Saturday, July 10, 2010

Withdraw from Paypal thru Citibank

Thru some stroke of luck which is another story altogether, my PayPal account has accumulated a considerable amount of credits. I've now come to the point where I want to make use of the credits I've earned. This meant using the withdraw features of PayPal and there are several options of getting your money here in the Philippines. This post discusses one of them.

As this was my first attempt at using the PayPal credits I earned, I opted to use the money to pay for my credit card bill. My VISA credit card is from Citibank and it's the same credit card I used to verify my PayPal account.



From the My Account tab, I clicked on the Withdraw link located at the horizontal menu bar below the tabs. Next, I clicked on the Withdraw funds to your card link. I was taken to a page containing a form which requires me to enter the amount to be withdrawn. I entered 500 and clicked on continue.

At the moment, 500 is the maximum amount I can withdraw from my PayPal account. I still have to figure out if this is a PayPal imposed withdraw limit or if it is imposed by Citibank. Withdrawing to my Citibank credit card was not free. Paypal takes $5.00, roughly about PHP 250.00 as processing fee.

I checked my Citibank account a few minutes ago and found that it just took 2 days for PayPal to credit my account with $495.00 which was automatically converted to Philippine pesos roughly PHP23,000.00.

I'll try other banks and methods soon and post about it here on my blog.

UPDATE(7/11/2010): The exact amount credited to my account is PHP 23,301.28. Also, the credit was recorded on the same date as the PayPal transaction i.e. 7/7/2010

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1 comment:

  1. thanks for the info :) Thru UnionBank direct to peso savings account, withdrawal above 7k php is free. Although the exchage rate is significantly lower, somewhere around 1 php/$ less.

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