Fees in Withdrawing Paypal funds to Local Philippine Banks

[IBO4783]

---

When withdrawing Paypal funds in the Philippines, you are given two choices; withdraw funds to your bank account or to your card. Withdrawing Paypal funds to your local Philippine bank is a great choice compared to withdrawing to your card. Why? Take a look a the summary of fees below;

Options – Processing time – Cost

• Withdraw funds to your Local Philippine bank account – 2-4 business days – FREE for Php7,000.00 or more, Php50.00 for Php6,999.99 or less
• Withdraw funds to your card – 5-7 business Days – $5.00 USD

As you can see when you withdraw funds to your card, Paypal charges you $5 USD. So why withdraw that way when you can withdraw it for FREE? Just make sure your funds are 7000 Php or above before withdrawing. Also, withdrawing Paypal funds to your local Philippine banks takes only 2 to 4 days compared to 5 to 7 days via card. Based on my experience, 3 days.
This is great! Paypal almost charges nothing for withdrawing funds to your local Philippine bank but are sure that your local Philippine bank charges you nothing for receiving electronic funds from Paypal? Check your passbook or account statement first. Are you aware of incoming/receiving EFT fee of your bank?
What is this banks’ incoming/receiving EFT fee?

EFT means electronic fund transfer. Incoming/receiving EFT fee is charged by your local banks on your transaction upon receiving electronic fund transfer, somewhat like a remittance fee.
I have friends who withdrew their Paypal funds to different local Philippine banks and they are shocked to see a deduction from their withdrawal, around 200 Pesos. So I gathered their experiences and came up with this incoming/receiving EFT fees by local Philippine banks below;

• Allied Bank – 200 Php
• Banco De Oro – 200 Php
• Bank of the Philippine Islands – 200 Php
• China Bank – 200 Php
• Metrobank – 200 Php
• Unionbank EON Cyber Deposit Account – FREE

You noticed that almost all banks charges a 200 Php EFT fee but did you notice a great bright light? The Unionbank EON Cyber Deposit Account! It’s FREE! You might ask me why I used Unionbank’s EON Cyber Deposit Account instead of their regular deposit account. Here are my reasons;
1. I don’t have a regular Unionbank deposit account so I haven’t tried it yet.
2. I already have a Unionbank EON Cyber Deposit Account. Remember, when you apply for a Unionbank EON VISA Electron card, it’s not just a debit card. It comes with a deposit account with NO maintaining balance and I think that’s very nice! You can add funds to your EON debit card through this EON deposit account plus you have the privilege of enrolling it in EON Cyber Account for easier online statement monitoring.

[penfires]

@TS, you missed ONE CRUCIAL point -- UNIONBANK EON CYBER ACCOUNT has a maintaining fee of P350 annually. And the moment you open one, you will pay Unionbank the P350 fee for the initial year and this P350 will be charge again when your EON card reaches 1 year and so on...

But true if you are always transacting online, i think it's best to go with EON. I have tried Metrobank and I was charged those days around P167.30 per withdrawal. With EON wala

[IBO4783]

@TS, you missed ONE CRUCIAL point -- UNIONBANK EON CYBER ACCOUNT has a maintaining fee of P350 annually. And the moment you open one, you will pay Unionbank the P350 fee for the initial year and this P350 will be charge again when your EON card reaches 1 year and so on...

But true if you are always transacting online, i think it's best to go with EON. I have tried Metrobank and I was charged those days around P167.30 per withdrawal. With EON wala

Yeah, I forgot to tell everyone that there's another charges like the maintaining fee of Php350 annually, pero sulit kay kung mogamit kag paypal it is expected that you'll be using it for business or payment in any online shopping

[nikki]

flat rate ba ang electronic fund transfer fee sa metrobank regardless sa amount na imo gi transfer from paypal to metrobank? or magkadako ang ila electronic fund transfer fee kung magkadako ang gi butang sa metrobank? i was charged P137.60 sa ako gi trial deposit na $10

[wireDots]

naa koy na ilhan mo incash ug paypal money mga bai... ilang website kani Palex | Paypal Exchange ..... uderconstruction pa pero ga operate na sila. pm lng mo if mag pa ilis mo para e forward tamo sa akong migo.

[666satan]

free ra sa unionbank if mag withdraw ka more than 5k(converted to peso na) i think...

[keen]

yah that thing about unionbank not charging you for paypal transactions is true. plus, you get to withdraw your money about 2 days from your paypal withdrawal date. nice huh. meanwhile, rcbc commercial (ewallet) charges P110 per withdrawal to your account. suxx huh.

[zynthax]

Using EON as well. the sad part now is there's a charge when you withdraw your money even when using UnionBank ATM's.

[nikki]

Using EON as well. the sad part now is there's a charge when you withdraw your money even when using UnionBank ATM's.

pila ang charge sir?

[trival]

naa man guro charge ang paypal if your using EON 250 man guro