Paypal launches new bank withdrawal features for Filipinos
MANILA, Philippines — Paypal has announced new bank withdrawal features to Philippines-based users, an eBay.ph customer announcement said.
Paypal is a service that allows payments and money transfers through the Internet. It is emerging as an alternative way to traditional means of payment such as checks and money order. It is currently used to process payments for online vendors and auction sites like eBay. This e-commerce service in turn charges a fee.
In an announcement sent to its eBay.ph customers, Paypal now allows both Philippines-based users of the service to withdraw their Paypal earnings from a list of banks.
A list of banks where Philippines-based users can withdraw their Paypal money is available online.
This withdrawal service is available through the profile page of Paypal users in the Philippines.
Local users are asked to provide the 9-digit bank code, account name and account number. Then they are required to follow online instructions in transferring their Paypal money to the designated bank.
Withdrawals amounting to P7,000 or more will have no transactional fees. A P50 fee is charged for withdrawals below P7,000.
To take advantage of the online service, Paypal requires that members should be verified. The verification process will take three to four business days. It also takes five to seven days for money transferred from PayPal to become available in a local bank, eBay.ph said.