When 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.