Tuesday, July 13, 2010

Withdraw from Paypal thru BDO

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 Paypal automatically converted the $200.00 withdrawn into PHP 9,033.10.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.

I hope you found the post useful. You can subscribe via email or subscribe via a feed reader to get relevant updates from this blog. Have a nice day.

4 comments:

  1. ask ko lang po kung baket hinde ko ma withdaw yun pera ko sa paypal.. sinusubukan ko po sya withdrahin sa BDO peso savings account ko.. tams nman po accouny number na nilagay ko yun 10 digits po. pti bdo bank code tama nman din po. limited access pro na try ko na withdrahin sa bdo ko dalawang beses po sa tulong ng customer service ng paypal sila po ang nag withdraw pro i waited 6 -7 days tpos hinde naman po nawithdraw..dahilan po hinde daw natanggap ng wire electronic transfer yun bank account ko.. ano po dapat kong gawen.. at merin po akong EON.. kaso po hinde ko nalagyan ng pera mula nun kinuha ko nun february thos year.. close na po ba yun? ni nde ko nga po napalitan ng pincode yun..yun po sana gamitin ko kaso po bka close na..payagan pa po kaya din ako ng unionbank kumuha ulet nun.? maraminh salamat po.more power.

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  2. Try calling up Unionbank to check if your EON card is still valid.

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  3. Yung BDO Remittance Savings account ko ang ginamit ko para sa Paypal Account ko pero it took almost 8 days na wala pa yung pera sa account ko. Ano ang dapat kong gawin?

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  4. Hello, Marites Razon make sure you have the same account name of your BDO and PayPal.

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