Published: March 19, 2011
I am a living proof that PayPal is safest and fastest way of paying and be paid online, even in the Philippines.
I have heard a lot of people who do not want to get themselves into earning money online because one reason–payment method.
For those who are wondering how to withdraw funds through PayPal, continue reading…
1. First, you have to sign up for PayPal account using your email address. It won’t take five minutes to do so. But I advise you to use your real name, address, and any personal information. Don’t worry, PayPal is secured and all the information you entered will never be revealed to anyone, ever.
2. You need a credit card or a debit card to verify your PayPal account. It is not much of a problem if you have a credit card. For debit card owners, there is a slight problem because not all of the debit cards (MasterCard or Visa) offered in the Philippines may be used to verify your account.
What I used was UnionBank’s EON Card; it is easy to get one for youself. Just go to the nearest UnionBank branch in your area and apply for it. There is no payment upon application. After a week follow it up in the branch and bring Php350.00 with you to claim your card. To be able to use the card immediately, you must deposit at least Php300.00 because there is a pay during PayPal’s verification. Don’t worry, it will be credited back to your account after 3 days.
Another option is the SmartMoney Card. It can be used to verify your account but I don’t usually use it because Smart charges higher than any banks in the Philippines. So, for verification purposes only, SmartMoney card could be useful.
Why do you need to verify your account? You are alloted $500.00 withdrawal margin if you haven’t gone through verification process, after that you cannot withdraw your funds anymore. So, even if you have $10,000.00 in your unverified account, you will be able to withdraw a small amount only. The remaining will be left hanging until you have your account verified using credit/debit card or SmartMoney Card.
3. After the verification, you will be able to add as many bank accounts you want. Before, I withdraw the funds using EON but it reaches 7 days before I receive it. A friend told me it is possible to add bank accounts for faster withdrawal. I added up my BDO debit card and I receive funds after 2 to 3 days after I withdraw them from PayPal.
Verification process is different from adding bank account because the previous is needed to let PayPal know you are the person you are claiming to be in their system, while the latter is simply to give you another option or medium to receive your funds from PayPal.
So far, these are the things you really need to know about it. If you think it is complicated, you’re wrong because it is as simple as 1-2-3.
To summarize it up, you have to SIGN-UP for PayPal account, VERIFY it with debit/credit card or SmartMoney Card, and ADD bank accounts for faster fund transfer.
Now, if you are ready, CLICK THIS LINK to sign up for PayPal Account.