In a previous post entitled Withdraw from Paypal thru Citibank, I revealed how I was able to withdraw funds from my Paypal account to my credit card. In this post, I will detail my experience in Withdrawing from my Paypal account to my current account in BDO.
I initiated the withdrawal on July 8 2010. The amount was: $200.00. I chose this amount so as to not incur the PHP50.00 withdrawal fee that Paypal charges for amounts less than PHP 7,000.00. Paypal automatically converted the $200.00 withdrawn into PHP 9,033.10. Doing the simple math, Paypal used 45.1655 as the exchange rate.
According to BDO's online banking records, the money was received on: July 12 2010. The amount credited into the current account was: PHP 8,833.10. The transaction was described as a REMITTANCE-PCHC10070094337 from the RECON UNIT. The PHP 200.00 difference probably represents the fee BDO charges for the remittance.
In summary, withdrawing from my Paypal account to my BDO current account took 5 days for the funds to get in. Paypal used an exchange rate of 45.1655 which is LOW compared to the one used by Citibank which was 47.0733. On top of this, BDO deducts PHP 200.00 from the converted amount as its remittance fee.
In the future, I will probably lean towards withdrawing from my Paypal account to my Citibank credit card. It gets credited faster and uses a higher exchange rate. The only draw back is it can only be used to pay for my credit card purchases.
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