Randell's Tech Blog

Randell's Tech Blog

Withdraw funds from your Paypal account

Posted: 08 Aug 2009 11:25 AM PDT

Ever since I twitted that I successfully transferred funds from my Paypal account to my BPI account, several people have already asked how I did it.  It was as simple as click-click-click, with a bit of googling.  But in order to save myself from repeating the instructions to those who asked and will ask, I thought that maybe I can just write it down and just give them the link to this post.  =) Here are the steps:

Login to your Paypal account. If you don’t have a Paypal account yet, then sign-up for an account.

Once logged in, click the Add/Edit Bank Account link by hovering over the Profile link under the My Account tab.

Click the Add button to Add a Bank Account to your Paypal Account.  In this step, you simply have to accomplish the form with the following information:

  • Country
  • First name
  • Last name
  • Bank name
  • Bank code
  • Account number

You can easily fill in all the information, except maybe for the Bank code.  I got the list of bank codes from http://pages.ebay.ph/bankwithdrawal/bank_codes_ph.html.   As indicated in the Paypal instructions, your bank account in the Philippines should be able to receive payments in Philippine Pesos.

Once you successfully added a bank account to your Paypal account, click the Withdraw link under the My Account tab.

Paypal offers two options for withdrawing funds from your Paypal account: Withdraw funds to your bank account and Withdraw funds your card.  Since I did not know what will happen if I chose the second option and I did not have a debit or prepaid card, I clicked on the first option.

Notes:

  • Paypal charges PhP 50.00 for withdrawals less than PhP 7,000.00 and BPI charges PhP 150.00 for each withdrawal
  • The minimum amount you can withdraw is $10.00 USD
  • Withdrawal takes 2-4 business days

Click continue.  Then click the next button to finish the funds transfer.  That’s it!

Note: I wrote this several weeks after my first successful funds withdrawal, so if I missed a step, please let me know. Also, please don’t blame me for unsuccessful withdrawals.  I can’t and won’t pay you if something wrong happens to your hard-earned galleons. Thanks!

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Posted by computer at 3:06 PM  

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