Paypal Funds Withdrawal to BPI: Successful!

Palpal withdrawal to my BPI account was successful! please see the details below:

Paypal withdrawal date: January 31, 2008.
Bank: BPI
Account Type: Express Teller Savings Account (PHP)
Bank Code: 010040018

I received the money withdrawn above last February 05, 2008. See the screen capture of my BPI express online account.

An amount of PHP150 was deducted from the total amount withdrawn. It might be a transaction fee deducted by BPI. I’m not sure though.

The total deduction from the amount withdrawn is PHP200 (Paypal: 50, Local Bank: 150). Almost the same deduction when withdrawn to UnionBank EON on $US1 = PHP40 exchange rate

Update: Waiting time is 2-5 banking days. Based from my experience, I get my money every Wednesday, whether I withdrawn from Paypal, Thursday the previous week, or Monday the current week. I think they have this sort of clearing time.

And since I keep on receiving queries about BPIExpressCash and BPI Express Account in relation to paypal, I had decided to modify this post to include information regarding this.

Can I use my BPI Express Cash(debit Card) or BPI Express Teller Savings Account to verify my Paypal Account?

As of today, Sept. 23, 2008, NO. for Paypal only accepts VISA Debit Cards. I’m not sure for Credit Cards. (this is from my own experience, please correct me if Paypal rules already changed)

I don’t have a credit card, or I don’t want to use my credit card, what are my other options?

If you are like me who prefer paying things thru cash lol! you can use a debit card to enroll and verify with Paypal.

Well the easiest way is to apply for a UnionBank EON Cyber Account. You can even apply for this online. just check unionbank’s website at www.unionbankph.com

I already have my EON Account, What’s next?

There are two things that you have to do:

A.

1. Enroll your EON account with paypal. This serves as a basic link of your EON account and Paypal. To do this, make sure that you already signed up with paypal.

2. Just follow basic enrollment prompt, and Enter your 16- character card number and Card Verification Value(CVV) -last 3-digit number found at the back of the card.

3. Enter your address of record found in the Profile page at the Unionbankph.com online banking site.

(Source:Union Bank’s site)

Basic enrollment will give you limited options. Your account can also send an amount based on your limit (set by paypal). Withdrawal and Request Money Option are not even possible. To lift your account’s limit, you need to verify your account with paypal. This process is referred to by Unionbank as PayPal’s Expanded Use Program.

B.

1. Make sure you have deposited your EON account with amount equivalent to US$1.95

2. There will surely be an option there to proceed with your expanded use enrollment, so just follow all the prompts.

3. When you register your UnionBank Visa card, PayPal will charge you the equivalent of US$ 1.95 for expanded use. Pay Pal will credit you back the US$ 1.95 amount on your first PayPal transaction. For EON and eWallet cards, your account must be active (In my experience, activation took about 4days, upon receipt of my EON Card) have the equivalent of US$ 1.95 or atleast P200.00 in pesos in order for the expanded use transaction to go through when you first enroll your card (Source: Unionbank Site).

4. You will then be issued a 4-digit Expanded Use Number, How will you know your expanded use number? Since I am discussing about EON here, your only option is to call  UnionBank Customer Service Call Center (84-186) and ask the customer service agent to provide you with the 4-digit PayPal expanded use code. Do this as soon as your account has been activated.

5. In my experience, it took about 5days before I got my Expanded Use Number. Just call them back again after several days to follow up on this.

6. Once you have this number, go back to the My Account Overview section of the PayPal web site and click on “Finish Expanded Use Enrollment” to enter the 4-digit number.

7. Upon entering your Expanded Use code, you will receive a confirmation message indicating that your debit/credit card has been verified. Congratulations! Your PayPal account is now verified for Expanded Use.

(Source: Unionbank’s Site)

As a verified user, you will enjoy several additional benefits like local bank withrawal etc. etc.

Now if you wish to withdraw funds from Paypal to your local bank account(s) (aside from your EON account), NO you can’t use your BPI express Cash, But you can use your BPI Express Teller Savings account. For more info on Local Bank withdrawal, you may want to see my post about it here

Hope you’ll find this little info useful

Disclamer: All information stated here are based from own experience, If Paypal and Unionbank’s rule was already changed as of editing this  post, please don’t hesitate to update me

Tags: BPI, Paypal

This entry was posted on Friday, February 8th, 2008 at 5:08 am and is filed under Paypal. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.