PayPal is now available in the Philippines

Pay Pal, an eBay company, announced a new bank withdrawal feature that enables registered PayPal users in the Philippines to withdraw money from their PayPal account directly to a Philippines bank account.

It is a welcome development especially for Philippine sellers as it will provide them greater convenience in doing business globally and faster access to their funds.

This is how it works. Just add your Philippine bank account to your PayPal account in order to conveniently withdraw your money.

Step 1: Log into your PayPal account

Click the 'Profile' tab and then click 'Add or Edit Bank Account'.

Step 2: Add your bank details

The bank code is a 9-digit number. This number is different from a SWIFT code required to send international wires. Add your local Philippine bank account details and click 'Continue’.

Important:

Please note your first name and surname on your PayPal account must match the name on your bank account. If it does not, your withdrawal request may be rejected by your bank. Follow the instructions below if your withdrawal is declined:

1. Contact your bank directly to request acceptance of the transfer
2. Withdraw your funds from your PayPal balance to your Visa credit, debit or prepaid card.

Step 3: Review your bank account information

Review your bank information and click 'Add Bank Account' to confirm.

Step 4: Confirmation

For funds withdrawal, just follow the following steps:

• Log into your PayPal account

Click the 'My Account' tab and then click the 'Withdraw' sub tab.

• Select the 'Withdraw funds to your bank account' option

Withdrawals equal or more than Php7,000 are free. For withdrawal amounts of less than Php7,000, there will be a fee of Php50.

• Select the bank account and amount to withdraw

Important:

You must become a verified PayPal member in order to withdraw funds from your account. To start the verification process using your credit card, please click the 'Lift this limit' link on the "Withdraw funds to your bank account" page. Please note verification may take 3 to 4 business days to complete.

• Confirm the transfer

All local banks can be used to withdraw the funds, and it typically takes 5 to 7 business days for the funds to reach your bank account. There is a minimum withdrawal limit, though. It depends upon the currency which you want to withdraw. Please refer to the table below.

However, PayPal only supports withdrawal to peso for bank accounts located in the Philippines. Regardless of the foreign currency (USD, EUR, AUD, etc.) you are withdrawing from your PayPal account, the funds will be converted to your local currency. However, you can withdraw funds in US dollars, if you have a United States bank account. Likewsie, the functionality to withdraw your PayPal balance to a Visa debit card, credit card, or prepaid card is still available.

For registration, you may visit: http://www.paypal.com/cgi-bin/webscr?cmd=_display-approved-signup-countries-outside.