Good for you then. Since you are able to encash your Paypal funds anyway, then there really is no need for you to get verified, unless you want to join a site that requires you to have a verified Paypal account. Which bank did you use in verifying your account? Was it BPI too? Because my Premier account is limited, and their customer service rep told me that they can't transfer the money to my Personal account unless I verify it first. So if it failed with a BPI Savings Account I will try BPI EPrepaid.
I actually just started a PayPal account. I looked online and it says that it doesn't cost anything to withdraw if you put it into the debit card that you have set up on your account. It's good to know that though. So, now I know when I want to put the money I made into the bank that I should make a larger amount of money. I always thought that they wouldn't take money from you when you're depositing money from your PayPal. I can see why they would want to do that though.
You can't verify your Paypal account using only your BPI Saving Account/BPI ExpressTeller card. You need a credit card to verify it. Yeah, I think BPI EPrepaid will be fine.
You're right, you can't verify your Paypal account using a BPI savings account, but you can withdraw it to your BPI account when it's already verified. I wonder if they charge P200 as well.. With the encashment service that you use, how long do you usually wait before the money gets deposited to your account?
I haven't withdrawn any money from my PayPal yet I've been letting the money sit there but I don't think they charge that high of an amount, to me it sounds like your bank fees for transferring and that's a lot of money in my opinion. Here in Canada some banks offer no-fee banking, maybe you should look into something like that if its an option for you.
Yeah, every Paypal transaction will be charged P250 by BPI no matter how big or small the amount you are trying to withdraw is. And I think you will have to wait for a week before it reflects on your bank account. With the encashment service, I have only waited less than 24 hours. I made the transaction with them before I went to sleep, and when I woke up the next day, they sent me a confirmation/proof that the money has now been successfully transferred to my BPI account. I withdrew my funds from the ATM machine that same morning.
@dyanmarie25, I see, so the charge is the same with Smart Money then. When I finally get around to opening my BPI account I will stop using Smart Money anymore and just use the same encashment service that you use. Too bad they don't seem too intend to offer BDO in the future, so no choice, I must open a new account. They told me for P500 to P2,000 withdrawals they only charge P100. Is the charge same in your case? I wonder how much they charge for higher amounts..
Yeah, that is true. As for me, I always withdraw around P4,500-5,000 from them, and they charge me P250 for it. Just the same as BPI, but I always prefer that encashment service since the transaction is much faster. I could easily get my funds within an hour.
@dyanmarie25, I see. So both methods have their pros and cons I guess. If you intend to withdraw lower amounts, Kabayan is better. But for higher amounts, since Smart Money's rate is a flat rate, you would save more if you use them to withdraw larger amounts. Because I think if you withdraw P6,000 up then I assume Kabayan's rates would be higher too, right? What do you think?
Yeah, that is true. If you withdraw higher than P5,000, you will be charged probably around P300 or higher. But honestly, I am fine with the encashment service since I don't like withdrawing high amounts of money online. It would make me anxious.
I have never been charged any amount of money for transferring money to my bank account. Perhaps it would be a good idea for you to get in touch with their support team and see if there is anything that they could do in order to help you out with it. There may be some kind of issue with your account; a mistake that could be rectified. I would not continue using the service if the fees were as high as those that you have mentioned in your post above.
@dyanmarie25, I see, I think it's safe to withdraw larger amounts since it saves you P250, and the transaction is safe since Paypal is the one that transfers it to our bank, the bank employees just reload it to our account, so I'm "at peace" with the process. In your case though, I understand your concern since you're using a 3rd party company that isn't linked with Paypal, and considering you send money via the "Personal" method, there are no refunds when something goes wrong, so it's natural to be wary.
I have withdrawn many times from Paypal being using it since more than a decade ago, but they waved withdrawing fees since a while ago, and have never charged me for anything since. Perhaps fees and other charges may apply depending in the country each account holder is.
Aside the initial $2.50 fee PayPal charges, I'm really not accustomed to such charges that would come from my bank, really. All they take is a minuscule $0.50 conversion fee and that's pretty much it. Sometimes it isn't even noticeable, and I can afford paying a total of $3.00. What's better, is that it doesn't even depend on the amount you withdraw.
I have never been charged for withdrawing paypal funds to my bank account and my bank account also does not charge. I would consider changing to a different bank if they are charging for deposits. So far, of the accounts I have deposited to, the kaiku prepaid debit card credits paypal deposits to my account the fastest.Usually in 1-2 days vs 3-4 days for my other accounts.
No, i haven't. I'm actually trying to figure out how to do it? I use my paypal to purchase stuff online but I'd really like to move some of my money to my bank account, that i have much. But yeah, i'd love to know how to transfer funds from paypal to bank.
I have never had a bank charge me a fee on my PayPal withdrawals. With working online I do a lot of PayPal transactions and have never once been charged.
That is crazy to be paying those types of fees. I'm assuming you are not in the US? Because I've never gotten charged a fee to transfer funds from my PayPal account to my personal bank account. The only time I would get any fees taken out is if I process a payment from someone else, using the PayPal Here service which allows me to swipe their credit card with my phone and get paid. They take out about a 2.7% processing fee (or about 3.5% if you have to manually punch in the credit card number). The only weird exception to this all was when I would get paid from Whaff. It's a program where you get paid to install and try out various Android apps. Instead of issuing me a payment, they were somehow issuing me a "refund" even though I never technically paid them anything. This "refund" would include PayPal's service fees deducted from it.
