The word is officially out, PayPal now allows Philippine-based users to withdraw funds directly into their local bank accounts. Woot! Big big props to PayPal!
I just received an email from them officially announcing the roll-out of such a service. You can now use PayPal to transfer money to Philippine banks. It’s free for transfers above PhP7000.00, with a transaction fee of PhP50.00 (~$1.23) for transfers Php6,999.00 and below. It’s definitely good news since it shaves off some time from the processing of withdrawals from PayPal, plus it makes the whole thing more convenient. I’m sure more Pinoys will sign-up for PayPal in the coming months.
Here’s an interesting story though, from Mike Abundo’s experience with UnionBank regarding the Bank code that is needed in order to add a local Philippine-based bank account to your Paypal.
Now, the bad news: UnionBank, with whom I opened an account for the express purpose of receiving PayPal funds through a UnionBank EON card, thinks their bank code is some sort of fucking top secret shit. I just got into a fight with one of their customer service agents over it. He questioned the need for a bank code on PayPal; I dared him to log on to his PayPal account and see for himself.
I do not appreciate being called a liar, especially by people who cannot see the obvious. Unless UnionBank gives me the information I need right now, they will lose some of my business. Interesting how they’ve turned from one of the smartest banks in the Philippines to one of the stupidest, all within the course of one Sunday. That’s what happens when your market is faster and smarter than you.
Strange really, because back when before I haven’t verified my PayPal account with my UnionBank EON card, their support agents have always been helpful whenever I called them up. All Mike Abundo wanted was the darn bank code, was it a top secret piece of information?
Luckily for me, I followed the link contained in PayPal’s legit email (there are tons of spam and fake emails from PayPal so be careful) and it brought me to their Bank Withdrawal FAQ Page. Read about the process of Adding a Bank account and to the left, buried in the middle of the explanatory note was a link to PayPal’s list of local RP banks’ codes. And right near the bottom of the list, is UnionBank’s bank code! So that spared me from making a phone call to UnionBank and possibly suffering the same fate as Mike Abundo did.
- 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
These are the codes for the major banks in the Philippines and Indonesia. If your bank is not on the list, just give them a call and ask for the code. I do hope that they treat you well as they should.
Though the great Mike Abundo may have already had his vengence as he points out that with this new service from PayPal, sign-ups for UnionBank’s EON Card would slow down as the need for the card is lessened, you could use other credit cards to verify your PayPal and then add your bank account for direct withdrawals.
Plus, waiting time for your money to arrive has been lessened because now you just have to wait for 5-7 working days before the funds do arrive in your bank account unlike before which is 5-7 days of processing from PayPal to your EON Card then another 5 days or so from your EON Card to your bank account. Does this mean ‘goodbye EON Card’?