PayPal Withdrawal: Success!
Jul 13 2009 Mon
7:51 pm PHT
That was pretty painless, withdrawing from my PayPal account to my BPI savings account, that is. And quite fast too! I initiated the withdrawal in PayPal last June 5, Sunday, and the amount was already credited to my BPI account by June 7. This is a far cry from the 5–7 days that PayPal indicated in their website.
The process is not completely painless: there were some fees levied on the transaction. First, PayPal deducted 50 pesos since I withdrew less than 7,000 pesos (I was testing the withdrawal system after all), and second, BPI deducted a further 150 pesos, for a grand total of 200 pesos in fees.
Despite the fees, I think the withdrawal option offered by PayPal is still a much, much better choice than the usual alternative: check sent by snail mail. I’ve received such checks and the 3-week waiting time for the check to arrive (and the fear that it will be intercepted by unscrupulous post office personnel) added to the further clearing time when the check is deposited is just not worth the 150–200 pesos that I would’ve saved.
So yeah, I’m a convert to the world of PayPal. Yes, I’m familiar with the PayPal Sucks stories, but so far it’s been pretty good and I’m hoping that I won’t have nightmarish problems like that. 
Comments
Comment times are in Philippine time (+0800).
1
On 9:28 p.m., 13 Jul 2009, randell wrote:
Amen.
Also, this is somewhat creepy on my part because just before I opened my reader and read this post, I withdrew money from my PayPal to my BPI account as well.
2
On 9:56 a.m., 15 Jul 2009, Al wrote:
Cool!!
Can my BPI account still withdraw money from paypal even if I’m abroad?
And, (nakakahiya mang itanong), how do I apply for a paypal account? Are there any fees or such?
When I applied for my BPI direct savings account, the banking officer said he was not familiar with paypal. I assumed then that it is not possible to paypal with BPI, and so I never gave the chance to paypal again. Your post gave me hope, really.
3
On 11:09 a.m., 16 Jul 2009, Technochase wrote:
Congrats sayo! UnionBank EON gamit ko eh. Hehe!
4
On 6:11 p.m., 17 Jul 2009, markku wrote:
I’ve been doing monthly paypal withdrawals for more than a year now and everything’s been good. I think they’re pretty reliable until your account becomes exposed to online fraud and those other paypal-related shenanigans.
5
On 2:56 p.m., 14 Sep 2009, seav wrote:
@randell, nice coincidence. Hehehe.
@Al, all of the information I got about withdrawing from PayPal I read from other websites. I’ve had no problems so far so good luck!
@Technochase, thanks!
@markku, monthly withdrawals mo? Aba, mukhang maganda racket natin ah.
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