Withdraw PayPal to Philippine Banks
Posted on January 27th, 2008 | 8 Comments »
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1st Update: I can’t add my bank right now, I need to call Banco de Oro first and get the right Bank Code. Last year, when I asked BDO for their Bank Code, they instead gave me a Swift Code, which I think is correct. But PayPal cannot accept Bank Codes less than 9 digits, BDO only has 8 (BNORPHMM). My BDO Bank Account is a Peso Savings Account.
2nd Update: I called BDO Call Center (631-8000) and asked for the Banco de Oro Bank Code for PayPal. Unfortunately they do not have any Bank Code other than the 8-Character Swift Code that they have. Maybe very soon they will be giving out their Bank Code when more people will ask for it.
3rd Update: I now have the Banco De Oro (BDO) Bank Code. It is 010531705. This is from Banco De Oro Reposo Branch. They call it BDO Branch Routing Symbol Transit Number or BRSTN. They said it is the number found a check issued by the Bank. That could also mean this number is only from the specific branch. You might need to go to your own branch to get the BRSTN. You can use this number also at your own 250 Peso risk. If you say “Banco De Oro Bank Code” or BDO Bank Code” or “BDO PayPal Code”, they will only be scratching their heads and give you the SWIFT Code. I will still have to test it to see if I have the right code required by PayPal or will I pay P250 if this is not the right number.
4th Update: I’ve just made my first PayPal withdrawal to my Banco De Oro account. I will post again in 5-7 working days, probably February 6th. Thanks for reading.
5th Update: Finally PayPal released their own list of Bank Codes in the Philippines, including the BDO Bank Codes. The number is 010530667. Should I cancel my first transaction and use this instead or not? More Bank Codes here. A very dumb move from PayPal for not releasing this when they told the world they will be having this new feature, leaving all of us guessing!
6th Update: According to their Help Center, you CANNOT cancel a withdrawal. I can only hope the BDO Bank Code I provided earlier (before they released their Philippines Bank Code List) will still work this coming February 6th or I will be fined for entering the unofficial Bank Code. More updates soon.
7th Update: It worked! The transfer was a success using the BDO Bank Code (010531705) I got from the bank and it only took 4 days!
Well, what do you know, PayPal finally decided to add a Philippine Bank account due to a very popular demand from PayPal Pinoys all over the Internet! Months ago I opened a Union Bank EON account because PayPal Philippines accounts were only able to withdraw money to a US Bank Account and to a Credit Card / Debit Card. Now that they have this withdraw to PH Banks option, I think this is another good news to all of us, especially to those who doesn’t have a Credit / Debit Card.To add your Bank Account in the Philippines, what they will need is your Name, the Bank Name, Bank Code (Swift Code?) and Account Number to be able to send money to your Bank Accounts in the Philippines. I will try to add mine and will post updates in the future. I also noticed there is only a US and Philippines listed under country, could this be only offered to these two countries? Ang swerte naman ng Pinoy! Update: Indonesians can also withdraw their money from PayPal to their Indonesian Bank accounts.
Will it be Goodbye UnionBank then? Continue reading »
It has been months since I last made a contribution to Google Earth Community. I am thinking I should get back into it again and submit more placemarks of places I have been on. Right now I will focus more on completing the Makati Business District area. Good thing I have a very good source on what names to place on all the buildings in the Financial Center of the Philippines.
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