Could You Withdraw Your Paypal In USD to Philippine Banks?

June 26, 2010 10:08am CST
Hi guys, I just cashed out a couple of times from paypal and I notice that paypal converts my money to Philippine peso automatically and the exchange rate is 1 peso lower than if it had been deposited directly to my bank from abroad or if I receive it in USD and have it changed in a money changer. 1 peso difference for lets say $500 is a lot of money that I should have had. The current paypal conversion rate is 45.16 php to $1. Compared to changing it through the money changer for 46.20 php. That's about 520 php difference. Is there anyway we could all withdraw to Philippine Banks in USD? I am currently using EON card could I receive it in USD using this or how does it go? Or would I need to open a dollar account in the bank?
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1 response
• Philippines
26 Jun 10
You better withdraw your money through your bank account, not the EON card. In my case, I use other bank account to withdraw my Paypal money. I verified my Paypal account through my credit card but I withdraw my pay using other savings account.
• Philippines
27 Jun 10
hi doris, could you please tell me what bank do you use to withdraw from paypal? It's really frustrating when paypal automatically converts the amount into Philippine peso and give us 1 peso lower than the current exchange rate for the day. I noticed last night the exchange rate was 45.11 meaning about .05 cents lower then previous exchange rate. by the way were you able to withdraw in usd from paypal?