Cheapest Way to Withdraw Paypal Funds in Philippines

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!"

Hi Shirley!

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.

*TechPinas


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7 comments:

  1. sir can you post here the very step by step process of activating your paypal account by using eon card. im noob when it comes to topics like that kasi. yung spoonfeeding tutorial po, tnx

    ReplyDelete
  2. ^

    Jerby pls read

    http://www.techpinas.com/2008/12/tech-basics-paypal-verification.html

    ReplyDelete
  3. can you explain further the step by step process of unionbank withdrawal option.. and what is the difference between that option and the eon card withdrawal. because on your step 2 its just like the same that you are using an eon card account...

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  4. Hello! So does this mean I could apply for a Unionbank account.. not necessarily an EON account? Just any other normal saving account?

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  5. Thanks for the info! I didn't know that you can activate both the Eon AND the savings account of Union Bank for PayPal. Just added the Bank account (no need to verify!).

    The $5 fee can really be a pain. Thanks again!

    ReplyDelete
  6. the problem is, even i have already put the bank account, the transfer will not proceed bcoz of the limit... how can i increase the limit? plsss help

    aljean88@yahoo.com

    ReplyDelete
  7. Hello TP

    im andy

    I would like to asked if it is ok if i used the atm account of my father in paypal it is a visa card that where his pension will came in every month and i have it and ill be the one who bring it..

    Thanks.

    ReplyDelete