To those Filipinos who are taking out cash from Paypal to any Philippine bank account, I hope you find this tip useful. I’ve actually been saving a lot from doing Paypal to Smart Money transfer. The only amount I have to pay is at least P2.50.
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 Let’s say I have a P10,000 amount to be withdrawn from Paypal.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If I had withdrawn funds from Paypal at less than P7,000 then I would have spent a total of only P52.50.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!