How much does your bank charge you if you transfer your money from PAYPAL?
By jamed28
@jamed28 (1903)
Philippines
July 19, 2010 9:05pm CST
I tried withdrawing my money from PayPal to an local bank Banco De Oro. Paypal charge me with a fee of PHP50.00 (around $1.10), It was in process by PayPal for 3 days, and when PayPal inform me that my withdrawal is successfully transferred to my BDO account, I rush to the ATM machine to withdraw it. But it wasn't there. 7 days after I got the confirmation email from PayPal I got my money. But to my surprise, the PHP509.00 that I'd withdraw from PayPal was only PHP300.00 when I got it from my bank. I tried calling my bank, since my bank branch is in Manila, and I now leave in the province, the bank told me they return my call, to verify it with the bank manager. Have you also experience the same thing? Does local bank have their own charges when transferring money from PayPal?
1 person likes this
7 responses
@consultrainer (4991)
• India
20 Jul 10
i think, both the banks charge money. PAYPAL for allowing the funds to be withdrawn, charges something. and the other local bank, where the funds are being flown into.. also charges for allowing foreign currency to come into their accounts.
so, it is a double charge.. and, we are the losers.
alas! .. I wish, you could spend that money online itself!
@jamed28 (1903)
• Philippines
20 Jul 10
But for what I'd know before, banks only charge if you transfer money FROM them, but if the money is transfer TO them, there should be no charge, likewise if they you will be sending money from your bank to PayPal. Your bank will change you, but PayPal will not.
@consultrainer (4991)
• India
20 Jul 10
oh! .. that might be very reasonable.. but, are your banks and the banks in INDIA following the rules? ... it is crazy to be losing at both the ends! .. thanks for the response
@consultrainer (4991)
• India
21 Jul 10
life ... 
thanks.. you have given me hope.. and all the greatest feelings. now, I could safely enjoy the funds that I earn online.
thanks. i never bothered to search for the details in paypal till now. thanks for the link.
thanks.. you have given me hope.. and all the greatest feelings. now, I could safely enjoy the funds that I earn online.
thanks. i never bothered to search for the details in paypal till now. thanks for the link.
@crysontherocks77 (1273)
• United States
23 Jul 10
it just depends on how much money you are transferring
@julyteen (13252)
• Davao, Philippines
20 Jul 10
if we withdraw more than $152 (Php 7,000) no charge at all but if we withdraw below $152 (Php 7,000) the charge would be $1.09.
By this means I prefer to withdraw higher than the minimum to avoid paying the fees from our bank.
Anyway, I am from Philippines.
@Ingkingderders (3831)
• Philippines
21 Jul 10
Yep, Local banks have their own charges, apart from the 50pesos. So it's really better that you open a Unionbank EON account, that is what I did, and I have not had any problems withdrawing my money from Paypal. They only charge 50PhP, no hidden charges, although there is an annual fee of 350PhP I think. The best part is, it usually just take 3 days to process your withdrawal request, and the money would reflect in your account. EON is really made specifically for internet transactions so it's safe.
@cadguy08 (1224)
• Canada
20 Jul 10
That's too much for charging transfer money thru Paypal, they PayPal charge only 50 cents US when you transfer it to your bank ($150 less charge of 50 cents US). And Banks have nothing to do with charging customer that much. Or no charge at all! I think they are ripping you off (BDO).
@catycat1985 (188)
• Philippines
20 Jul 10
mine is unioun bank and they just charge me 50 pesos for every transaction, i love this bank coz its also fast, got my money in two days
