Years ago, I had a difficult time transferring funds from my
Paupal account to my bank account because I thought that I need to activate a
Unionbank EOL first. Little did I know that it is possible to do so even if I
do not have a Unionbank account.
By the way, my Paypal account is primarily used whenever I only
have online projects. It is where all my online finances go. I do not even have
any credit card linked to it. After getting the payment, I used them for online
purchases and I “sometimes” send them to my bank account.
It’s been years since I last transferred some funds on my
Paypal and I forgot about it already. Recently, I needed to transfer some money
on my bank account because of the expenses of my son’s 1st birthday. You know
how moms like to have a special celebration for their little ones. So I tried
transferring some of the funds again from my Paypal and it actually worked.
Plus it was transferred quickly and easily on my account.
When I tried transferring, I was a bit cautious because I am
afraid that it might be wrong or the funds might get lost. So I tried
transferring a small amount first. I suggest you do this if you are cautious on
transferring money. It might get some errors so being careful is something we
should transfer a small amount first in case of any errors.
NOTE: Paypal charges P50 per transaction and BPI charges
P150.00. So I was shocked that I only
have P300 left after transferring, Next
time, I will transfer a big amount to see if there are additional charges.
Here's the step by step process on how to transfer funds from Paypal account to BPI account
1. First, enroll your bank account on your Paypal account. Mine was already linked a few years back so I just proceeded to Step 2.
2. Click the TRANSFER MONEY on the balance area in the right. (See photo above. It is below the cloud icon I used). Then you will see the TRANSFER FUND option. If you click it, you get to choose from what Paypal balance you are going to get the money. In my case there are two, the peso and the dollar. and I transferred the one in the peso amount.
3. Write the amount you wish to transfer. As I mention earlier, I tried a small amount first to see if the process has changed since they also changed the whole site. I'm just being careful with the money I earned.
4. A review of the transaction will show up in case you want to edit something. In the photo below, it already shows that there's a fee of P50.00.
5. A pop-up will show that the transaction is complete.
6. On the recent activity on the right part, the Transfer will reflect even if isn't transferred to your account yet. It took some days before it was transferred but on the site, they claim it usually take 7-10 business days.
Now that I had the experience of transferring my Paypal funds, I will do it again to transfer the other remaining funds because I have some project I'm working on. It didn't changed much even if they totally changed the whole layout of the site.
I hope this tutorial has been helpful to you. Forward this to friends or colleagues in case they need some help with the process.
Cheers to more online earnings! 😃
I have actually just done a PayPal transfer yesterday. I use it a lot as well as my main payment system. I love that they make it so easy to redraw funds and, they don't charge anything for payments to your bank account. It's a brilliant system!
ReplyDeleteYes, it's easy to withdraw and can be process in a short period of time. And for the charges, I am charged. How come you mentioned that there's none. What is your bank?
DeleteI agree with Joanna. PayPal's system is brilliant, and it has given me an opportunity to work cross-border. Imagine how much harder it was in the late 80s to early 90s when companies abroad have to send me checks, and the fools at the postal office, they steal my checks and are able to deposit those precious dollars in their accounts.
DeleteBecause sending and accepting payment is easy, it has brought about a new wave of entrepreneurs as well.
I agree. Time passed and a lot of things and services adjusted with it.
DeleteYou will be surprised how a lot of people need this. I have to personally teach my parents and my brothers to link it but it's so useful. My only dilemma is can I link my USD paypal account to my BPI dollar account ?:)
ReplyDeleteYes. If you mean your money is in dollars, you just have to convert it first to peso if your bank only has peso account. I don't have a dollar account myself and I am just converting. I don't know if there are other options though.
DeleteI use Paypal also in my business. I have linked my BPI bank account to it as well. The charges are a bit high. So, I try to withdraw only big amounts.
ReplyDeleteDo they still charge even in big amounts?
DeleteThis is indeed a nice post to help those who are afraid to make transfer. I once dod it but through BDO. As far as ibcould remember, i wasn't charged at all but minimun transfer should be P7000. This reminds me to check on my PayPal again and make necessary transfer again.
ReplyDeleteThat's minimum? Oh. So meaning in BDO, I do not have the option to transfer smaller amounts?
DeleteYou have made a very good tutorial on this. I haven't tried this kind of transfer yet but may soon need to. Transferring a small first sounds so wise.
ReplyDeleteWise but turns out it's costly because of the charges.
DeleteSometimes it seems it is harder to transfer money then to earn it, right? :D Paypal is great but sometimes it makes me go crazy. I hate that pending period during which I can't use my own money -_- Is there a way to get rid of that?
ReplyDeleteOh yeah. You'll just have to wait patiently. You might also want to consider emailing them for a follow-up.
DeleteI actually haven't done this and I didn't know this is possible! This is very helpful especially for online transactions. Very detailed steps as well. Thanks for this additional info! :D
ReplyDeleteYou're welcome. I hope you can use it in the future.
Deletethis is what I love about BPI, I have been doing this from my paypal account, only that there was a time that the transfer took more than 7 days, I was informed there was a tech glitch, this was a long time ago already. I still use other bank like EON too, just for diversity sake.
ReplyDeleteI would like to apply on EON as well but had so much mommy tasks to do. Maybe I'm just procrastinating but I really just can't find time for it.
DeleteWhen withdrawing Paypal to BPI, it will be free if you withdraw at least Php 7000? Well, that's what I saw before. To avoid the large subtraction, try EON or Gcash or PayMaya. I guess those are lighter compared to BPI. Also, try accumulating higher amount so you could test it as well. Paypal is highly trusted by almost all, right?
ReplyDeleteI found BPI easy for me. If 7k is free of charge, it's good for me then. Plus a 150 charge from the bank isn't bad at all. I am more afraid with GCash because they sometimes ate my gcash wallet.
DeleteWell, I am not sure how relevant BPI is to me but I have used Paypal only once and the money transfer process was as smooth as cheese. Yes, it some days for the money to land up in my account but no complaints.
ReplyDeleteI don't think you have BPI there Swayam. Here. it's one of the largest banks in the country.
DeleteI started doing this about a year ago and I remember thinking the company I worked for scammed me because if the fees hahaha. I wasn't informed that not only does Paypal have fees but also BPI hehe
ReplyDeleteAaaw, that's too bad to know. You really have to be more careful nowadays.
Delete