Withdraw through PayPal or directly through Bank?
By SinfulRose
@SinfulRose (3527)
Davao, Philippines
November 23, 2015 2:24am CST
Okay, I'm working while Mylotting...
Or is it the other way around? lol
Anyways, just making this a quick one. As you all know from that I'm working part time at Fiverr and I'm happy to say that I'm making some money there. It's not a lot but it's exciting enough for a workaholic like me. And so the question comes, which is more favorable for us, who withdraw money over there? Is it through PayPal then to our local bank or withdraw straight to our banks?
Because the way I see it, since I live in the Philippines, aside for the $3.00 fee, there's this 2% conversion fee that I have to pay plus additional bank fees before the money can reach me.
I don't know yet how it is with withdrawing through PayPal first though. But what I do know is that I can't withdraw from PayPal to my bank if my money in PayPal is less than Php 7,000 because PayPal will charge me some fees plus the fee that I will get from my local bank.
Anyone had any idea/ideas?
I had heard from some people that it's cheaper if I go through PayPal first. But how true is that?
How are you all, Mylotters? I've been having a blast since last night. I admit days like this for me are tiring. But because I'm enjoying it, the experience is...
1 person likes this
5 responses
@salonga (27775)
• Philippines
30 Nov 15
I do always withdraw through bank and not through card because if through card you will be charge a big amount but if through bank you will only be charged P50 if your are withdrawing less than 7 thousand. If you are earning well then wait till your money reaches 7K before you withdraw to avoid P50 but me I don't wait. I don't mind the P50.
1 person likes this
@SinfulRose (3527)
• Davao, Philippines
30 Nov 15
Hello, Morning Girl,
I did notice that. That's why I applied to have a passbook instead of just having an ATM. Unfortunately, as of the moment, I can't withdraw anything yet because I haven't reached the Php 7k in PayPal yet. (I would love to keep my Php 50. lol). I will keep in mind your words when the time comes for me to withdraw from PayPal to my bank. Thank you very much for this!
1 person likes this
@salonga (27775)
• Philippines
30 Nov 15
@SinfulRose Good decision. If you do have many online earnings, it is easy to reach that much.
1 person likes this
@jvincent_129 (4994)
• Philippines
26 Nov 15
We are same I am in the Philippines. And of course you want the most cost effective way to withdraw the money. If you have a lot of online jobs that can transfer to paypal, then I suggest get them to paypal first and keep the money and accumulate until you've reached the threshold in paypal. That's what I do, transfer mylot earnings to paypal and other sites to paypal. The bank also is a factor, maybe some banks charge more than the others when withdrawing from paypal. You should know and inquire the fees from the banks.
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@SinfulRose (3527)
• Davao, Philippines
29 Nov 15
Yours was the most helpful response I got so far. I got a moment there where I was like, "why the freaks didn't I think of that?"
That's right. I want the most cost effective way of doing this in a systematized manner where I don't have to freak out every now and then when I have money to transfer from some site to my bank account.
Thank you so much for pointing that out to me! :D
@jvincent_129 (4994)
• Philippines
1 Dec 15
@SinfulRose I use BPI, I think this is the best for all of the banks for online transfer from online jobs. Maybe you can find some more much cost effective than what I said. You can always ask and inquire information from the banks and in the internet. 
@SinfulRose (3527)
• Davao, Philippines
24 Nov 15
Wow. Thanks for the insight @topffer . If I do reach a Php 7000+ money in PayPal, I won't have to pay for other fees aside for the bank fee and/or the 2% conversion fee. So it's really more advantageous to withdraw in PayPal first, huh? :)
@ReViewMeMedia (3786)
• United States
23 Nov 15
I usually withrdrawn mine to the bank once it gets into PayPal.
1 person likes this
@SinfulRose (3527)
• Davao, Philippines
24 Nov 15
That's all well and good if there's no additional fee one has to make before it could reach one's bank. That's why I'm asking whether or not it's advantageous to transfer the money in PayPal first before it goes to the bank or not.
@SinfulRose (3527)
• Davao, Philippines
24 Nov 15
Yeah, I noticed that with Fiverr when I added my bank with them. But I guess it would be more profitable for me to place the money in PayPal first before withdrawing the money in bulk to my bank, if it means lesser fees to pay, Thanks for taking the time to answer my question! :)
