Prerequisites:
1. a verified Paypal account
2. Paypal funds (of course)
3. a BPI Savings account (yep, that regular ATM account you have, could even be your payroll acct :D)
Procedure:
1. Add your BPI bank account to paypal
– Login to paypal.com
– Hover over “Profile” and click on “Add/Edit Bank Account”
– Click “Add” and fill out the form:
Take note of the following:
- Name on account: your paypal name and bank account name MUST MATCH otherwise you’ll be charged Php 250.00
- Bank Name: Bank of the Philippine Islands (BPI)
- Bank Code: 010040018
- Account Number: the 10-digit number at the back of your ATM card
2. Transfer funds
– Once you have registered your bank account at paypal, you may now request for withdrawal
– Navigate to “Withdraw” and click on “Withdraw funds to your bank account” (take note of the charges)
– Fill out amount to be withdrawn >> then select the bank account you just added earlier >> then click on “Continue”
3. Done!
Following the succeeding steps and you will be notified via email by paypal about your request for withdrawal. it will take 2-4 days for the amount to reflect on your bank account and you will be charged another Php 150.00 by the bank. i withdrew last March 16 and got the money on March 18 nighttime. that’s pretty fast you know! hehe
For this transaction i was charged a total of 200 pesos (50 by paypal, and 150 by BPI).
Also, on your account statement it will be listed off as a REMITTANCE.