Friday, April 8, 2011

PayPal Withdrawal to Local Bank

Yay! PayPal rocks, and BPI not!? Although, I haven't really monetized this site yet, I was happy to get a payout from recent guest posting articles. I spent $3 for Entrecard advertising credits, paid vial PayPal. And then I eagerly waited to reach the threshold of Php7000 to get a free withdrawal... But I can't wait anymore, with the rate it's going. ;-D So last April 6, I withdraw the remaining balance to be credited to my BPI (Bank of the Philippine Islands) Savings Account, with a Php 50 charge to be deducted after the converted dollar to peso amounts. I just checked a while back (April 9), and the amount is already on my local bank account. It took 3 working days for the transaction to be completed. Not bad! Until I learned that I got more transaction charges from my local bank (BPI).... :-(

Update April 10: Based on comments on post that BPI would then add on additional charge, I checked my bank account transaction details, true enough, the amount remitted to my BPI savings account was Php 150 less. It seemed that when you withdraw from PayPal, if it's less than Php7000, you get a fixed charge of Php50, and my local bank (BPI in my case) would then take away/charge additional Php 150. How sad! That's like $4 total of deduction, to think how hard it is to monetize my blog, and then just like that... :-(

Here is the link for the PayPal Bank Codes.

P.S. I have a Skin Food ongoing giveaway. Please check it out, if you haven't yet! :-D


ceemee said...

Ask ko lang, P50 lang ba ang charge even if it's less than 7000 ang withdrawal? Thanks!

ChicSassyMom said...

hi sis! yes, Php 50. :-)

rjs mama said...

pwede ba sis bpi family? no charge ba sis ang bpi kung 7k + ang widrawal like sa unionbank eon? i transfer kasi my funds to my eon account, may nabasa kasi ako na may charge daw bpi.

last question, saan ko makukuha yung bank code ng bpi or bpi fam for paypal? thanks sis!

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ChicSassyMom said...

@rjs mama: hi sis, it seems you are right! I overlooked it earlier, may charge nga BPI...grrr :-( I updated my post to provide the other bank codes. Thanks for pointing that out.

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