There is a growing number of local Filipino users of Paypal ever since the company set foot in our country. For technopreneurs, having a Paypal account is the most secure and convenient way to send or receive payments online. Sooner or later, there is a need to withdraw some funds from Paypal so these can be converted to hard cash. With a bank account in any established banks in the Philippines, withdrawal of Paypal funds can be easily done. Having done this process a number of times now, I’m sharing here the steps on how to accomplish this.
First, a bank account has to be enrolled. This can be done by accessing Profile > Add/Edit Bank Account under the My Account menu.
The form for adding the bank account should look like this:
Notice that a bank code is necessary. A list of this codes can be seen in this post Complete list of Paypal Bank Codes in the Philippines. After this, just click continue and the succeeding steps are self-explanatory.
Once a bank account has been added, a withdrawal can now be made into the that account. Under the My Account menu, a link to Withdraw is provided. In the withdraw funds page, click Withdraw funds to your bank account. The amount should then be entered.
Just click continue after entering the amount and it’s done. Note that there is a charge for this transaction (see the rates below) and it takes a couple of days for the funds to be transferred to your local bank account.
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