Money Transfer from Paypal to Local Bank

If you intend to make money online, it is advantageous to have a means of receiving payment. Paypal account is a good example. Then you can perform money transfer from Paypal to your desired local bank account.

Paypal can be considered online money. But there are instances that you might need cold hard cash. If so, then you must be able to transfer money from paypal directly to your bank account.

Here's how with screenshots:


Well, you need to have a Paypal account first. If you're an online merchant, you can sign up here, and transact online seamlessly. In these illustration, the money will be transferred to local bank in the Phils. (Bank of the Phil. Islands). I'm sure Paypal allows this capability to other countries and its respective banks as well.

Upon logging to your account dashboard, click Withdraw.

You'll be directed to this. Click the link: Withdraw funds to your bank account

You will be directed here.

You are then required to add the bank information so that Paypal would know where to transfer your money. Just click the link: Add bank account.

You will need to fill your name or account holder's name, the Bank Name, its 9-Digit Bank Code and your account number. Ensure that the correct data is supplied. Otherwise, you might incur 250 Php for wrong info.Having done so, you will come back to the 3rd screenshot and proceed with the money transfer.

Paypal will then send you an email about this transaction. All you have to do is wait for the transferred money to be credited to your local bank account.

In my case, the bank code is 010040018. Paypal converted my dollar earnings to peso. I was charged 50 Php withdrawal fee and 150 Php from BPI and got the money after two days. I used to encash my paypal earnings via housemate Apol's Union Bank Eon Card. He said that it charges less.

In the near future, I will try money transfer from Paypal to that card as well.

Thanks to pinoymoneytalk for the bank code.