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?