Two Best Options for Filipinos to Transfer Money from PayPal to Bank Account
89All information in this hub is obtained from my own experience. Thus I can vouch for its veracity. I write this hub particularly for Filipino online workers.
To get the most benefit out of this article, I suggest printing this out so that you can follow the steps accurately.
The two best options I'm talking about are Unionbank's EON Visa Electron debit card and Landbank's ATM savings account.
They are best in terms of electronic money transfer (EMT) fees.
I have tried transferring my money from PayPal to bank account before. I did this through the use of the savings account cards of other banks. However, I didn't like my experience and was not pleased at all.
Most other banks charge Php200 as an EMT fee for using their service. This is separate from the Php50 that PayPal deducts for every transfer requests below Php7,000.
The Two Best Options
Sick and tired of having banks deduct huge amounts from my hard-earned money, I seek better alternatives. I found out the following better options:
- Unionbank's Visa Electron: no charge
- Landbank's Savings Account: only Php100 charge
So far these two options are the lowest in terms of EMT fee. Concerning Visa Electron, you only need to pay a fixed yearly fee of Php350.
UnionBank's Visa Electron is obviously the best option because you can use it to verify your PayPal account as well.
Withdrawal of funds from PayPal to bank account for both cards is fast, too. The transfers take just 3 business days, from the date I made the request, to appear in my online accounts.
(1) Unionbank's EON Visa Electron Debit Card:
Features:
- Opening fee: None
- Card processing time: 7 banking days
- Annual fee: Php350
- EMT fee: None
- Withdrawal processing time: 3 days (on average)
- Online application: not available yet
- Application & verification: Check the hub below under Related Topic.
Note
EMT fee is also known as "remittance charge" by other banks. To date, only a few banks have business tie up with PayPal, and UnionBank is one of them.
Thus, no deduction is incurred every time you transfer money from PayPal to Visa Electron. However, PayPal will charge Php50 from your balance if the amount you have requested is below Php7,000.
Related Topic
- How to Verify a PayPal Account in the Philippines
To get your PayPal account verified, Unionbank's EON Visa Electron debit card is the best option there is. Learn how to do it, from application to verification, in this hub.
How to add your Visa Electron debit card as a bank account?
- Log in to your PayPal account.
- Click Profile.
- Choose Add/Edit Bank Account from the drop-down menu.
- Click the Add button.
- Supply the correct information to the right fields, such as:
- country (Philippines)
- name on account
- bank name (UnionBank of the Philippines)
- bank code (010419995)
- account number (the 12-digit number below your name)
- re-enter account number
6. Click the Continue button.
(2) Landbank’s Savings Account with ATM Access
Perhaps, this is the best savings account at present among all Philippine banks, for it has the lowest opening deposit, highest interest rate, and lowest ADB.
Features
- Opening deposit: Php500
- Interest rate: 0.75% p.a.
- Average Daily Balance (ADB) to earn interest: Php500
- Annual fee: None
- Card processing time: 1-2 hours after submission (the same day)
- EMT fee: Php100 (proven)
- Withdrawal processing time: 3 days (on average)
- Online application: not provided
Requirements for Opening Landbank's Savings Account
- 2 valid IDs and photocopy (front & back)
- 3 pcs. ID pictures (1x1 or 2x2)
- NBI clearance or barangay clearance
- Proof of billing (water, electricity, telephone)
- Accomplished application forms
Note
PayPal charges Php50 for requests below Php7,000.
Requirements for NBI and Barangay Clearance
The processing time to get an NBI clearance is just 30 minutes (based on my experience), with a fee of Php115, plus Php10 for the stamp and ink in the thumb marks. To furnish a Barangay clearance, you have to follow the steps below:
- Get Purok clearance (Php30), plus pay the monthly dues.
- Secure Solid Waste Management Certificate (free) from your Purok chairman.
- Apply for cedula (Php80) in your Barangay office.
- Finally, obtain your Barangay clearance for another Php100.
Overall, you have to spend Php210, not to mention the time and effort you have to invest.
Additional Reminders
I suggest you call the branch nearest you first and check out the requirements before heading to their bank to apply.
I expect this hub to be of help to Filipinos who are wondering how to transfer their hard-earned money from PayPal to bank account.
Please leave some comments if you find this hub helpful.
CommentsLoading...
Hello, Grace. Thanks for dropping by to leave this query. About your question, we cannot be verified using Landbank's Savings Account with ATM Access. That is just for withdrawal from PayPal. As you can see, this hub talks about the two best options to withdraw money from PayPal. They are best in terms of the EMT fee discussed above. While Visa Electron has no charge, Landbank's deducts only Php100. Other banks deduct Php200. If you want your PayPal account to get verified, I suggest you apply for UnionBank's Visa Electron. The procedure is contained in my other hub "Get verified in PayPal using Visa Electron." I hope this helps. Thanks very much.
Thanks for explaining this PayPal thing, Sergs.
Thanks for elaborating this pay pal.love your article.
I'm glad it helps.
So, you're really doing great here to come to that level using Paypal! For your fan mail inquiry about me, I'm from Lingayen, Pangasinan, Philippines. Take care and congratulations for a good job here!
Thanks. Anyway, I earn online doing editing and transcripting jobs, and my earnings are sent to my PayPal account. My brother's account was verified by and before me. To withdraw my money, I just send it to his account until such time that I have reached the limit of Php24,000, so I cannot send money anymore. I had to get verified, so I applied for Visa Electron, which I learned from blogs does not charge anything. I proved it! Having a savings account in Landbank, I also tried withdrawing my money from PayPal to Landbank, and my balance was deducted just Php100. That's the story. Thanks for reading.
HI im confused..If i have landbank account, can i withdraw my paypal money using my landbank ATM card? Thanks a lot!
Hello, Vick. You can surely withdraw money from PayPal to your Landbank savings account, with an EMT fee of Php100, provided that you are already a verified member of PayPal. Are you verified already?
How much yung balance dapat para sa Visa Electron?
Hi, Paula. I hope I get your question right. There is no maintaining balance for Visa Electron because it is not a savings account. To open up an account, they require the advance payment of Php350. Note that this fee is an advance payment for the first year. Visa Electron is very nice. I have used it just recently in paying my purchases at a department store. Nice experience.
Thank you. So you put your money in it? Sorry, I'm confused.
Visa Electron has two uses. First, you can use it as a credit card to get verified in PayPal. Second, you can use it as a bank account to withdraw money from PayPal. To link your Visa Electron to PayPal, you need to sign up for UnionBank's Cyber Account. If successful, you can then transfer your balance from PayPal directly to your Visa Electron account. This usually takes from three to four days. You have to sign in to your Cyber Account to know if your requested withdrawal has already been credited to your Visa Electron. If so, you may use your Visa Electron to pay for your purchases whenever there is a point-of-sale (POS) machine in a counter where you have to pay. That's it. I hope I do answer your question. Thanks for dropping by.
05/28/2011
Hi! Sir Serg's:
I'm one of the individual also having some inquiry or having some confusion's about this paypal and a bank account.
Sir actually I have so many question or confusion's about this matter paypal and a bank account, please just allow me to address this to you gradually, hoping you just don't mind...
Sir here are some of my asking...
1)Sir they said, as what i have read that you can only used a card with the mastercard logo or visa electron logo which is a credit card perhaps or an atm debit card, which is accepted by paypal, so with this Landbank atm card as a savings account why is it that it is honored by paypal?
2) In connection with my first asking, so does it means that the card i have which is an allied bank abc cash card which is an ATM Card and at the same time it's a debit card as it was advertised under flexibility of the card features, so would this be possible to used for paypal and be able to be verified?
i think for now, that would just be my query...
respectfully
nick
end.
Hello, nicknolte. You very well have important concerns. I had these questions before, too. So it's vital that I make you understand the facts. First, getting verified in paypal requires a credit or debit card. Second, to withdraw money from your paypal account, you have to link a savings or bank account. The two are entirely different things. So ask yourself, do you have a credit/debit card and savings/bank account? Note, however, that with Unionbank's Visa Electron, the two requirements are satisfied with this single card.
Now, concerning Landbank's atm savings account, you cannot use it to get verified in paypal, but only in withdrawal. It is not a debit or credit card. However, it is does honored in paypal as a bank account, no more no less.
About your second question, your Allied Bank's cash card, the only way to know whether you can use it to get verified in paypal is to ask the bank directly, that is, ask them if you can use their card to get verified in paypal. If not, then don't waste money anymore. I have wasted money myself trying to get verified in paypal using Security Bank's cash card international. They may say yes, you can use it to get verified, but it may not materialize.
So, after all is said and done, just TRY. If not possible, opening Visa Electron is the best choice. This is because Unionbank doesn't charge anything from your withdrawal transaction everytime you make a request....
thanks for this!
umm. just a simple question.. you mean na, i won't be able to withdraw money from paypal using landbank atm unless i have a debit card to verify my paypal account? this is somewhat confusing me.. what if i don't have a union debit card or whatever it's called.. should i really get one to withdraw my money from paypal? -__-
thanks.
Hello, Alyssa. The first thing that you should think of is that your PayPal account should be verified. Otherwise, you cannot withdraw your balance in your PayPal account. To do this, a valid credit or debit card must be linked to your PayPal account. I have already proven the certainty of having my PayPal account verified using UnionBank's Visa Electron. After you have become a verified member in PayPal, then you can withdraw money from PayPal to virtually ANY bank account or savings account. Got it? Thanks for dropping by. I am online every single day. You can send me email here: stalwart_cbian@hotmail.com. God bless.
ano pong ginawa nyo para maka withdraw sa landbank?
Hi, Irene. I suggest using English here. Anyway, withdrawing to any bank account is as easy as 123 if you are a verified PayPal member. So check this out. If you are, then simply input the information required by PayPal for you to withdraw your balance. Just go to your account, then hover your mouse over "Profile." Next, click "add/edit bank account." Then fill up whatever is asked. This applies to any bank account you may have. Good luck. Thanks for leaving this query.
Hi sir sergs, thanks for your hub. It so great and helpful for me who had a Paypal account but haven't tried to withdraw my funds yet. This is the only article that I am satisfied and have clear answers concerning Paypal withdrawal to a bank account which I haven't found in others.
Just to add for the clarification for some queries here:
Both Visa Electron and LBP ATM can be use to withraw funds from Paypal. The difference is Visa Electron which is qualified to verified Paypal account. The purpose of verification is so you don't have limit to withdraw funds from Paypal. LBP ATM can be use to withdraw funds also but not eligible to verify Paypal account which you can only withdraw a maximum limit.
Anyway, I just like to ask sir if how much that maximum limit in Philippine Currency you can withdraw if you are using LBP ATM?
And aside from UnionBank's EON Visa Electron to withdraw funds from Paypal what other functions does it offer? Can it also be use as a Debit Card? Electronic payment for purchasing?
Thanks for your great ideas sir. You make everyone pleased and very happy. God Bless!
I'm so glad this has helped you a great deal.
Concerning your question, I don't see any limit being stipulated for verified paypal members.
Yes, Visa Electron is a debit card, too, and I have been using it to pay purchases at department stores.
Thanks for leaving this comment.
Your welcome sir, May I know also if Visa Electron is available now for online application? And when Paypal funds transferred to Visa or ATM does it take charge for tax in the country (Philippines)?
Hello, Rico. I don't have current updates concerning Visa Electron. For updates, kindly visit unionbankph.com. Currently, there is no law in our country requiring tax appropriation for electronic money transfer. However, at times, I found that Unionbank deducts a small amount from my cyber account. But this is very small and almost doesn't affect me at all.
Thank you so much sir. I appreciate very well your replies. You did a great job. God Bless you more in your career!
Good Day!
Hi sergs_pogi!
I found this very useful. Since I plan on linking my own unionbank EON card. For my mother has the full authority on my paypal. But i want to sneak out some of my earnings through uploading($822) since all of those was from my efforts, not hers.
Well, anyways, I have questions for you.
1)How is the verifying thingy? Let's say i have verified my paypal using EON. Can i still link any other cards on my paypal? If yes, what about 2 EON cards?
1a)Can I still withdraw using cards that was not linked to my paypal?
Umm I have more questions and confusions but I want first to clarify my questions above. Thanks alot! :D
Hello, Bon. For your first question, it is possible for you to link other cards on your paypal account even if you have been verified already. But what is the point of doing that? One account needs verification only once.
For your other question, you cannot withdraw your paypal balance to any card that is not linked to your paypal account. Anyway, this should not be a problem, since this process is so simple.
Thanks for dropping by.
good day sir! so umm, just a question, someone sent me $250 in my paypal account just now and is insisting that i can withdraw the money from any bank account i'd link in it.. but i'm not a verified user yet and am planning to withdraw the money through my friends landbank atm since i don't have any credit/debit/bank account.. i really need to use the money as soon as possible so if you could just help me how to withdraw the money, i'd be forever thankful! :)
..why would you use PayPal, do you realize they charge 3.9% to convert $ to PHP & vice versa, PHP to $, i ended up paying $20 for a 1500 php transfer WTF for?? why was i charged twice.. I'll never use them again, better check your paypal statements & learn the ugly truth what it really costs to use PayPal internationally.
Nope, Yashur. I've been withdrawing from PayPal every single week. I mean I request money from PayPal regularly. They have a flat rate for every transaction or request made. For requests 7,000 php and above, there is no charge. It's free! Below that, a fixed charge of 50 php is imposed. This is approximately $1.2. Converting from one currency to another is absolutely free!!! Plus, you can make multiple requests every day.
hi sir:
Paypal just ask me a proof of billing but I dont have one!
All billing named to my wife.what other option can i do?
thank you
oscar
Hello Oscar. Why does PayPal ask you a proof of billing? This is not necessary if your aim is to transfer money from PayPal to bank account. Have you verified your PayPal account already?
Hello Sergs! I just want to add that using you Metrobank savings account is also a good way to withdraw your earnings from Paypal. I have withdrawn my Paypal funds last week and Metrobank only charged me 76 pesos.
But I have to agree that so far, Unionbank Eon is still the best.
Hi Cecil. Thanks for sharing that information.
hi...my fiance sent me a money last friday night using a paypal thru BPI bank account..but until now i did not receive it yet..please help..
First, let us clarify a few things. It is not possible to send money from his paypal account to your bank account. Transfers can only be made between paypal accounts or from paypal to bank account of the same name. Also, weekends are not counted for money transfers both in the Philippines and abroad. Transfers may take from three to five BUSINESS days. You can actually start counting today. I hope I addressed your concern. Thanks.
Hello! I have been sent $200 in Paypal. They charged me $8.10. How can I withdraw the remaining balance to my LBP account? I tried the "Withdraw" button in Paypal but I cant withdraw any amount there. Will it directly go to my bank account? Please do help.
Hello Glia. There should be no charge when you JUST receive money from another PayPal account. Only the other PayPal account will incur charges. Concerning the "withdraw" question, you can only "transfer" your money from your PayPal account to a bank account. Once the money appears in your bank account, that is when you "withdraw" your money. There is a big BUT, though. You cannot transfer money from your PayPal account to a bank account if you are not VERIFIED. So make sure you verify your PayPal account. Visit this link http://sergspogi.hubpages.com/hub/Get-Verified-in- to read my hub about verifying a PayPal account. Good luck.
That's odd. I just received $200 minus the $8.10 fee. This is the detail:
Amount received: $200.00 USD
Fee amount: -$8.10 USD
Net amount: $191.90 USD
hi ser serg,, how to apply paypal? i hav a visa PBB or public bank berhad in malaysia,, i have also account ATM in land bank & RCBC in philippines,, help me pls to with draw my money lesser charges, tanx
Hello, Jenny. All you need to do is go to paypal.com and then create an account. Once an account is created, verifying it comes next. Read this hub: http://sergspogi.hubpages.com/hub/Get-Verified-in- for complete reference about the verification process. Once this is done, follow the steps in this very hub that you are reading. Good luck.
I read a blog that also tells about this same issue, i would like to share it here: http://perfectguidetolearn.blogspot.com/
That's a good resource, donky. Thanks.
Hi Sir! Your article definitely helped me to understand how PayPal works especially about being verified and withdrawing funds. I didn't even find those answers to my questions on the PayPal site itself. Thank you for this great article and I'm sure that you will help shed a light on this matter for the growing number of Filipinos using PayPal. Two thumbs up sergs_pogi! ;)
Thanks, Lance00714.
hello sergs..
i have a question, my boss was sent me money on my paypal,using his paypal thats last sunday May 13'2012.. but until now the money not appear on my paypal.. answer please,thank u
There are two possible problems here. First, the money is sent to a wrong email address. If this is the case, it won't be possible to receive the money. Another possible reason is that you have not accepted the payment in your PayPal account. I hope this is your case. The best you can do is visit your email, the one you use in your PayPal account, and find the message prompting you to claim your money. Just follow the instruction very carefully. Good luck.
Bro...
Good Day..I'm a lil bit confuse...Do i need to verify my account for me to confirm my debit card??because the website says that i can withdraw though my account is unverified...and I've tried it many times but it asked me to enter my PayPal code which I certainly dont have because my account is not yet verified.. Therefor , I cannot withdraw the money if i wont verify my account...so does it mean that they are only false ad with the verification thing??or it varies from country to country...I'm really confuse...
Hello KJ. I'm a bit confused with your message as well. LOL, just joking around, but honestly! I tell you that ad is misleading you. You cannot withdraw (transfer is the right term here) your money from your PayPal account IF you are not a verified member. There are an array of benefits you can get if your PayPal account is verified, so go do your best to have it verified. For the complete steps regarding PayPal verification, read this hub of mine and follow through: http://sergspogi.hubpages.com/hub/Get-Verified-in- Good luck, bro.
Grace 14 months ago
Hello, ask ko lang po kung paano iverify ang paypal account using landbank?