Filipino bloggers, Adsense publishers, affiliate marketers or just about any Filipinos who make money online or who are engaged in offshore transactions have a reason to rejoice. Finally, our favorite money remittance service, Paypal has enabled withdrawal of funds to local Philippine banks.Yup, no more cash advance to through a local credit card, no more need to get an EON card. All we need now is a local bank account. Register it to Paypal and start withdrawing money from Paypal to your local bank account.
Some important reminders when using your Paypal to withdraw money into your local Philippine bank accounts:
Processing usually takes 5-7 days. This is usually longer that when you are using a U.S. bank account, or when you are using an EON card
Withdrawal of up to P7,000 or more is free of charge. While those less than P7,000 will incur a fee of P50 ($1+). This is less expensive when using EON cards ($5)
Withdrawals will be allowed for Verified Paypal member only. So better get your PayPal account verified now.
Withdrawals will be transacted using Philippine peso irregardless of the currency that you are withdrawing from PayPal. So I guess the current Foreign Exchange rate would prevail.
The same feature was enabled for Indonesia PayPal account holders as well.
Heads upÂ to PayPal for making this happen!