The good news is that PayPal account holders in the Philippines can now receive money into their PayPal account. But the bad news is there is not Philippine local banks where those money can be withdrawn from. PayPal account holders in the Philippines can only have their money debited into a U.S. based credit card (visa), debit cards and U.S. based bank accounts. So what is the alternative for us Filipinos whose been clamoring for the activation of this PayPal facility then?Obviously, you cannot withdraw money debited into your credit cards. The only way you can useÂ money transmitted into the credit cards via PayPal is to use that money to pay off your credit card dues. But I think that should still be iron out with your respective credit card companies. For those opting for this solution, this site has a list of credit card companies which supports PayPal withdraw/fund transfer. Only the ff: banks are confirmed to have the transfer facility:
- HSBC Visa
- Metrobank Visa
- UnionBank Visa EON
- UnionBank UBP Credit
Among the cards listed above, UnionBank’s Visa Eon is the most feasible money transfer facility because you can actually withdraw cash from your EON card. You can apply for an EON Cyberaccount online and your card will be ready in 5 days. But of course transferring money from PayPal to your EON account would still entail some charges. That I will have to find out how much as soon as I get my EON Card.
Another option which I tried verifying for my PayPal Account is to enter an international debit card. I used my Ikobo debit card (which falls under Visa debit card) hoping that PayPal accepts it. But I keep on getting an error message which I already clarified with the Ikobo customer care. Update: PayPal accepted my Ikobo debit card subject to further verification within 3 days.
I also tried verifying my Citibank International Citicard checking account. It was accepted but still subject to verification as well. I will find out in three days if this option was successful.
Hopefully, BDO and Metrobank would enable the facility to receive money from PayPal through their standard savings and checking accouns. That would be a great service to the growing Filipino offshore workers who are working for foreign companies on a stay-at-home basis.