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Friday, 21 August 2015

How to Withdraw PayPal Fund to Your Local Bank


I was never an expert at internet-based money transfers/ transactions but I know with PayPal I can safely transact online pretty easily. But until today, I didn’t know I could actually withdraw my PayPal fund to my bank... Thanks to PayPal's (rather heart-pounding) automated mails, I was compelled to peruse over their message until I found myself on the page where a few sentences highlighted in yellow told me I need to add my bank account in order to withdraw funds. OK. So I can do it. Wow. I thought.

So, if you are planning to open a savings account I would suggest have one that is able to link with Paypal, that is to say not BPI or Banco De Oro debit Mastercards. Metrobank is good as well as UNION BANK especially for those who don’t own any credit cards. I was made to believe PSBank can actually be used for PAYPAL but no, it couldn’t be.

Photo Credit to UNION BANK

Before I give the list of bank codes (of PayPal accredited banks) that I got from Business Diary-PH, I want to share how to withdraw PayPal funds to your local bank.

It is easy. 

STEP 1: You have log in to PayPal, click the tabs My Account > Profile > Add/Edit Bank Account then input your bank information. NOTE: Make sure you input correct information. There is a PHP250 fee if you mismatch your name or any info with your bank account. As for the bank codes, you may find them below.

If it is your first time to withdraw, you need to verify your bank info, just like how you verified your PayPal account when you signed up—(1) Check from your bank statement how much Paypal has deposited (2) Input the details to the verification box.

How to Withdraw funds into your local bank

STEP 2: Click My Account > Withdraw > Withdraw funds to your bank account option. Input the amount you wish to withdraw, choose your local bank and dispense your money from an ATM!

Here is the complete list of BANK CODES of PayPal Accredited Banks in the Philippines


Bank Name
Bank Code
ALLIED BANKING CORP
010320013
ASIA UNITED BANK
011020011
BANGKO SENTRAL NG PILIPINAS
010030015
BANCO DE ORO (& EPCIB)
010530667
BANK OF COMMERCE
010440016
BANK OF THE PHIL ISLANDS (BPI)
010040018
CHINA BANKING CORP
010100013
CHINA TRUST COMML BANK
010690015
CITIBANK N.A.
010070017
DEVT BANK OF THE PHILS
010590018
EAST WEST BANK
010620014
EXPORT & INDUSTRY BANK
010860010
LANDBANK OF THE PHILS
010350025
MAYBANK OF THE PHILS
010220016
METROBANK
010269996
PHIL BANK OF COMMUNICATION
010110016
PHIL TRUST COMPANY
010090039
PHIL NATIONAL BANK (PNB)
010080010
PRUDENTIAL BANK
010150018
PHIL VETERANS BANK
010330016
SECURITY BANK & TRUST CO
010140015
STANDARD CHARTERED BANK
010050011
UNITED COCONUT PLANTERS BANK
010299995
UNION BANK OF THE PHILS
010419995
UNITED OVERSEAS BANK
010270189

Hope this post helps! Thank you for reading!

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