Here’s a summary of the steps (as illustrated in the accompanying video):

1. Unionbank does NOT need any minimum balance requirements. However, one must pay P350 to open up a bank account and the accompanying Unionbank EON card.
2. Take note of the information written on the Unionbank EON card. The number at the middle of the card is the card number. The smaller number below your name is the bank account number. The bank account number IS THE ONE TO USE for verifying Paypal account.
   
   
3. You need the following:
   • EON card and bank account number
   • valid email address
   • valid phone number
   • valid postal mailing address which should be the same as the address indicated in your Unionbank EON card
   • at least P200 deposit to cover $1.95 that Paypal takes away for verification. (Note that $1.95 is returned back into one’s Paypal account after a successful verification).
4. Sign up for Paypal, choose Philippines then click the preferred account. Usually, a Personal Paypal account is enough. Make sure to use the same details that you had used with your Unionbank EON account. (If you want to know the  difference between Personal, Premium or Business Paypal account, then read this previous post: Signing up with Paypal, which account is suitable?
5. Confirm your email address by clicking the link in the verification email that came from Paypal. You will need to enter your Paypal password to complete this step.
6. Go back to the Paypal page, and just below the welcome line with your name click on the Get Verified link.
7. Login to your Unionbank EON banking and search on the transaction history for the VISA Expanded USE charge. Remember the 4 digits that appear after the word VISA.
8. Switch back to the Paypal page and enter those 4 digits into link and confirm your debit or credit card.

How to Activate “Withdraw to Bank Account” Feature

Like what Eireen Diokno-Bernardo had said in the video, I save more and get Paypal funds early using withdraw to bank account option. Please read my previous post: Withdrawing Paypal Funds: Should I Choose “Withdraw to Bank” or “Withdraw to Card”?

1. Login to Paypal account.
2. Click Withdraw tab, then click Withdraw to your bank account.
3. Fill in the information required. Although the video demonstrated how to add a Unionbank bank account, ANY OTHER PHILIPPINE BANK ACCOUNTS that are assigned Philippine bank codes by Paypal can be used: participating Philippine banks and their bank codes

You can buy VCC from VCC providers for only $20 to $60. It’s just virtual (not physical credit card) but its functions are similar to credit card. This kind of credit card expires in a short period of time from 24 hours to 6 months. So, if you’ll use this, make sure to buy a VCC that expires at least in 2 months.

However, I don’t recommend it. There’s a problem with it especially if Paypal will request copies of your credit documents. You couldn’t provide one if you’re simply using the VCC.

Seriously, problems with Paypal happens too often (I get lots of emails on how to lift of Paypal limits, which requires a user to fax personal documents, so there must be a lot of people who encounter trouble with their own accounts) so this further proves that VCCs are not recommended.

In case you are not aware of Smart Money, it is the blue ATM card that Smart Buddy subscribers can avail. Getting cash this way is secured: even if I get to lose either the cellphone or if the Smart Money card gets lost, a PIN is required first before those funds are accessed. Separate PIN numbers are issued for the cellphone and the Smart Money card.

Let me explain how I am able to save this way. Let’s say I have a P10,000 amount to be withdrawn from Paypal. I choose “withdraw to bank account” option and decided to withdraw that amount from my Unionbank EON bank account. As I have illustrated in a previous post, there’s no charge when “withdraw to bank account” option is selected. I need to wait for about three business days before the entire amount gets into my Unionbank EON account without any deduction: meaning, I get the entire P10,000 entered into my Unionbank EON bank account.

This is where I use my mobile phone to take out Unionbank EON bank earnings to Smart Money. That transfer will only cost me P2.50 which is actually taken out from the airtime (i.e. P2.50 is charged from the cellphone load, not from the P10,000 amount). Then I simply go to any BDO ATMs to get the funds out: unless the ATM sets a lower withdrawal limit per transaction, I would get a full P10,000 amount without any additional charges (Smart Money withdrawals are free at any BDO ATM).

If I had withdrawn funds from Paypal at less than P7,000 then I would have spent a total of only P52.50.

I don’t think this one is possible with Globe G-cash, but I think it would be better for Globe to make their G-cash services accessible through an ATM card.

If you haven’t got a Paypal account, click the banner below to sign up for a free account!