Withdrawal of PayPal funds to your local bank now possible

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PayPal now allows the withdrawal of funds straight to Philippine banks.

Withdraw PayPal funds straight to your Philippine bank account

Prior to this, the only way that PayPal users can get their money is by withdrawing it to a Visa debit card or credit card. Bank transfer is free for transfers amounting to 7,000 pesos or more. For amounts less than 7,000 pesos there is a 50 peso fee. Processing time is 5-7 business days. You will have to fill out an online form asking for your bank’s details which include Bank name, Bank Code (9 digits), and Account Number. Now is the bank code the same as the bank’s Swift code or routing number? Take Metrobank for example, their swift code is MBTCPHMM but it’s only 8 digits and those aren’t numbers. A return fee of 250 pesos also applies if you entered the wrong bank details. Great!

Posted in Lifestyle