Money Matters

Paypal Fund Withdrawal Experience

  • Sumo

Last Tuesday, December 15, I decided to try withdrawing my funds from my Paypal account to my Banco De Oro (BDO) savings account. Before hand, I know that Paypal fund can be withdrawn using Union Bank’s EON facility. Most mommy bloggers I know who earns from their blog use EON. But with a head as hard as mine, I chose a different way :D. This is because as much as possible, I don’t want to apply for a new account with other banks if can use my existing bank accounts. I don’t like keeping so many accounts. Good news, I received the money on time. Bad news, it is not the amount I expected 😀

Since, it’s just a trial, I only withdraw the minimum amount which is $10. Based on the Paypal’s withdrawal page, the current exchange rate is $1 to Php 44.9986. For the $10, the Gross amount is P449.98. Since there is a withdrawal fee of P50.00, the amount to be credited to my account will only be P399.88. To my dismay, I only received P199.98. There is a discrepancy of P200. Waaaahhhh!!!!! 200 is still 200. Hahahay! But this is my fault. I failed to finished my homework. I didn’t checked the remittance fee. I was thinking that the P50 deducted from the gross amount is already the fee 🙁

WithdrawReceived
Anyway, I will just charge the P200 to the cost of my experience. At least now,  I am aware that there is a remittance fee. I need to check with BDO personnel the remittance rates because I can’t understand the rates posted on their site . I might just also open an EON account. I heard that there is no remittance fee for EON account.

How about you? Do you have any experience with Paypal fund withdrawal? Do you think EON is better?

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29 thoughts on “Paypal Fund Withdrawal Experience

  1. Learned this lesson the hard way too–and only today! After a trial withdrawal using a BDO debit card, I realized that I was not only charged Php200, but also the PayPal verification amount. The sad thing is I cannot get back the verification charge since BDO does not have access to the EXPUSE code that I’m supposed to use to verify my BDO account at PayPal. At least, that’s what the agent I spoke to says.

    You’re right. 200 is still 200. That’s already what, four or five kilos of rice these days. I searched for similar experiences (this is how I found your blog btw), and based on what I’ve read so far, that is the norm. EON is still by far the most efficient when it comes to things like this.

  2. I have EON too. I applied for it although I already have an account with BDO. I have EON solely for Paypal purposes. Mabilis kasi sya. I agree with K, it just takes 2 days for the funds to be transferred from Paypal to my EON account, and the most is 3 business days. I super love it. P50 isn’t too much too, but this is only because I withdraw on a weekly basis and I don’t wait for my funds to accumulate. I super love EON. In fact, I would highly recommend it to everyone who’s using Paypal.

    [WORDPRESS HASHCASH] The poster sent us ‘0 which is not a hashcash value.

  3. Some of your commenters talked about xoom. I have a xoom account (and my bro too) but i (and my brother) never had a successful transaction with them, just headaches. And you can’t rely on their customer service either.yeah,they suck, basing from our own personal experiences. Go for EON,you can’t go wrong with it.

  4. Yikes,ang baba ng exchange rate this month as expected.I use only Eon and I’d usually withdraw $160 (x P47 a few months back, minsan P45/$) para walang P50 na transaction fee.Lately since Nov, my blog earnings have dwindled so $30 na lang per withdrawal,less P50 pa tsk tsk.Anyway,I didn’t know that you can withdraw pala from PayPal using a BDO account. Better get an EON account, mas practical.

    Oo nga pala,yes I’m interested about the hosting you mentioned.I already have a domain from godaddy and it’s now being hosted by my bro. Kaso,di nya maasikaso so until now I can’t properly launch my blog.I hope that through your recommended host,I can finally use my domain. I’m willing to pay the soonest via paypal.Sana sila na mag-setup.Email tayo for more updates ha? thanks a lot!

  5. Added you in my blogroll and followed you at Google Connect. Hope you can do the same, Mylene. hehe
    Sorry, third comment ko na ata to regarding this ndi ko sure kung lumabas yung first two. You can delete it na lang if that’s what happened.
    Thanks!

  6. Hi Yami,

    I’m good. Thank you for asking;)

    Cge sabihan kita ha pag nakapag apply na ako ng EON 😉

    No Problem 😉 My pleasure to help you 😉 😉

    A blessed 2010 to you and to your family 😉

  7. Hi Mommy Mylene. How are you na? 🙂

    Anong kaguluhan itoh? Just kidding. Kapag nagapply ka na for an EON account tell me ha. susunod ako. might consider opening diyan sa Ever na lang mas malapit. malaking bagay ang may sarili kang card for paid blogging. gamit ko kasi credit card ng husband ko, mamaya makuha pa nila unting naitatabi ko (for the rainy days). 🙂

    Merry Christmas to you and your hubby and to your little star Ska. Salamat for helping me out sa domain at webhosting ha, at sa mga kulitan blues natin re widget, category at kung anu-ano pa. hehe. 🙂

  8. I don’t know much on that–di naman kasi ako paid blogger eh.Thanks for sharing your experience,at least alam mo na ngayon ang gagawin sa susunod with the help and experience of some other paid bloggers.^_^

    Merry Christmas to you and your family!!May your Christmas are full of smiles!!^_^

    1. UU nga mommy Clarissa 🙂 Me hint na ako 😉

      A blessed 2010 to you and to your family! Hugs to your sweet little princess 😉

  9. Thank you for dropping at my baked biko entry. I wish you left your name para alam ko ano tawag sa iyo. U just left your link. anyway, i have bad experiences in both ways to wdthraw money from paypal although at eon i lost around 35 dollars while at BDO i was also deducted that much because of the bank charge. That 200 would not be hard on the pocket if you have withdrawn as much 100 or 200 dollars. 50 pesos is only applicable if you withdraw from paypal to bank account an amount that is less than 6,000. diba? so if less than that you pay 50 then the bank will also charge you 200. Every withdrawal is 200. so if gusto mo mag trial ulit ng 10 or 20 dollars same 200 will be dedcuted from you.

    Ayaw ko na talaga sa eon. gamit ko lang yan everytime na magbayad ako sa go daddy or else if i transfer domain siguro ipa delete account ko nalang yon. EON can’t give me very good reason why all the transactions failed kahit anong try and try ko. OK lang sana transaction failed and they won’t eat my money. diba? Kaya i decided for BDO. I have used BDO twice but still it’s taking 7 days. So for me, the most convenient way is XOOM. Maybe you can try xoom on emergency cases.

    1. i’m afraid i have to disagree with you on that arlene. i have tried withdrawing less than Php6000 (lowest was Php1,500) but they haven’t charged me anything save for the usual Php50. Maybe that was because you withdrew through the card itself and not your savings account? There is a $5 charge if you withdrew through the debit card. And yes, those ARE two different things.

      i’m not an employee of EON pala. just a fan 😉

      and mejo masama rin ang experience ko sa XOOM. Wahaha! I hate their customer service. Sucks big time. I personally wouldn’t recommend it. But that’s just me. Sabi nga, to each his own 😀

    2. This is the first time I heard about XOOM. UU ata, me deduction kapag bumalik sa paypal ung amount na winithdraw. Did you check kung parehong pareho ung info mo sa paypal at sa EON? I think Mommy Tetcha experienced the same pero dahil hindi pareho ung info n sinubmit nya sa EON sa info nya sa paypal.

  10. Sayang naman yung Php200. Ang mahal pala ng fee diyan ng paypal,tapos may fee pa rin sa banko, grabeh naman,di wala na pala natira, buti dito transfer/withdrawal fee ko lang sa bank na actually eh fee ng paypal kapag nag transfer ako is $0.50, so, kung 44 pesos, 22 pesos lang charge tapos wala na fee sa bangko, sugapa naman ng BDO.

  11. Hello, mommy. ako naman sa Metrobank ko niwi-withdraw. nasanay lang. si K din nagsabi sakin na walang charge and EON. kaya lang shempre mas madali makahanap ng Bancnet na ATM kesa Megalink.

    Sa metrobank naman, Php77 ang charge. so kung less than 7k pesos ang withdraw mo from paypal, Php 50+77 pa ang mababawas sayo.

    sa BPI naman daw, Php150. mas mahal pa pala sa BDO. aw.

    1. Mura pala sa Metrobank. Kaya lng wala naman po akong Metrobank account 🙁 Pinakamahal pala ang BDO hehehe..

      Thanks for the information Fedhz. Well appreciated po 🙂

  12. Hello mommy, that’s quite an ouch that there’s a P200 withdrawal fee. I just use moneygram on mine. You know nah, you’ll just go to WALMART. They will just charge you for $ 8.00 if you send less than 50 dollars to Philippines. I am wandering what’s the EON…

    1. True Mommy! I only heard EON from other bloggers. EON is one of the services offered by Union Bank. Will further update you on this once I be able to open an account with them 🙂 Thanks for the visit.

  13. yes mommy. waaaay better. it only takes exactly two days for the funds to be transferred to your account, the fee is only Php50 (and none for amounts higher than Php7,000) and NOTHING more, there is no minimum balance to maintain, you can check your account online. Hey, can you blame me if I’m an EON fan? 😀

    1. Nah! Your fanaticism with EON is absolutely reasonable 🙂 Yaan mo po, I will really find time to open an EON account 😉 Thanks for the info 🙂

      1. naku mommy. please do. sandali lng naman un mag-apply. saka wala pa charge, ung annual fee lng at pangpondo sa paypal for verification 😉

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