Paypal 101
I have encountered a lot of questions from Filipinos who wish to use Paypal. Here is a basic guide to those who need it.
- You may think that going to your bank teller can be helpful when you are new to Paypal, untrue according to the experience of most people I know. They often tell you to go through unnecessary steps like enrolling your account in internet banking. All you need is the correct details of your bank account and the code of your bank.
- You may add any bank account to your Paypal as long as you enter it properly using the ‘Add/Edit Bank Account’ function found under Profile. For your corresponding bank code, refer to the list below:
ALLIED BANKING CORP 010320013
AUSTRALIA NEW ZEALAND 010700015
ASIA UNITED BANK 011020011
BANGKO SENTRAL NG PILIPINAS 010030015
BANGKOK BANK 010670019
BANK OF AMERICA 010120019
BANK OF CHINA 011140014
BANK OF TOKYO 010460012
BANCO DE ORO (& EPCIB) 010530667
BANK OF COMMERCE 010440016
BANK OF THE PHIL ISLANDS 010040018
CHINA BANKING CORP 010100013
CHINA TRUST COMML BANK 010690015
CITIBANK N.A. 010070017
DEVT BANK OF THE PHILS 010590018
DEUTSCHE BANK 010650013
EAST WEST BANK 010620014
EXPORT & INDUSTRY BANK 010860010
FUJI BANK 010640010
HONGKONG AND SHANGHAI BANK 010060014
INTL COMML BANK OF CHINA 010560019
INTL EXCHANGE BANK 010680012
JP MORGAN CHASE BANK 010720011
KOREA EXCHANGE BANK 010710018
INTL NEDERLAND BANK 010660016
LAND BANK OF THE PHILS 010350025
MAYBANK OF THE PHILS 010220016
METROPOLITAN BANK & TRUST CO 010269996
PHIL BANK OF COMMUNICATION 010110016
PHIL TRUST COMPANY 010090039
PHIL NATIONAL BANK 010080010
PRUDENTIAL BANK 010150018
PHIL VETERANS BANK 010330016
RIZAL COMML BANKING CORP 010280014
SECURITY BANK & TRUST CO 010140015
STANDARD CHARTERED BANK 010050011
UNITED COCONUT PLANTERS BANK 010299995
UNION BANK OF THE PHILS 010419995
UNITED OVERSEAS BANK 010270189
- Paypal advises its patrons accordingly on charges and fees. If your bank account name is different from your Paypal account, you have the option to change or Paypal details or to pay the fee.
- Paypal waives the withdrawal fee for a certain minimum, in the case of the Philippines, 7000 php (approximately 162 usd = 98 gbp). If your Paypal balance is in a different currency from your bank account, always check your balance in your local currency with Paypal’s own exchange rate. It is definitely lower than your usual so it is best to double-check if you want to avoid fees. To do this, go to Profile > Currency Balances (under Financial Information) and fill out the fields. If you have reached the 7000 php minimum, you are good to go.
- Your bank charges you for receiving an electronic funds transfer. This is different from the fee that Paypal already waived. Rate varies from bank to bank, 250 php on the average.
- It takes two (2) to three (3) banking days for the withdrawal to reflect on your bank account balance.
I hope this helps. If I missed anything, feel free to contact me.