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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 P7,000.00 PHP or more |
| P50.00 PHP for P6,999.99 PHP 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.
Take a look at the image below, this is one of my Paypal withdrawals to my Unionbank EON Cyber Deposit account last May 17, 2009, highlighted in yellow is 9,282.70 Php.
While the image below is my Unionbank EON Cyber Account, highlighted in yellow shows that I received my withdrawal last May 20, 2009, exactly 3 days after I withdrew and the best part here, take a look at the amount. It’s still 9,282.70 Php, NO incoming EFT deduction. Great!
So based on my experiences, better withdraw above 7,000 Php from your Paypal to your Unionbank EON Cyber Deposit account to avoid unnecessary fees.
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Wow! Thanks for the information. I also read your post about adding EON in the list of banks. You saved me from the $5 charge because I withdrew my money to my bank account and not to my card! Thanks again!
Good thing this post helped you.
By the way, nice site. Thanks for visiting, drop by again.
Sir you are right, paypal rejected my withdrawals to my bank account. Is there a chance that my money will be returned? If so please tell me how. Hope to hear from you asap. I really need your help. Im afraid I might lost my money. Thanks
Dude, your comment seems lost. It’s not related here.
You can find my response to your comment here on our previous conversation on this post. Please avoid posting a comment anywhere unrelated to the post topic.
Thank you.
hi… thanks for the info…
can you please enlighten me..
the EON debit card also comes with an EON deposit account…
is that still different from EON cyber deposit account or they’re just the same?
thanks much..!
When you applied for an EON card, it automatically comes with a deposit account but they will not give you any passbook to monitor your account.
The solution here is applying for an EON Cyber account. This is actually your online passbook for your EON card’s deposit account. They are connected, Cyber account is used for monitoring your EON card’s deposit account transactions.
Hope this clear things up.
Thank you for visiting.
Just a question, if to transfer from paypal to bank account, is the conversion exact as the current peso-dollar conversion? I noticed from your statement above that Paypal conversion is 46.4135. But Peso dollar conversion on May 17 is something like 47.14USD. So its like Paypal deducts 1peso per dollar.
I’m weighing things if for example chinabank is to deduct P200EFT fee from a 1000 usd withdrawal, please check at my computation if i understood correctly:
Paypal to Bank
1000USD x 47.8240 = 47824, less P200 EFT fee, my take home would be P47624.
PayPal to Eon
1000USD x 46.4135 = P46413
So if I understood correctly, it will save more if we withdraw it to our bank account since the fee is only P200?
Thanks for your advice.
Paypal conversion rate is not equal to the actual peso-dollar conversion for that day. Paypal have their own currency converter. You can read more about it here.
Paypal doesn’t follow the actual conversion from any bank. I’m going to correct some of your computations according to what I understand. This is based on Paypal’s own conversion rate for May 17, P46.4135 = $1.
Paypal to Bank (China Bank)
1000USD x 47.8240 46.4135 = P46413, less P200 EFT fee, your take home would be P46213.
Paypal to Eon (using withdraw to bank, not to card option)
1000USD x 46.4135 = P46413
Based on my computation, you can save P200 using your Eon.
Actually you can use ‘withdraw to your bank’ using your Eon card, your Eon comes with a deposit account that you can register in your Paypal account as bank. You can read more about it here.
Hope this clarifies your questions. Thanks for visiting.
nice article dude, i have one problem though, how can i transfer funds from my eon card to my paypal account?
To transfer funds from your EON card to your Paypal account, LINK your EON to your Paypal account by following the steps here.
When Paypal already verified your EON card, you can now use Paypal for your online purchase. Funds will be automatically deducted from your EON funds since they are linked together.
Would this mean that whenever I deposit funds to my EON card, it will then go to my PayPal account?
PS. If ever you receive my emails (uhm about 2 or more), I’m sorry if I have flooded your inbox. It’s just that your contact form didn’t confirm if my message(s) was sent or whatever. I hope it doesn’t matter, heh.
Thank you so much!
After you deposited funds to your EON card, it will ‘not’ go to your Paypal automatically.
When you purchase something online using your Paypal account, that’s the only time Paypal will get funds from your EON account since they are linked together.
Thanks for visiting.
I already tried it bro. hehe. it worked! your the man bro! hehe. this website really helped me dude. thanks man.
No problem dude. Glad it helped you.
Hi! here I am, asking questions again.
I have an EON card and cyber account. Kung,iwiwithdraw ko ung money ko sa paypal to my cyber account,and then I’ll get the cash through an ATM machine via EON card,how much will be the fee?
Withdrawing from EON card using Unionbank ATMs, 10 pesos after your 3rd withdrawal.
Using Non-Unionbank ATMs, 12 pesos.
Or you can try this method and withdraw for only 2.50 pesos. I always use this method.
so,walang fee kung iwiwithdraw ko yung money sa paypal to my Unionbank Cyber account? Did I get it right? Yung transaction lang sa ATM ung fee?
That’s right.
Thank you so much for all your help regarding my questions.
Thumbs up!
You’re welcome.
Hello Sir Bee, first of all, I’d like to thank you for the information you provided for paypal. I’m not much into online payment stuff but your site get me to understand how it works and how secure it could be. Btw I’ve been hearing a lot from this new service of Globe and its called Gcash Click. This is a new online payment scheme which lets both buyer and seller registered on the their domain. it secures both the buyer and the seller especially for a pending scam. I haven’t seen your write ups for this, maybe you could enlighten us for this. I’d like to hear from you soon for your write ups for Gcash Click on how safe and secure it could provide. thanks!
You’re welcome ehya. Good thing the info here helped you.
In case of Globe Gcash Click, I haven’t used that yet. Maybe I’ll give it a try and post some feedback about it.
Thanks for visiting.
Hi there, Bee,
Following your advice, I got a new Eon card. I need to get verified in Paypal. Do I have to deposit or load up my Eon so that Paypal would acknowledge it?
Many thanks!
Yes, you have to deposit $1.95 (equivalent to around 100 pesos) first before verifying it with Paypal.
Here I’am again dude. hehe. just wanna ask something again. have you tried buying from ebay US? how much does paypal charge if i’ll be sending money to a premier/business paypal account holder? for example i’ll be paying the seller $200, how much does paypal charge? cuz i tried sending $2.13 to my friend’s account, but only $1.76 arrived in his account. thanks for answering our questions man. this site is a BIG HELP!!!!
In sending/receiving Personal payments, if you used your previous Paypal balance to send him $2.13, he will receive it in full.
But when you sent money to your friend, he is charged 3.4% of $2.13 plus $0.30 that is equivalent to $1.76. This is a sending fee because your transaction was deducted from your credit card since you have no previous Paypal balance. Actually either the sender/receiver can pay this fee but since he received only $1.76, it means that you, the sender, charged it to your receiver.
In terms of buying at ebay, you don’t have to worry about certain Paypal fees because there are no fees for buyers when purchasing online. The merchant or the one getting paid will have Paypal fees because he earned from your purchases.
Thanks so much for the info here. But just wanted to ask, is there a way to withdraw from Paypal your money in dollar currency instead of pso?
* pso –> peso
You can try to withdraw using your US dollar account on your Philippine bank. But don’t think you can avoid Paypal conversion rate fees by doing this. I emailed this question to Paypal and this is their response,
“even though your Phillipine bank accepts US dollars when you
make withdraws we will make the convertion to Philippine Pesos because
it is a Phillipine bank and yes there will be exchange rate.”
What I think will happen if you do this method of withdrawal is, you withdraw to your Philippine bank but using your US dollar account. Paypal still converts your withdrawal to Pesos since the local currency of you bank is Pesos. Your Philippine bank then receives incoming transfer from Paypal in Pesos then your local bank will convert this to US dollar since your account is in dollars.
I haven’t tried this method yet but I think it’s more expensive than withdrawing it directly in Philippine Peso because of the two currency conversion that might occur, Paypal’s USD to Php then your bank’s Php to USD.
Tell me about your experience if ever you’re going do this method.Thanks for visiting.
If I’m not mistaken, landbank doesn’t have EFT fee. I use my landbank savings account when transferring funds from paypal.
Landbank has no EFT fees? Well, that’s good news for Landbank users.
I rarely see their branch here in Manila. hehe
Thanks for the info, drop by again.
Landbank charges P100.00 for EFT. I tried it once.
Hey nice web site. One question though, which is better, convert dollar to peso first while in paypal before withdrawing to eon or just let the the conversion fall through while being withdrawn to eon? Thanks
Actually, I think it’s the same.
If you convert to dollar to peso on Paypal before withdrawing to your EON, your dollar funds will be converted using Paypal’s currency converter.
On the other hand, if you directly withdraw your dollar funds to your EON, it will still be converted by Paypal using its own currency converter.
Hope this helps. Thanks for visiting.