How much is the fee for transferring money from paypal to Philippine bank?

@eljayo (1107)
Philippines
March 26, 2012 7:04am CST
Hi guys! For Filipino my lot users.Please help me.I just want to ask if how much will be the fee for transferring money from paypal to my local bank here in the Philippines?I am about to withdraw my earnings here in mylot.I just want to know about this so that I will also know is my money in the bank is enough to pay for these charges or if my earnings will not be consumed with these charges. Please help me. Thank you.;)
1 person likes this
6 responses
@shylade (3137)
• Philippines
27 Mar 12
hi there! well, i have just tried to transfer my paypal earnings to my husband's BDo account since i cannot transfer it to my own account. first, the bank name should appear like you name in paypal. so i have to transfer my paypal balance to my husband's paypal account. transferring to another account is free of charge as long as it is not a payment for a purchase. send it as a gift. then, my husband transfer the balance to his BDO account under his name of course. but you need to have a verified credit card first to lift the limit. once your card was verified you can go on with the bank transfer. there will be a 50-peso charge for the transfer then it will depend on the Philippine bank how much they will charge you. in case of BDO, they have charged us of 300 pesos. my husband transferred 2050 PhP, then what only appeared is 1850PhP. too high right? but i have read about Union bank EON card which does not charge anything as they are saying. try to browse about it.
@eljayo (1107)
• Philippines
27 Mar 12
Hi! BDO charges are really high. How about smart money?It is also linked to BDO, do you think it will still charge the same.As what I have read, if you open an EOn account at Union bank the application fee will be 350 and if you verify your account to your paypal 200 pesos will be their charge. If you withdraw money from your paypal to your EOn account, tehy will only charge 50 pesos per transaction if your withdrawal is less than 7000 pesos.That is all I know.;)
@shylade (3137)
• Philippines
27 Mar 12
i have no idea about smart money. based on my research UNion Bank EON card is the best because it will not charge you per bank transfer. the 50-peso charge is for below 7000Php transfer at paypal. my husband also asked Security bank about but the bank said they are not connected with paypal so it will be reflected at remmitance so there will be charge as well.
• Philippines
27 Mar 12
Well, i think the limit to withdraw is 7000,and charge50 pesos only.The less i withdraw in my pay pal to my bank account was 2000 more ,only charge 50. But it is better you withdraw like more than ,it depends on you,if you withdraw 500 you still charge 50 pesos.
@eljayo (1107)
• Philippines
27 Mar 12
Hi!Thank you for teh info. I read that if you opena n account at Eon 350 will be the fee and if you verify it to your paypal accoutn 200 pesos will be additional charge. Is that right?
1 person likes this
• Philippines
27 Mar 12
The 200 will be on pay pal fee for verification.Yes i open that account last year i think and i did 350 all.
@yahnee (1250)
• Philippines
26 Mar 12
You need to open a Union Bank ATM card and link your Paypal Account. The cost of the initial opening of an account is Php350.00. Once you withdraw you will be charged Php50.00 if the amount is below Php7,000. There is no fee in the transfer. What I did with my accumulated payment in Paypal was to transfer it to a friend who has a Paypal account and asked her to withdraw the money for me from her Union Bank ATM since I have not opened a Union Bank account up to this date.
@neildc (17254)
• Lapu-Lapu City, Philippines
27 Mar 12
Unionbank is not a must actually to get a Paypal account. Unionbank Eon Account or online bank account is just one way to get your Paypal account verified. I opened my Paypal without Unionbank but with a credit card account. Local bank account linked to Paypal to get our money transferred do not also necessarily a Unionbank account. Although I have both my Unionbank and Landbank accounts linked, I usually transfer my funds from Paypal to Landbank.
@eljayo (1107)
• Philippines
27 Mar 12
HI to both of you. Thanks fr sharing your knowledge. YEs I heard it cna eb transferred to other bank accounts that can be linked to paypal. But I also hear that using eon card of unionbank will maek it much easier and much less fees. By the way how much will they charge if you transfer money from your paypal to another paypal account?
• Philippines
26 Mar 12
If you are using EON card, you only need to pay 50 pesos per transaction.I am not sure with other bank/s. I've heard that other banks are asking 200 pesos per transaction.
@eljayo (1107)
• Philippines
27 Mar 12
Hi! Really?What about smart money, they said its easier to transfer money their but I do not know if it cna be link to paypal and how much will be their charge.thank you:)
1 person likes this
• Philippines
27 Mar 12
I don't know how much they charged with smart money...
@mar_ky07 (52)
• Philippines
27 Mar 12
You must have a paypal account first so that you can withdraw your earning here in mylot. Your paypal account must be verified first, so you must open an EON union bank card. Eon card is widely used for Filipino money earner online since it is a debit card and it is more cheaper compared to other atm card. The openong fee for the card is 350 pesos plus the amount of 200 for verifying your card in paypal. The cheapest fee in withdrawing your money from paypal is through your eon bank account number. The paypal will charge 50 pesos for every withdrawal of less than 7,000 pesos. There is no withdrawal fee for more than 7000 amount.
@eljayo (1107)
• Philippines
27 Mar 12
Hi! Thank you. So you will pay the 200 pesos verification fee to union bank?Thank you for this information.:)
@neonmay25 (208)
• Philippines
26 Mar 12
Hi, eljayo! Good thing you've mentioned this because I have the same concern as well. I wanted to transfer funds from paypal to my Eon card but then I've heard that the fee would be $5 unlike when you transfer that into the local bank only 50 pesos charge. I'm not sure though, I have still to confirm. I hope somebody would respond to this and provide an accurate solution..
@eljayo (1107)
• Philippines
27 Mar 12
Hi! I read from other comments here that they Eon will only charge 50 pesos per transaction.That is if your using Unionbank.But I am not really sure.