Feb 02 2008
Withdraw Funds from PayPal to Local Bank Accounts in the Philippines
This is good news isn’t it? I don’t have to worry anymore that my new UnionBank EON card is not yet activated and I don’t have to go through all the trouble of going back to the bank to make a P200 deposit just to activate it. I was overjoyed when I found out that I can now withdraw funds from my PayPal account to my bank account which is BPI or Bank of the Philippine Islands and I’m sure lots of Pinoys are also glad for this new feature of PayPal. and the process seems to be very easy… all you need is your bank code, your account number, the amount you’re going to withdraw and you’re done!
Last Thursday I decided to go for it since I don’t want my money in my PayPal anymore because I couldn’t stop spending it on digital scrapbooking kits. So I called BPI to verify if the bank code that I got from the internet is correct. The lady I was talking to gave me a different one and when I told her that the one posted on the internet is different, she put me on hold and verified it and insisted that the one she gave me is the one they’re using. I wanted to make sure about this one because if not then I have to pay P250 for inputing the wrong info in my withdrawal. After finishing the withdrawal, I checked my PayPal account and my money is not there anymore and it said that my transaction is in the process and that it usually takes 5-7 business days for the transaction to be complete, depending on the bank.
Today, I came across another blog with the list of bank codes here in the Philippines and I even read the comments area to see if someone mentioned BPI. No one did but somebody mentioned that she called BPI to inquire about this and the girl she talked to doesn’t have any idea what she’s talking about. So I checked my PayPal account again to see the status of my transaction. When I saw that it’s already complete, I logged on my BPI account to see if the money is already there but it wasn’t. I called BPI just now and said that I just wanted to check when the money will appear on my account and the girl I was talking to has no idea what I’m talking about. She said that they were not informed about PayPal (she doesn’t even have an idea what PayPal is) and that you can now withdraw funds from PayPal to BPI. She actually told me that BPI had no affiliations whatsoever with PayPal. So I told her that if they were not informed about it then how come the girl I talked to the other day knew about the bank code and even verified if it is the one that PayPal is referring to. Then she asked me if it is some kind of remittance and mentioned the OFWs sending money to their relatives here in the Philippines as an example. She even made me explain about PayPal and their new feature so she could mention it on her report. Then she asked me to call back again Friday next week and gave me a reference number to follow up the status of her report. Haaaaaay naaacccooooooo…
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