The Filipino Entrepreneur

Good news to all Paypal and eBay members in the Philippines. Today I when opened my mailbox I got an email from Paypal that I can now add my local bank account to my Paypal account. Yes it’s true! and only Philippines and Indonesian Paypal members were granted permission to include a local peso or rupiah bank account. Maybe other countries in South East Asia not yet given this privilege will follow later. Another thing, withdrawing your funds to your local bank account is cheaper compared to credit cards. Remember last year Paypal announced that credit cards holders outside the USA can withdraw funds using their credit cards? But it cost US$5 per withdrawal. In transferring your funds from Paypal to your local bank account it only cost 50 pesos if the amount you will withdraw is below 7,000 pesos. Above or equal that amount, it cost nothing! as in FREE!

I think will help many internet entrepreneurs in the Philippines like online store owners, eBay sellers, affiliate marketers or those OFW which can transfer their remittances with very little cost and might revolutionize e-commerce in the Philippines.

So now if you are not yet a Paypal member, why not sign up now? To those who already have an account in Paypal, this is how you add your bank account:

How to add a bank account in paypal?

In just a few easy steps, you can add your Philippine or Indonesian bank account to your PayPal account in order to conveniently withdraw your money.

Step 1: Log into your PayPal account
——————————————————————————–Click the ‘Profile’ tab and then click ‘Add or Edit Bank Account’.
Step 2: Add your bank details
——————————————————————————– For Philippine users, the bank code is a 9-digit number. This number is different from a SWIFT code required to send international wires. Please refer to our list of bank codes. For Indonesian users, the bank code is a 7-digit number. This number is different from a SWIFT code required to send international wires. The 7-digit number assigned to each bank is typically used as an identifier to complete a local or domestic money transfer. Please call your bank to obtain the 7-digit bank code which designates your particular bank branch and location. Add your local Indonesian or Philippine bank account details and click ‘Continue’.
Important Information: Please note your first name and surname on your PayPal account must match the name on your bank account. If it does not, your withdrawal request may be rejected by your bank.For some Indonesian users, we recognise that naming standards maybe different, such as a single name, and thus may cause discrepancies between the name on the PayPal account and bank account. This may also cause your bank to decline your withdrawal request.Please follow the instructions below if your withdrawal is declined: 1. Contact your bank directly to request acceptance of the transfer 2. Withdraw your funds from your PayPal balance to your Visa® credit, debit or prepaid card. Learn more.
Step 3: Review your bank account information
——————————————————————————–Review your bank information and click ‘Add Bank Account‘ to confirm.
Step 4: Confirmation

How do I withdraw the money?

Step 1: Log into your PayPal account
——————————————————————————–Click the ‘My Account‘ tab and then click the ‘Withdraw‘ sub tab.
Step 2: Select the ‘Withdraw funds to your bank account’ option
——————————————————————————–For Philippine users, withdrawals equal or more than PHP 7,000 are free. For withdrawal amounts of less than PHP 7,000, there will be a fee of PHP 50.
Step 3: Select the bank account and amount to withdraw
——————————————————————————– Important: You must become a verified PayPal member in order to withdraw funds from your account. To start the verification process using your credit card, please click the ‘Lift this limit‘ link on the “Withdraw funds to your bank account” page, or learn more first. Please note verification may take 3-4 business days to complete.
Step 4: Confirm the transfer

Source: PayPal Bank Withdrl Page from eBay