A few weeks after I filed my resignation with my employer last May, I started a new venture — working at home. My husband had online projects back in 2003, while he was studying Masters in Information Systems in UP. He was the one who guided me as I started my own online business.
With things picking up pretty well, withdrawing funds from my Paypal account is next in the list of things to do. Since we haven’t tried this before as my husband used Western Union, I studied the different options I have. Using the process of elimination, only the 3 methods listed below are left.
1) Open an EON Cyberaccount in Unionbank and use it to transfer funds. I guess this is the most widely used method to withdraw Paypal funds in the Philippines. Transfers are usually completed within 5-7 days. There’s no minimum balance to maintain, although the bank collects a P350.00 Visa Electon Annual Fee. I just need to find the time to visit the nearest Unionbank branch, should this be the method of choice.
2) Transfer to our existing Banco de Oro account. I have read about successful Paypal-to-BDO withdrawals from other blogs, although a number has also mentioned that their money was credited only after 2 months! I checked with BDO – SM Davao branch and they said BDO does not accept Paypal transfers. I would have insisted that it does, but I passed since it was obvious that they don’t know about it. Paypal withdrawals of amounts greater than P7,000 to Philippine bank accounts are free of charge.
3) Get the cash through Xoom. This method claims to send the funds within minutes. I saw a Xoom banner in SM Forex, which means I can get it from there. They charge $8 for withdrawals of $500 and above. Xoom users, however, have noticed that the exchange rates are a bit lower.
I actually still need to give it another thought and discuss it with my husband. Since he is still sleeping, I guess I’ll have to wait until he wakes up so we can discuss this matter again. 😀
If you have been using any of the services above, I would very much appreciate hearing your experiences on Paypal withdrawals, may they be good or bad. Thanks in advance! 😉