After a few months after the limited support of Paypa to Philippine users, Paypa has now launched loca bank withdrawal!
I have been withdrawing banks to my Unionbank Cyber account which is actually a debit card and I was not really happy since withdrawal is limited to $500 per day and a $5 transaction fee is charged. It took me several days this month to withdraw my required fund for an offline project.
Daily withdrawal has no limit for local bank withdrawals. Moreover, the transaction fee is free if you withdraw Php 7,000 or above to your bank account. For values lower than Php 7,000 – ony Php 50 is charged (thats roughly equal to a dollar and a few cents.)
Adding your bank account details is such a breeze however you should carefully check the account details you enter since they will charge Php 250 for rejected transactions which are due to erroneous bank details. The local bank may also charge fees for void transactions. Also, be sure that you enroll only Peso Bank Accounts, initialy I thought I could deposit directly to my BPI dollar account good thing I inspected the FAQ’s closer.
Whew! Big thanks to Paypal for this!
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