My First PayPal (Philippine) Bank Withdrawal

61 Comments

February 1, 2008 · by Sonnie · Announcement, Ask Sonnie, Blogging, Informative, Pilipinas, Random Fun

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Update 2/14/08:

I received email from PayPal informing me that transfer to local bank failed and the money was refunded back to my PayPal account, but with penalty. Reason: erroneous bank account. But I’m sure 101% that I encoded the right digits. When BDO called on the same date, I informed them that the new account number they provided (after the merger, our existing Equitable-PCI account number was changed and given new one under BDO) is not being recognized. They promise to look into this and give me feedback.

Update 2/11/08:

Sent a follow-up email to PayPal. No response yet from my previous email, the money I transferred is not yet deposited to my BDO account.

Update 2/07/08:

I called PayPal to inquire on what happened to my money, and I was asked to wait until Feb 14 before they can initiate tracking as to where the money went.

Furthermore, I was advised that since they are having a systems upgrade, request to withdraw money thru EON will also experience delay.

Because of the Chinese accent of the CSR, I am having a hard time understanding her.

Update 2/6/08:

My money is not with BDO yet. Per feedback of their remittance center, the transaction ID I gave is non existent. I already sent email to PayPal to clarify.

Update 2/5/08:

As of this writing, unfortunately, my remittance is not yet reflected in my BDO account.

I spoke to the CSR (of BDO) yesterday and gave them the transaction ID, but they can’t trace the transaction since they think there is a middle man (that processes the withdrawal from PayPal to BDO). If by tomorrow, I still have nothing, I will now write PayPal since the promise lead time was not met.

Since PayPal extended the service for direct deposit to Philippine banks, a cheaper facility to transfer funds was opened. I said cheaper because I tried Xoom cash pick-up service but I find it expensive. Why?

1. $ 5 PayPal fee
2. Xoom also charged pro-rated fees (higher remittance = higher fees) in $
3. Lower foreign currency conversion rate ($=Php 1 = 39)

But since the direct deposit to bank option is kinda new, reliability is not yet tested. There is no other way to find this out except to experience it first hand. So last Monday, after learning of the bank codes, I transferred less than $ 200.00 from my PayPal to Banco De Oro/EPCI savings account. Per PayPal, processing time is 5-7 days, hence, on my understanding of the table released by PayPal, funds will be available only on the 8th day.

Herewith is the summary of my experiment, as of this writing.

1. Date of fund transfer: January 28, 2008
2. Transfer was completed: January 30, 2008
3. Service fee: Php 50.00 ($1.22)
4. Forex Rate: 1=40.91
5. As of Feb. 1, 2008, since it’s the 5th day, I checked via FastPhone but the money is not yet reflected on my BDO account.

I called the customer service hotline just to find out if they can track the money transfer, and as expected, the CSR was not familiar yet of this new service from PayPal. And yes, they are not familiar with their bank code. I also requested the CSR if there is a pending remittance transaction and the reply is on the negative. In fairness, the CSR is accommodating, courteous and answered my query to the best of his knowledge.

My next check up point is on Monday, Feb. 4, 2008 and final check up on Wednesday, Feb. 6, 2008, the lead time provided by PayPal. If, by this time, the transfer is not yet successful, time to write both PayPal and Banco De Oro.

What about you guys, care to share your experience?

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61 Responses to “My First PayPal (Philippine) Bank Withdrawal”

1. Sonnie March 4, 2011 at 5:03 PM

   

   @empoy- nagtatangalan ba ngayon sa paypal?

2. NZ October 11, 2011 at 2:38 PM

   

   Hi,

   I’m having the same problem now. It’s been 7 banking days and the money still has not been transferred. Sent an email to Paypal a few days ago and they said I should get in touch with BDO as the status is “Completed” which means the money has not been rejected. BDO rep is clueless and said I should ask Paypal.

   I read in an article that BDO is now requiring 12- instead of 10-digit bank account number. I know someone who’s had a problem because of this. I just want BDO to reject the transfer so I can get it back in my Paypal account. It’s really frustrating !!!!!!!! I should have just transferred it to BPI. I’ve never had problems with it. I’ve emailed Paypal again. I hope they can help me track it.

   NZ

3. Sonnie October 11, 2011 at 3:23 PM

   

   when did you transfer your money? I transferred last week and I got it after 2 days.

4. NZ October 11, 2011 at 5:49 PM

   

   Hi,

   Oct 1 which is a Saturday. Paypal said it should have been in my account last Thursday, October 6. I’m now waiting for Paypal’s email. Seems like BDO really won’t be able to help me with it. I’m really hoping I get it back if BDO won’t deposit it.

5. Sonnie October 11, 2011 at 6:50 PM

   

   My first attempt to transfer to BDO it took me 20 days for my money to be returned to paypal, but that was 2 years ago. But I made 2 successful transfers in just 2 days after that.

   Is this your first attempt with BDO?

6. NZ October 11, 2011 at 8:35 PM

   

   Yikes, you mean 20 banking days ? Yes this is my first time to transfer to BDO. I’ve transferred many times to BPI though and I’ve never had problems. Usually received the money in 2-3 days. Now I’m hesitant to transfer money to BDO. I guess I’ll just keep using BPI.

7. Sonnie October 12, 2011 at 10:26 PM

   

   Yes, 15-20 days when the “system” detects a floating fund or something and decides to reject it. BTW, I successfully withdraw money from PayPal to BDO. I made the request [bank transfer] Monday night, and withdraw the money about an hour ago… double check your entries [bank account name vs paypal account name should be the same] and the codes needed.

8. Deo October 25, 2011 at 6:49 PM

   

   With my experienced, I used EastWestBank and for experiment purposes I only withdraw $10… As default paypal charge me 50php because 7k low… but to my surprised I only received 170pesos to my account… I called EastWest and their customer service don’t know what happens…

9. Sonnie October 25, 2011 at 6:58 PM

   

   what O.O ? so nobody knows where your money goes? tsk tsk. I only use BDO and UnionBank for Paypal withdrawal.

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