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Successful Withdrawal of Funds thru Paypal

March 26th, 2009

Paypal is the next big thing to being online.  It allows you to do a lot on the net like shopping, electronic payments, sending/receiving money in lieu of Western Union, and others.

I signed-up with Paypal by year 2007 but during that time it only allowed us Filipinos to receive funds.  We cannot do a withdrawal yet and what a bummer that was.

Last December 2008, I decided to use Paypal to receive payments for my remote work.  I searched thru the web and found lots of references of how Filipinos were able to withdraw funds to their credit cards or banks.  But only one was detailed enough to answer the following questions:

  1. Which type of Paypal account do I choose?
  2. How do I verify my Paypal account to lift my limits?
  3. Do I really need to link my account to a bank account or a debit or a credit card would do?
  4. Most important of all, How do I withdraw funds?

This post will answer the above questions as I have experienced it.

1. Which type of Paypal account do I choose?

I had a Premier account, as I received my first payment, I noticed a 4% fee.  That’s a lot to pay for so I sent an email to PayPal’s support to downgrade my account to a Personal type.  Within 24 hours after I verified my intent, my account was downgraded and I no longer had the 4% fee for my succeeding receiving transactions.

2.  How do I verify my Paypal account to lift my limits?

3.  Do I really need to link my account to a bank account or a debit or a credit card would do?

4.  Most important of all, How do I withdraw funds?

  • You can withdraw funds either to a bank account or your card.
  • It’s very easy, just follow the Withdraw link in your PayPal account page.  You will be asked how much $ you want to withdraw, and there’s a currency conversion link just in case.
  • Refer here for more Bank Withdrawal information.

I have kept a log of my PayPal-related transactions and here they are in chronological order:

  • … I had an unverified PayPal account since 2007 …
  • 2008-12-23 -> applied for a UnionBank EON Visa Card (debit card)
  • 2009-01-14 -> received my EON Card
  • 2009-01-21 -> deposited Php200 to EON Card
  • 2009-01-22 -> linked EON Card to PayPal
  • 2009-01-23 -> verifed PayPal account
  • 2009-01-23 -> transferred $ to Metrobank ATM
  • 2009-01-26 -> completed transfer to Metrobank ATM (PayPal only but funds not yet at MB-ATM)
  • 2009-01-28 -> withdraw cash from Metrobank ATM
  • … here is another withdrawal …
  • 2009-02-13 -> transferred $ to Metrobank ATM
  • 2009-02-18 -> completed transfer to Metrobank ATM
  • 2009-02-18 -> withdraw cash from Metrobank ATM

On average, it takes 3-5 business days for my withdrawal transactions to appear on my Metrobank ATM.

The most important part of my PayPal experience is getting my account verified.  I live in Midsayap, Cotabato, Philippines and had to travel to Davao City (200+ kilometers away) to apply for my UnionBank’s EON Visa Card.  Thankfully I had help.  Refer here for details on how to get a UnionBank’s EON Visa Card and link it to your PayPal account. Look for the following comment: “ReservoirDogs Says:  August 3rd, 2008 at 10:22 am” .

So there you have it, my successful PayPal experience, 2 years after I signed-up.  Whew! ;-)

Author: Cyril Pauya Categories: General Tags:
  1. September 23rd, 2009 at 16:27 | #1

    Hi Cyril, I also linked my Metrobank ATM to my Paypal account, I just want to know, what are the process and is it not complicated? This is my first time geting money thru paypal and I don’t have a credit card that’s why I used my Metrobank ATM. Hope to hear from you soon, thanks.

  2. September 23rd, 2009 at 19:33 | #2

    @Patrick Milan
    Hi Patrick, you need to have your account verified first inorder to withdraw funds from paypal. After you login in paypal, there should be a link that says “Verify my account” or something similar.

    If you already have a verified paypal account, you can proceed to the Withdraw link. Remember that the minimum amount you can withdraw is $10.00.

    The withdrawal process is quite easy, just follow the instructions on the Withdraw link.

  3. October 16th, 2009 at 12:25 | #3

    Hi Cyril, thanks for your post I’ve been looking for people who had successfully transferred they PayPal money to Metro bank account and I’m glad I found your post.

    This is my first time to use PayPal and I’m already verified. I just want to clear about the name of the bank you used and the code. Is this correct? Bank name: Metrobank | Bank code: 010269996

    Your reply is very much appreciated.

  4. October 16th, 2009 at 13:05 | #4

    @ArJay | Pinoy Bisnis
    Hi Arjay, glad my post helped you.

    I have updated this post to add a link to Bank Codes of Major Banks in the Philippines at http://pages.ebay.ph/bankwithdrawal/bank_codes_ph.html

    Yes, I used 010269996 as my Metrobank bank code.

  5. October 16th, 2009 at 21:00 | #5

    Thanks a lot Cy! :)

  6. Angel
    December 22nd, 2009 at 14:25 | #7

    hi :( bakit nde ko ma verrified ung paypal accout ko huhuhu This credit card has been denied by the bank that issued your credit card. For details on why your card was denied, please contact your credit card issuer’s customer service department. Or, you may want to try adding a different credit card.

  7. ivan
    January 31st, 2010 at 20:39 | #8

    hi..im planning to verify my paypal thr0ugh metrobank atm card..can u please teach me the instruction..first time lang kasi e.. db un ung mismong atm card?help pls..ur reply wud be greatly appreciated

  8. January 31st, 2010 at 22:31 | #9

    Hi Ivan. I’m sorry but a Metrobank ATM card cannot be used to verify your Paypal account.

    As mentioned in the post, I applied for a UnionBank EON account and used it instead to verify my paypal account. EON is the tested and proven way to verify a Paypal account in the Philippines. I don’t know of any other way.

    My Metrobank ATM is then linked to my already verified Paypal account and withdrew funds from Paypal to Metrobank ATM.

    Please refer to the above references if you need further help.

    Good luck.

  9. Faith
    February 12th, 2010 at 13:20 | #10

    Hi. I was wondering if I can use my Metro Bank Credit Card to verify my Paypal Account? Or does it have to be Union Bank EON? Any info you can give me is much appreciated. Thanks!

    • February 19th, 2010 at 01:01 | #11

      Hi Faith. I don’t know about using the Metro Bank Credit Card to verify your Paypal account. Union Bank EON worked for me so I am vouching for it. :)

  10. January 24th, 2011 at 15:02 | #12

    hello please help me my friend from other country send a money thru pay pal this is my first time pay pal. and then the problem is i dont have any account from the banks here in davao city.is there any option to take the money from pay pal.. what should i do? i will wait your responce thank you very much

  11. January 28th, 2011 at 19:43 | #13

    Hi Catherine. Sorry but you need to open a bank account here at Davao city if you want to get the money from your friend thru Paypal. You can follow the steps I outlined above.

    Or you can ask your friend to wire you the money instead? :)

  12. April 20th, 2011 at 19:53 | #14

    hi!! magtatanung po ako kung puwede kopa ba gamitin ang account ATM ko baka 0 balance na yun since 2009 pa po yun.. please i woukd like to hear from you soon… thank you….

  13. jen
    December 10th, 2013 at 15:43 | #15

    hello, i would like to ask is the bank code and routing number are the same? because i did an online job and i need to know… am using payoneer and they ask me about what is the bank code of my bank. It happens my friend come to ask personally in a bank (we are both using metrobank) and they give this number to her (metrobank bank code):026002846 but as what i see now here in the link posted is (metrobank-bank code): 010269996 my question are: the bank code and routing number are the same? and what is the correct bank code of the metrobank? i hope u will answer me if u can.

  14. December 16th, 2013 at 17:59 | #16

    Hi Jen,

    I believe routing numbers are for banks and I don’t know if payoneer have them but paypal does not have them. Here are a few links for you:
    * http://answers.yahoo.com/question/index?qid=20080601142821AAdoC0k

    Here’s a list of Paypal’s bank codes, please look-up for similar sites at Google or I suggest DuckDuckGo.com :
    * http://www.pinoymoneytalk.com/bank-code-philippines-withdraw-paypal/

    Best regards. :)

  15. jen
    December 16th, 2013 at 22:19 | #17

    Thx for the response :)

  16. August 12th, 2014 at 08:25 | #18

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    I am actually enjoying by these.

  17. Joie
    September 8th, 2014 at 11:15 | #19

    hi there. I saw your blog about paypal and metrobank linking. I wnat to ask you something bec im having the same problems. I have linked my metrobank to paypal, they sent me an email that it was successful. but when i look in my paypal account its not verified yet. and where do you enter the 4 digit pin?

  18. jonas
    January 15th, 2015 at 20:33 | #20

    i like to know if its true that if its your first time to withdraw funds from your paypal to your eon bank account, it would take 21days. is that true?

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