Save More from Your Paypal Withdrawals
I am happy with my Paypal to Unionbank withdrawals. I have not encounter any problems with it. My withdrawals are always on time except when US gets on a holiday. I always get my Paypal withdrawals to my Unionbank EON account in only three business days (not the five to seven business days that Paypal states in their website): one business day for Paypal to process the withdrawal and two business days to my Unionbank account.
photo credit: gabriel77 (SXC)
Let me give a recap of some of the fees that involve Paypal to Unionbank withdrawals:
- Paypal to Unionbank
- P50 for withdrawals less than P7,000 (Paypal to Philippine bank account)
- FREE for withdrawals in excess of P7,000 (Paypal to Philippine bank account)
- $5 for Paypal to debit or credit card withdrawals
- incoming fund transfer (fee when funds are received by Unionbank): FREE (other banks like BDO and BPI charges around P200 incoming fund transfer fee)
- charges per successful ATM withdrawal:
- withdrawal from Unionbank ATMs: free for first three withdrawals, P10.00 applies after third withdrawal
- withdrawal from non-Unionbank ATMs within the Philippines: P12.00
Lets illustrate a $50 withdrawal from Paypal:
- assume $1 = P43 as exchange rate settings in Paypal, the value of $50becomes P2,150 which Paypal converts.
- since the funds to be withdrawn is less than P7,000 the P50 is deducted from the total amount, so P2,100 is transferred to the Unionbank account
- Unionbank does not charge any incoming EFT fees (unlike BDO and BPI), so expect to receive the whole P2,100 in your bank account.
- EACH successful withdrawal of this amount in a Unionbank ATM costs P10.00; but using other non-Unionbank ATMs costs P12.00 per withdrawal: you get only P2000 to P2100 for this withdrawal
Now lets see what $200 withdrawal from Paypal costs:
- assume $1 = P43 as exchange rate settings in Paypal, the value of $200 becomes P8,600 from the Paypal conversion.
- since the funds exceed P7,000 Paypal withdrawal is FREE, so the entire P8,600 is transferred to the Unionbank account
- Unionbank does not charge any incoming EFT fees (unlike BDO and BPI), so expect to receive the whole P8,600 in your bank account.
- if the ATM has a withdrawal limit of P4,000, then it takes three times to withdraw the amount; so P10.00 (using Unionbank ATM) and P12.00 (using other Philippine ATMs) will cost P30.00 and P36.00 debited from one’s account.
Bonus Tip: Use Smart Money to Withdraw Unionbank EON Funds
One effective and more convenient way that I’ve been using for sometime is to make use of Smart Money to perform the mobile banking. Smart Money provides me the convenience of doing balance inquiry away from the ATM and at the same time lets me perform immediate money transfers from my Unionbank EON bank account to my Smart Money card. What I really like about the Smart Money is that withdrawals are now FREE from any BDO ATM machine (which is found throughout the country). All I need to pay is the P2.50 airtime and I got it all in my Smart Money account.
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this is good news. the sad thing is… my card hasn’t arrived yet. i don’t know what’s causing the delay. i applied for one three weeks ago and i already received a letter from Unionbank welcoming me as their new customer. Yet when i called the branch where I passed my requirements, it’s not there. sigh
Hi! My card was delayed too. I expected it to come within a week, but I got it after two weeks because of an error in their part.
You might want to follow it up through their 24-hour customer support 1-800-1888-2277 and ask for the status.
But once that the card is linked to your Unionbank account (don’t forget to have some funds loaded – more than $1.95 in peso denomination) so that you can get it working with Paypal.
hi.. i have a problem with paypal. I was unsuccessfull withdrawls because invalid information bank account. i know why. i only have firstname without lastname. Paypal required lastname.
do you know how to solve my problem?
@chodirin
My idea is that Paypal makes sure that your first name and last name matches your bank account – if not then the withdrawn funds is sent back to your Paypal account (minus the fees).
I cannot get why you only have your first name listed in Paypal. In our country (Philippines) we do not have problems using our first names and last names, but there are other countries that have an issue with these names. You might as well ask your local Paypal support on this matter.
hi Gem, I have been reading ur blog since last week. Just had my Union Bank Eon Card today but when I enrolled my card online and read about “PROCEDURE FOR WITHDRAWING PAYMENTS FROM YOUR PAYPALL BALANCE TO YOUR UNION BANK DEBIT CARD” (http://www.unionbankph.com/content.asp-paramID=AMBKADAIBD.htm) I got confused of the procedure stated there compared to the informations i get from your blog. What made me confused was the No. 2 procedure stated: (You will be given 2 options in withdrawing your funds. Please choose the ‘transfer funds to your card’ option. Paypal charges $5.00 USD for this facility.) I was wondering if this thing is just new? because you said there will be no transfer charge from Paypal to Union Bank Debit Card. Since Im on the process of waiting my card to get activated and verified, I want to know and understand what are the charges between Paypal and EON card, pls. help! tnx!
fr: ellavc
again its me hehe . . . sorry, i just got in to my paypal account and found the two options in withdrawing your funds mentioned in PROCEDURE… my questions now are: how come Union Bank have instructions to choose the option where Paypal will charge $5.00 USD per fund transfer instead of the other option which is FREE?; what’s the difference bet ‘bank account’ and ‘card’? and is EON Card considered “bank account’ or just ‘card’? Pls help, I just dont wanna make mistake in withdrawing my $ in paypal . . . tnx
@ellavc!
I never tried withdrawing funds out to the card because I don’t want to get that $5 charge. This is not really a new Paypal feature.
When I write about Paypal to Unionbank withdrawals, I always refer to the bank account one. I’ve already updated the post above to reflect Paypal to Unionbank card withdrawal charges.
It is often favorable to have two choices for getting funds out. If you lose the bank account, you still have another option to get those funds out. Not all bank accounts come with an ATM card. Some use credit cards for taking funds out, but I would not recommend this. Many shared that they paid up more than what was expected.
In the case of the Unionbank EON, this account comes with a bank account and a card, so it is possible to do both Paypal to bank account withdrawal and Paypal to card withdrawal. Just take your pick.
I do not know why Paypal charges $5 for card withdrawals, so you will have to ask their customer support.
Hello! I would just like to ask if it is possible to withdraw P20,000 from an ATM machine in a single transaction. My ATM card is from Unionbank, and I’m planning to withdraw from a Unionbank ATM.
Thank you!
@Anonymous
I hope you’ll be back to read this; it is possible to withdraw P20,000 if your ATM machine is capable of taking out that large amount of cash at one time. You have to ask the bank maintaining that ATM machine on its withdrawal limits.
how much po kaya EFT ng metrobank? thanks…
@dyann
There’s is no EFT charge for Metrobank! =)
Hi Ms. Gem,
Could you possibly post a list of Phil. Banks that do not have incoming EFT fees…?
I want to open a savings account for my paypal withdrawals kasi…
Thanks…
I only know a few banks that do NOT have incoming EFT fees when choosing “withdraw to bank option in Paypal”:
Unionbank (I had first hand experience on this)
Metrobank (haven’t tried, but asked customer support about it)
Landbank (asked customer support about it, but I haven’t tried it)
These are the banks that charges incoming EFT fees:
BDO = P200 (asked customer support, feedback from others including bloggers)
BPI = P150 (feedback from others including bloggers)
If you own a bank account on other banks, it is still best to ask them on their charges for incoming EFT (electronic fund transfers). Some of them may not be familiar on Paypal, so ask them about “incoming EFT charges” instead.
Thanks for asking!
Hi, it’s me again…
do you know if an NBI clearance is accepted when applying for an EON account?
and how much does a passport renewal cost? and how long does it take?
thanks again…
@dyann
NBI clearance? That’s new! I don’t think that is required. Applying for an EON card is simply just opening up a bank account with an accompanying debit/ATM card.
I cannot help you much with the passport renewal. Sorry. =(
Do get back to me when Unionbank changed the rules! =)
(nbi clearance)
i mean the 2 valid IDs needed when applying for an EON account…
@dyann
Usually a bank requires primary IDs like company, school, SSS, driver’s (these are the ones that I know)… Here in BDO Baguio branches, the announcement is posted all over their place.
In other banks they accept secondary identifications – I think the NBI clearance, marriage certificate, voter’s ID falls under these – if they want to accept that. To be sure, just ask the bank on which IDs are accepted.
Most banks accept two valid primary IDs, but if you don’t have these then ask the bank whether they can settle for secondary IDs instead.
Hi Gem. I usually visit your site about your experiences with odesk, paypal and EON. I even got my new EON card when I read about it. The linking of paypal and EOn just took me 2 days and when I asked Unionbank about my Expuse no., it’s there already. I wanted to withdraw the money via bank account for it’s free if above 7k. But when I asked the branch about it, I can only withdraw my funds from my EON ATM card. For over-the-counter transactions are limited only and they are charging P100 for that. I said I was willing to pay the 100 bucks. But they would only allow it if my EON card is defective, lost or stolen. I don’t want to withdraw my funds from paypal to my card because it has $5 charge and that’s sayang right? Help!
@Anonymous
Thanks for dropping by. The $5 “withdraw to card” option by Paypal is really expensive – you don’t want to do this often. Always use “withdraw to bank account” option.
Try to withdraw from those local ATMs – which are not necessarily those from Unionbank. ATM withdrawals this way are cheaper. The fees had not changed – I’ve mentioned the ATM withdrawal rates above. Or go further by following my suggestion of getting a Smart Money card if you will have to do this too often.
I’ve been a paypal user ever since last year. However, I do not use Unionbank in withdrawing my funds. Instead, I use my bank savings accounts. It was BPI before and now BDO. And you’re right that they charge 200 for the incoming fee.
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Hello gem,can i use BPI express teller savings account in paypal?There is no union bank in our place,my only choice is BPI.huhu,MY paypal was already verified using my payoneer mastercard but i cant withdrw my money from paypal,can i use to withdrw that using BPI express teller savings?How much will be the fee?I asked the support in BPI but they are not familiar in paypal