Posted on Jan 29, 2008 under Tips and Tricks |
Good news to all Filipinos! PayPal has added a new feature on their online services which will greatly benefit Filipinos and Indonesians. I received the official announcement just this morning although I was already informed by my husband and Issa a few days ago. So now, we can withdraw PayPal funds directly to our local bank account. Good news, right? But of course, you must have a verified PayPal account to do this.
Steps to add a bank account:
Log into your PayPal account then go to My Account Profile Add or Edit Bank Account then fill in the Bank Name, Account Number, and Bank Code.
Here’s a list of the official Bank Codes of Major Banks in the Philippines:
ALLIED BANKING CORPORATION - 010320013
AUSTRALIA NEW ZEALAND - 010700015
ASIA UNITED BANK - 011020011
BANGKO SENTRAL NG PILIPINAS - 010030015
BANGKOK BANK - 010670019
BANK OF AMERICA - 010120019
BANK OF CHINA - 011140014
BANK OF TOKYO - 010460012
BANCO DE ORO (& EPCIB) - 010530667
BANK OF COMMERCE - 010440016
BANK OF THE PHILIPPINE ISLANDS - 010040018
CHINA BANKING CORPORATION - 010100013
CHINA TRUST COMMERCIAL BANK - 010690015
CITIBANK N.A. - 010070017
DEVELOPMENT BANK OF THE PHILIPPINES - 010590018
DEUTSCHE BANK - 010650013
EAST WEST BANK - 010620014
EXPORT & INDUSTRY BANK - 010860010
FUJI BANK - 010640010
HONGKONG AND SHANGHAI BANK - 010060014
INTERNATIONAL COMMERCIAL BANK OF CHINA - 010560019
INTERNATIONAL EXCHANGE BANK - 010680012
JP MORGAN CHASE BANK - 010720011
KOREA EXCHANGE BANK - 010710018
INTERNATIONAL NEDERLAND BANK - 010660016
LANDBANK OF THE PHILIPPINES - 010350025
MAYBANK OF THE PHILIPPINES - 010220016
METROPOLITAN BANK & TRUST CO - 010269996
PHILIPPINE BANK OF COMMUNICATION - 010110016
PHILIPPINE TRUST COMPANY - 010090039
PHILIPPINE NATIONAL BANK - 010080010
PRUDENTIAL BANK - 010150018
PHILIPPINE VETERANS BANK - 010330016
RIZAL COMMERCIAL BANKING CORPORATION - 010280014
SECURITY BANK & TRUST CO - 010140015
STANDARD CHARTERED BANK - 010050011
UNITED COCONUT PLANTERS BANK - 010299995
UNION BANK OF THE PHILIPPINES - 010419995
UNITED OVERSEAS BANK - 010270189
These are the steps to follow to withdraw funds to your local bank account:
Step 1: Log into your PayPal account. Click the ‘My Account’ tab and then click the ‘Withdraw’ sub tab.
Step 2: Select the ‘Withdraw funds to your bank account’ option. For Philippine users, withdrawals equal or more than PHP 7,000 are free. For withdrawal amounts of less than PHP 7,000, there will be a fee of PHP 50.
Step 3: Select the bank account and amount to withdraw.
Step 4: Confirm the transfer.
WARNING: Make sure your bank information is correct or else your withdrawal will be returned and a fee amounting to 250 pesos will be charged.
More Info:
How long does it take for funds to reach my bank account?
It typically takes 5-7 business days. However, depending on your bank’s policies, it may take longer.
What currency will be transferred from my PayPal account to my local bank account?
Regardless of the foreign currency (USD, EUR, AUD, etc.) you are withdrawing from your PayPal account, the funds will be converted to your local currency.
:: Reference
Technorati Tags: PayPal, withdraw PayPal funds, PayPal account, Bank Codes, Major Banks in the Philippines, withdraw funds to your local bank account
Posted on Jan 29, 2008
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