Paypal members in the Philippines and Indonesia gets a very early new year’s treat with the introduction of direct local bank withdrawals made effective yesterday. I an email announcement to all users on both South-East Asian countries, Paypal will now accept funds in their respective local currencies.
This feature was only previously available with US-based bank accounts. This is now possible for Paypal members in Indonesia and the Philippines on top of the existing methods (credit card, debit card or prepaid cards).
For Indonesian users, withdrawals of IDR1.5 Million (Indonesian Rupiah) or more are free. For withdrawal amounts of less than IDR1.5 Million, there will be a fee of IDR16,000. For Philippine users, withdrawals of Php7,000USD 119INR 10,112EUR 114CNY 869 or more are free. For withdrawal amounts less than Php7,000USD 119INR 10,112EUR 114CNY 869 there will be a fee of Php50USD 0.85INR 72EUR 0.81CNY 6. If you still have a US-based Paypal account, withdrawals to a US-based bank will incur a $5PHP 293INR 424EUR 5CNY 36 fee.
The “almost complete” feature was delivered by the eBay subsidiary in the Philippines (including neighboring ASEAN countries such as Malaysia and Indonesia) in just a span of 4 months after it originally made the news last September 2007. The only other lacking feature is being able to fund your Paypal account with your local bank account. Otherwise, this development has finally concluded the expansion of Paypal in these parts of the region.
I’ve dispatched an email to the reps of eBay/Paypal for South East Asia with additional questions. I am actually more interested in how this speedy development has got to do with eBay Philippines and its apparent migration to the subscription model.
Update: Here’s a copy of the official Paypal Press Release sent to me today:
Philippines, 28 Jan 2008 – PayPal, an eBay company, announced today a new bank withdrawal feature that enables registered PayPal users in the Philippines to withdraw money from their PayPal account directly to a Philippines bank account.
This new feature allows Philippine sellers to gain fast and convenient access to their funds and makes doing business on eBay and globally even easier.
“We are constantly looking for ways to improve the user experience for PayPal members and are excited to offer this new bank withdrawal feature which we believe will provide greater convenience for Philippine sellers,†said Sandeep Lal, Vice President of PayPal International.
The new withdrawal method is in addition to the existing withdrawal options to a Visa® debit card, credit card, prepaid card, or US bank account. A complete list of withdrawal options can be viewed here.
YugaTech.com is the largest and longest-running technology site in the Philippines. Originally established in October 2002, the site was transformed into a full-fledged technology platform in 2005.
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Jomark Osabel says:
Finally, ebay has listened to our many tiny voices.
LiNTEK says:
good news!
macdonals says:
This news is late lol. The blogosphere has talked about this since late last week. By the way, you will need the bank code to be able to withdraw your money. You can get it from the pinoy money talk site.
http://www.pinoymoneytalk.com/2008/01/27/bank-code-philippines-withdraw-paypal/
silvertooth26 says:
I’ve already added my bank account to my paypal account. I now have a stupid question. It seems I have yet to verify my paypal account by adding a credit card (which I don’t have). Will I still be able to transfer my paypal money to my bank account without having to enter a credit card for verification?
Andre says:
Looks like you need a credit card or debit card still, so the best way would be to open a Union Bank Account that gets you a debit card and use that, then just withdraw to your union bank account or other PH bank account as much as you want at a better exchange rate and without any fees. Finally I can stop using Xoom, unless I need the money within 24 hours :)
Pablo says:
How long does it take to withdraw funds directly from your bank account?
Adam Mordo says:
This is awesome news, “incomplete” as it may still be. The convenience and the security is definitely something to smile about. Because most our bloggers are here in the Philippines, all of us here at I.PH are glad to know that for all respects and purposes, Paypal is finally here.
silvertooth26 says:
@ andre, thanks for the advice. I’ve applied for my unionbank eon card already, so I guess, I’ll just use that to verify my paypal account.
L.A says:
I still don’t get what type of cards they accept in the Philippines…does BPI Express Teller Counts? o_O
Head Geekette says:
@L.A. Any VISA or Mastercard credit card that can be used internationally can be enrolled in PayPal. If you have a BPI Mastercard that can be used out of the country, then most likely you can enroll that in PayPal.
BPI Express Teller cards aren’t Visa or Mastercard. So you can’t enroll them. But you can enroll you BPI Express Teller bank account to PayPal for withdrawal purposes. I had just tested that already and finally got my money after a couple of days.
But I have a slight problem with the deduction fees. Maybe someone can enlighten me? I talked about it in my blog.
charles says:
Just a heads up. click here >>>> Successful Withdrawal From PayPal To Philippine Bank Accounts
It’s fast and no charge or deductions.
L.A says:
@Head Geekette
Geh Thanks for the answers, now I know I can use my BPI Express Teller..I don’t use it out of the country just for PayPal withdrawals. Thanks again!
july says:
whew! it is possible for me to use my PNB atm account?
just wondering. . ^^ hope reply.. heres my mail : latchke****@****.***
Head Geekette says:
@july Yes, you should be able to enroll your PNB account as well.
Whatever bank you intend to use for the withdrawal, do ask first what their charges for electronic fund transfer (EFT) are. As far as I know, the Unionbank EON account doesn’t have EFT charges which is the main reason why I pulled out my BPI account from PayPal and replaced it with EON.
Mark Jonel Corpuz says:
How could I withdraw from Paypal to my bank account?
I dont have any credit card…
Is my Metrobank E.T. Savings Account can be used to withdraw funds?
Abe Olandres says:
@mark jonel
Yes, Metrobank ET can be used to withdraw funds.
Mark Jonel Corpuz says:
But how could I do it?
Could you tell me the process?
I just want to withdraw my money from Paypal to may Metrobank Account….
It would be a great help for me…
Abe Olandres says:
Mark,
Just log in to your Paypal account. Click on Withdraw link and there will eb option to wtihdraw funds via CC or Bank. Select Bank and provide the details of your savings account from Metrobank.
Mark Jonel Corpuz says:
It prompts me to add a credit card or a debit card…
So what should I do right now?
Mark Jonel Corpuz says:
Please help me…
Nique says:
hey yuga so i have a paypal account i want to have a separate account for my internet transactions which bank accounts here in the philippines should i link it to? union bank? as it has no eft? and does not have a minimum balance? pls enlighten me with this im a newbie at paypal and linking it to bank accounts
LMGZgurl says:
hello
just needs some clarifications.
im here in denmark and i want to send money in the philippines using an paypal account.
my question is if im going to use to send money with the paypal does a local bank account (bpi holder) can receive it or withdraw it?and how long would it takes to receive money from paypal to local bank account?
please clarify my questions asap!
thanks and more power!
DarkChaos007 says:
can i use my Metrobank ET in paypal?
what is Metro bank bank code?
i want to try it using Paypal…
kailachen88 says:
If I dont have any bank accounts and yet i have paypal account, how can I withdarw my Pypal account?
Thank you.
john michael B. duma says:
hello! good day everyone!
my friend from Australia send me a money using PayPal.. i already accept the money in my PayPal account, but then when i withdraw the money in my account it says that i have to link and confirm my debit card.. im using a BPI express teller.. i tried to link my card but i doest have the necessary information that the PayPal wants.. such as the security code and expiration date of my debit card.. how can i possibly withdraw my money? my bank says that they don’t know about this and i am so worried about my money for it is pending and is not yet deposited to my account..please help me.. email me johnmichael_dum****@****.***
please.. huhuhuhuhu.. help me please..THANK YOU in advance!!!