Paypal To Unionbank Woes
Lots of Pinoys rejoiced when Paypal allowed Filipinos (based in the Philippines) to receive payments. The question was, how do you move funds from your Paypal account to your bank account?
At first, lots of Pinoy bloggers talked about the Unionbank EON card. There are many steps to get this working, but once it does you can use your EON card to withdraw funds with the help of those ATM machines.
Then, we hear the news that you can transfer your Paypal funds directly to your Philippine bank account. And if you transfer at least P7,000 then the processing/transaction fee is waived.
Great news, right?
Unfortunately, some folks are having issues with their Unionbank account. For example, at Sasha-Says.com, you’ll read about her Paypal – Unionbank delays.
Apparently, it’s taking more than 5-7 days for the funds to get from Paypal to a Unionbank account. (Someone else shared their January 14 transfer, which has still not been reflected in their Philippine bank account.)
Looks like we still need to closely monitor this Paypal-to-Philippines fund transfer issue. A number of Pinoy netpreneurs are hoping this payment system will work.
UPDATE: Paypal money withdrawal problems — Is this getting widespread?
First posted on Tuesday, 05 Feb 2008
Tags: paypal
At least PayPal allows transfers to the Phillipines. That’s not true where I live, for instance.
A lot of forums are trying to come up with an exact number of people experiencing problems. Up to now, PayPal and EON Visa are passing the ball to each other as to where the money should be claimed.
I was actually coordinating with Unionbank’s Product Division regarding this issue. They were telling me that I am the first one to complain about this delay. EJ Foronda of Unionbank told me that there is no problem on their side and he is looking at possibilities that the problem lies with VISA.
I just hope they’ll be able to solve this right away.
To everyone who’s having the same problem: Let’s keep each other posted kung pwede. Much better that we stick together and solve this the soonest possible time. I will share everything that I will learn from EJ of Unionbank. Thanks!
I opened an EON Cyberaccount just as Paypal finally allowed withdrawal to other Philippine banks like BPI. I was able to successfully withdraw money from Paypal to my Peso ATM account at BPI, but I was surprised at how much LESSER my money was. Paypal already subtracted 50 pesos fee, which is OK, but when it got here, my money, which was originally 540 pesos, is less by ANOTHER 149 pesos! I thought… WHAT THE?? I’m testing it with a much higher withdrawal to see how much will be subtracted from that.
Interesting… so we’re seeing local bank charges of P149 (BPI) and P200 (BDO).