Shirley S. from Cebu City, Philippines emailed TP* this question yesterday:
"TP, what's the best or cheapest way for me to withdraw my Paypal funds? Do I always have to pay the $5 Paypal withdrawal fee? Thanks!"
Thanks for the inquiry!
Based on my experience, IMHO, the cheapest way to withdraw Paypal funds in the Philippines is thru the Unionbank Bank Withdrawal option. Note that it's BANK Withdrawal and *NOT* EON Card Withdrawal.
Why? Unionbank seems to be the only bank in the Philippines that does not charge a Paypal withdrawal fee -- So you actually get the full amount (after Paypal currency conversion to Philippine Peso). Isn't that great?
Of course, to avail of this option, you'd have to
1. Open a Unionbank account - You can do this by applying for one in a Unionbank branch near you. Alternatively (or more efficiently), you can apply for a Unionbank Eon Card, which automatically gives you a Unionbank account too (apart from the card account).
2. Apply your Unionbank Account to Paypal Withdrawal options.
3. Withdraw money into your Unionbank Account.
NOTE: Info presented is but a mere opinion of the writer. TechPinas is not in anyway related to Unionbank nor Paypal.