The ultimate joy of an online freelancer or an online worker is when we received the money we earned through hard work and perseverance. The difficulties we’ve been through would be replaced with happiness and excitement upon receipt of our reward. Since we do not meet face-to-face with the site we are working with, we rely mainly upon the online payment processors that we have. From our online sites, we will receive the payment to our online processor and from there, we can withdraw the amount through our local banks. For us who live in the Philippines, we can avail the services of the different banks in our area. We can withdraw funds from PayPal directly to our Philippine Bank accounts thus, we are thankful and happy for such blessing.
As I mentioned in my previous post, there are several ways of receiving payments from our online sites that we can choose from. Depending on our location and the availability of the services in our area, we may choose from among the different payment processors that are most convenient for us.
Some online earning sites may have different payment options for their members. While there are some which pay only through PayPal. In my case, I have several sites which pay only through PayPal, like, Humanatic, Spare5, ScaleAPI, and myLot. There are some sites that used PayPal as payment processor before but they were found to be violating the Terms of Service of the site. So theses sites were banned from using the platform.
For Filipino online workers, we are fortunate that PayPal is open in our country. It means that we are allowed to work with sites that accept PayPal as their sole payment processor.
I frequently receive messages from friends who recently joined the online earning community asking me how they will be able to withdraw their money from PayPal. This is the reason why I decided to write this article.
Allow me to discuss the process of withdrawing PayPal Funds to your Banks. Please do take note that different banks may charge different fees.
First of all, before we could withdraw our fund from PayPal, we need to add the details of our bank account to our PayPal profile. Note: Don’t be confused bank with a credit card. Credit/debit card is what we need to use for PayPal account verification.
Steps for Adding Bank Account Details to PayPal:
Step 1: Log in to your PayPal account. If you don’t have an account yet, create one at www.paypal.com
Step 2: Click “Wallet” from the menu (please refer to that attached photo).
Step 3: click “Add Bank” (Note: Don’t be confused about adding a bank and adding credit card)
Step 4: Fill out the form. Makes sure the name of your bank account match the name on your PayPal
You will be required to enter the required bank code. It is a 9-digit bank code. Please refer to the table below for the list of Bank Codes:
After adding your bank account, you can now withdraw funds from your PayPal account to your bank or ATM. You can link up to 8 bank accounts to your PayPal. It would be easy for you to withdraw money to your bank when everything is already set up.
We can use PayPal for sending and receiving funds which may include payment from online sites and remittances from our love ones who are working in other places. We can also use PayPal to purchase goods and services from online stores. For the purpose of this discussion, I would give emphasis on the withdrawal of funds which we earned from our online sites. Make sure you have a verified PayPal account before applying for jobs with online sites.
Depending on the site, we may receive payment on a weekly or after reaching a certain threshold. Upon receipt of payment to our PayPal, we can opt to use these amount to purchase goods and services or we can send it directly to our bank.
The process would usually take 2 to 3 working days before it would be credited to our bank. In rare cases, we may be able to receive the amount within the day. It would depend on our bank. I am using Land Bank of Philippines and I would usually receive the money within 2 to 3 days.
Steps in Withdrawing Funds to Your Bank:
Here are the steps we need in order to withdraw funds to the bank of our choice. The minimum amount for withdrawal to our bank is 500. A processing fee of 50 pesos shall be collected for withdrawals below 7 thousand pesos and no fees shall be collected to withdrawals above 7 thousand pesos.
Step 1: Your PayPal balance is shown on the upper left side of the home page. Click Withdraw funds just below the PayPal balance. A new page will open where you can fill out the desired amount.
Step 2: Computation will be shown including conversion and any fees or charges, when applicable. Make sure to review all the details before submitting the withdrawal request.
Step 3: Click Withdraw button and you’re done. A confirmation message will be sent to your email. A detailed transaction will appear on your transaction summary.
There may be additional fees to be collected by the bank. This amount shall be deducted from the actual amount you will be receiving. Different banks may have different transaction fees and charges.
Tip: Saving your online earnings until it reaches 7 thousand or above before requesting for withdrawal can save you from paying the PayPal fee of 50 pesos.
Enjoy your earnings!
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