Filipino online workers are fortunate that PayPal supports the transfer of fund in the country. It means we can withdraw funds from PayPal directly to our local banks. Additionally, sites that use PayPal as their sole payment method will not find it difficult to accept workers from the Philippines. This setting is favorable since the number of individuals who are switching to online working is increasing nowadays.
The ultimate joy of online freelancers or online workers is when we received the money we earned through hard work and perseverance. The happiness and excitement upon receipt of our reward is something worthy. Since we do not meet face-to-face with the site we are working with, we rely mainly on 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.
Familiarizing the Platform
As I mentioned in my previous post, there are several ways of receiving payments from the 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. Sites which violates the TOS of PayPal were banned from using the platform.
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 loved 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.
Related article: How to Verify PayPal Account
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.
We can receive the amount within 2-3 days depending on which bank we use. 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 homepage. 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. You will receive a confirmation message in your email. A detailed transaction will appear on your transaction summary.
The bank may collect transaction fees and charges every time. 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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