policies, it may take additional time.
Are there any minimum or maximum withdrawal amounts?
There is a $10 minimum withdrawal amount. Verified PayPal users DO NOT have maximum withdrawal amounts. Also, non-verified PayPal members will not be permitted to withdraw any amount to their bank account.
Can I still withdraw PayPal to my credit or debit card?
Yes, this is still available. Click here for information on what cards in the Philippines can be used.
Can I receive my funds in dollars?
No, your withdrawal will be converted into Pesos and transferred to your local bank account.
What fees do I have to pay when withdrawing to my bank account?
Withdrawals of P7,000.00 or more are FREE. For amounts less than P7,000.00, there is a P50.00 fee.
Foreign exchange fees may also apply.
Do note that some banks also charge a fee for electronic funds transfers. Ask your bank whether it charges for electronic fund transfers before you initiate a withdrawal.
Transfer requests with incorrect bank information will be canceled and charged a P250.00 return fee.
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