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 Before hand, I know that Paypal fund can be withdrawn using Union Bank’s EON facility.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 🙁
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?