My First PayPal (Philippine) Bank Withdrawal
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?
- $ 5 PayPal fee
- Xoom also charged pro-rated fees (higher remittance = higher fees) in $
- 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.
- Date of fund transfer: January 28, 2008
- Transfer was completed: January 30, 2008
- Service fee: Php 50.00 ($1.22)
- Forex Rate: 1=40.91
- 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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my first withdrawal was last jan 29..and wala pa daw sa eon ko.. :).. mostly mga baguhan.. kaka excite nga ..
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I believe it is five business (or banking) days not five calendar days.
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Just a heads up. click my latest blog post below.
It’s fast and no charge or deductions.
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any update?
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Hi Julia,
As of this writing, unfortunately, my remittance is not yet reflected in my BDO account.
I spoke to the CSR (of BDO) already 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.
I withdraw my paypal fund to BDO but it still not deposited in my account it has been two weeks now and didn’t even receive a refund or failed transaction… I think BDO sucks in here I have successful withdrawal to my HSBC and EON accounts… or might be that BDO already recieved the money but due to some circumstances they said that they have not made arrangement yet to paypal maybe the money is already in BDO system but did not send to reciepient
[…] Pinoymoneytalk and from a Mr. Lloyd Lopez, all with external links of their own. Here’s another interesting post from Mr. Santos’ blog, indicating a failed transaction and a refund, because of an […]
hi Sonnie, thanks for discussing your experiences and on your newer post re same topic. I’m experiencing same issues and have written about it as well. BTW I noticed you asked if someone’s BDO account was a former EPCI account. That applies to my account, is this an issue?
Many thanks - Gary
Hi sonie,
Sorry for the late reply quite busy these days anyway yup it is an original BDO account and not a former EPCI
@ Marvin & Gary,
Mine is a former EPCI and the reason I asked is I have the assumption that the merger may have affected the system that’s why my new account was rejected. Another theory is that the bank code provided by PayPal may not be accurate or BDO system is not ready for this, or since they have business relationship with Xoom, we have this issues at hand
Hi Sonnie, thank you for sharing us your experience. Nice post.
I also had a problem sending money to my brother through his EPCIB/BDO account. I went to EPCIB branch near my office last week but I was told they can’t accept my deposit as it was the old EPCIB account of my brother and I have to ask him or his branch if it was changed already to a BDO account. I visited another branch but the same thing happened. I’m planning to get a new account from EPCIB so I can use it to withdraw money from paypal but I guess I have to open a new BDO account instead.
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Hi Sonnie! I also have the same experience with BDO when the merge started. But in my case I am using xoom.com for remittance. I have been receiving remittance for almost 2 years now and with EPCI, just after 6-12 hours when the transaction was initiated the money is in my account already. When BDO gave me my new account number it would take 4-6 days before the money reach my account. It’s really frustrating when you call them and the call center agent do not know what to say they kept on blaming xoom but in my case I do not have issues with their service.
Hi Kristine,
Sad to hear that, try opening up an EON account (from unionbank), it’ll make your online transaction easier specially if you have a paypal account.
@kristine
Hi! Are you still experiencing the delay until now?
@Sonnie
What’s the update with your Paypal to BDO transfer?
Thanks
Had a successful withdrawal from Paypal to my UnionBank account. I added my eon account to my Paypal local bank list, then I withdrawed using my eon account number and the UBP bank code. In 5 days, I got the money. I think this is a better option as fee is only P50.
@ Thelma,
Am not transferring money now to BDO. It’ll cause your money to float for 2 weeks before it will be returned to paypal. Am transferring to EON.
@ Khas
Thanks for the info, I will enroll my EON nga as bank account also
hay, I withdrew on my eon card on may 6 and till now its still not in my account. before naman it was relatively fast aroun 3-4 days but now its really taking so long. I needed pa naman the funds for mother’s day. lol.
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Can I still use my old Equitable-PCI Bank Account Number? (Eventhough the banks name now is BDO)The depositor is in abroad. May you help me about my question.
I think it’s better if you visit the nearest BDO branch. However, I think using the old Equitable Account No. might give you problems in your withdrawals and deposits later on. I had problems sending money to my brother using his Equitable account. We used ML Kwarta Padala instead. Too much hassle on the EPCIB Account.
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BDO SUCKS! Every payday, their ATM’s are always offline!
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I am using my Metrobank payroll ATM to withdraw from Paypal. May charge na 100 pesos pero so far on time naman after 48 hours na credit na sa ATM ko as soon as it says processed sa Payapl account.
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I had the bad experience when I tried to transfer money from my paypal to my metrobank payroll ATM savings account last Feb 2008. It took a long time before a notice came out saying the transaction failed. Mike Go, are you saying that is working now? what is the bank code of Metrobank that you are using?
ako mag wiwidraw pa lang bukas
hehe