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Withdrawing your Paypal funds to your very own pocket can take you as much as 300 Php or as little as 2.50Php. So knowing the withdrawal fees involved can save you a decent amount of money enough to buy you, two large burger meals at your favorite fast food chains.
If you want to spend the least amount for withdrawing your Paypal funds to your very own pocket here in the Philippines, better follow this method;
Paypal to Unionbank Deposit Account to Smart Money MasterCard
Will this method work? Yes, I have tried this and now I’ve been using this method most of the time. Saves me a lot of time and money. So how does this method work? Here’s my simple guide;
Step I: Paypal to Unionbank Deposit Account
1. Withdraw your Paypal funds to your local Philippine bank account when your funds are above 7,000 Php. In this way, your funds are not affected by Paypal withdrawal fees.
2. Make sure you registered a Unionbank Savings Deposit Account or, registered a Unionbank EON account as your bank in your Paypal profile. If you don’t have any Unionbank account, I prefer you apply for a Unionbank EON account because there’s NO initial deposit and NO maintaining balance. Plus, you can access your account online 24/7.
Why do I prefer Unionbank instead of other banks? Because of incoming EFT fees involved. A lot of people who withdrew their Paypal funds to their local Philippine banks other than Unionbank were surprised at this EFT fee that is around 200 Php. Unionbank is not charging this EFT fee that means the amount you see in your Paypal withdrawal transaction report will be received in your Unionbank account with no deduction.
Step II: Unionbank Deposit Account to Smart Money Mastercard
This method requires a Smart Money MasterCard and Mobile Banking Service activated. I have provided a simple guide on how to apply for Smart Money if you don’t have one and some basic information on how to activate your Mobile Banking service.
Upon having these requirements, you can now transfer funds from your Unionbank Deposit Account to your Smart Money MasterCard using your own Smart cellular phone. This transaction will only cost you 2.50 Php deducted from your Smart’s airtime load.
Upon completion of fund transfer, you can now withdraw your Smart Money’s funds from any Banco De Oro ATMs nationwide with NO withdrawal fees at all. This method works for me well and saves me a lot of time and money.
Note: If you will not do Step II and use your EON card to withdraw, you are subjected to ATM withdrawal fees. Withdrawing from Unionbank ATMs is 10.00 Php after your 3rd withdrawal and withdrawing from Non-Unionbank ATMs will cost you 12.00 Php.
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Great article dude, I’ve tried it and it worked.
I only spent 2.50 pesos deducted from my airtime load. Thanks a lot
Good thing it worked well. Thanks for visiting.
It may not be as cheap as you think. It seems if they have a problem with a ATM machine union bank just keeps your money. It seems from comments that this is common.
We have just been informed about just such a case a young woman goes to a ATM machine to withdraw money from her Unionbank account for food, the machine does not pay out but it still deducts the amount from her account, so she reports it to Unionbank only to be informed it will take them between 3 to 15 days to even look into it. In that time the woman goes hungry, what if it was her rent money she was withdrawing and Unionbank takes 15 days to look into it, by that time she has been evicted from her house and living on the streets.
It is theft and there is no doubt about it, they have taken her money and are refusing to let her have it.
I haven’t experienced that yet. Sadly, it happened to her.
And for your comment, “It may not be as cheap as you think”. That’s why I posted this article, I pointed out here to use your Smart Money card to withdraw at BDO ATMs and not withdraw using your EON card at Unionbank ATMs because of certain fees.
Also, by using Smart Money to withdraw at BDO ATMs, anyone can prevent the sad story you narrated above from happening to them.
Thanks for visiting.
I tried to create my paypal account, and the registration is complete except for the card needed. I mean, can I use my smartmoney account for this? The registration says that I have to verify the account first. I’m sure my account still working because I am using it recently and it’s active. What should I do? Anyone can help me? Thanx!
You can use Paypal even if you are unverified but an Unverified Paypal account has a lot of sending and receiving limits. Other third party sites even won’t allow unverified Paypal members to join their program.
As for Smart Money, unfortunately as of now, it’s not accepted by Paypal to verify your account.
If you really want to use the full potential of your Paypal account without limits, you can verify it using your credit card or if you don’t have one, it’s very easy to apply for a Unionbank EON VISA card if you’re here in the Philippines.
When you already have your EON card, follow these steps to verify your Paypal account.
Thanks for visiting.