First Taste of Paypal Withdrawal from a Local Philippine Bank

paypalwithdraw.gifWhen PayPal announced that Philippine based account holders can now withdraw money from PayPal into local Philippine bank, I immediately tried it out. I register a Metrobank checking account and withdraw from my PayPal account. PayPal completed the transaction on its part in a matter of two days. Then, after after a five three days, it was credited into my checking account, without any hassle at all.

How much did it cost? I transferred $125 dollar into my account. Since it did not reach the P7000 limit for free transaction when it was converted on the 29th, PayPal deducted a P50 processing fee. So, I was hoping to get P5,063. However, when I checked my account, the amount credited was only around P4,999. I’m suspecting that, the peso-dollar exchange rate on the 29th was higher than the exchange rate five days after.

This is my only gripe if I use local banks to withdraw money from PayPal. The peso-dollar exchange rate is so unstable nowadays that you are not sure when you’re going to get a higher payout.

So, I think I would still use my dollar account to transfer money from PayPal next. At least I could control when to withdraw it in Philippine peso at a higher exchange rate.

But if you don’t have a dollar account, this new facility for PayPal withdrawal is still the better alternative.

You may also like

5 Comments

  1. congrats! ang baba na ng exchange rate. i tried withdrawing to my eon account yesterday. i used the account number of my eon cyber account in adding my bank details. I hope to get my withdrawals fast too. but the exchange rate is only 39.585.. ang baba talaga..

  2. Yup. The falling dollar value is hitting us all hard. But you can’t wish for it to go higher because our local currency earning kababayans will be the one to suffer.

Leave a Reply

Your email address will not be published.