Whenever a Pinoy freelancer, digital marketer, or online entrepreneur considers linking his PayPal account to an existing bank account, his first choice is usually an account with Unionbank Philippines.

The orange and navy blue bank provides easy options for customers who would like to send and receive money of either local or foreign currency.

If you’re planning on linking your PayPal account to a Unionbank account, this post has all the information you need to get started and to successfully withdraw your earnings to your Unionbank account.

Step #1: Open a Unionbank Account

Your first step would be to visit the nearest Unionbank branch and sign up for a savings account.  You have a choice of opening a regular savings account or an EON Cyber Account, the latter being the most popular option for Pinoy freelancers using PayPal as their withdrawal method.

The EON Cyber Account is basically a debit card and a savings account rolled into one.  It’s designed for those who are comfortable with just ATM deposits and withdrawals. It’s easy to withdraw and pay for purchases online and offline.

I suggest opening an EON account instead of a regular savings account to use it to verify your PayPal account since you can’t use non-verified PayPal accounts to withdraw money.

Another great thing about the EON Cyber Account is that it also functions as a debit card, so you can avail of Unionbank’s special credit card offers and can pay for your purchases at the malls.  If you’re the type of shopper who hates lining up at the ATMs, this is definitely a great benefit for you.

Here are the basic requirements for opening an EON account:

1. Accomplished EON Cyber Account application form
2. 2 Valid IDs plus a photocopy of the two
3. PhP 350 for the annual fee
4. Other documents such as TIN and SSS (optional; may be required by the bank)
5. Initial deposit (optional)

You need to submit the application online before visiting the Unionbank branch of your choice to complete the process.  The EON page on the Unionbank website has a list of IDs accepted for your reference.

Step #2: Activate Your Account by Changing the PIN code

Once you finished submitting the necessary documents, you’ll receive your new EON card over the counter and a sealed envelope with your temporary PIN code.  Keep this because you’ll need it to activate your EON card.

Activation is essential if you plan on withdrawing money using your EON account.  To do this, you need to make your first withdrawal in order to change the PIN code of your card.  You can deposit at least PhP 100 and then withdraw it at the ATM to complete this first step.

Once this is done, you can now change the PIN code of your card.  Have someone from the bank assist you if you encounter difficulties while doing this.

Step #3: Link your Unionbank EON Cyber Account to PayPal

Your next step is to link your EON account to your PayPal account.  Go to your PayPal account, hover your cursor over Profile, and click Add/Edit Bank Account. Click on the Add button and type or copy and paste the following:

Add a Bank Name: UNION BANK OF THE PHILS
Add a Bank Code: 010419995
Add an Account Number: (insert your EON account number)

Make sure that your bank account name, bank code, and your account number are correct to avoid the PhP 250 charge for incorrect information.  Also, make sure to type in your EON account number and not the card number.

Once you’ve added your Unionbank EON account to your profile, you can now withdraw your PayPal funds directly to your account.  If you’d like to view the detailed steps on how to withdraw from PayPal to a Philippine bank account, check out An Overview: Withdraw from PayPal to a Philippine Bank Account.

In the mean time, here’s a short version of how to withdraw your earnings to your bank account:

1. On your PayPal account page, click on the Withdraw link.
2. Click on Withdraw funds to your bank account.
3. Add the amount you want to withdraw from your PayPal account.  Click the orange Continue button to move to the next page.
4. Once you are sure that the amount and the rest of your bank account details are correct, click on the Withdraw Funds button to complete the transaction.

 Fees and Other Things to Remember

Although it’s super easy to verify PayPal with Unionbank’s EON card, the benefits stop there.

If you plan on transferring the funds you receive to another account via over the counter withdrawals, ATM withdrawals, and the like, you’ll be surprised just how expensive the EON Cyber Account really is.

First off, here’s a list of fees that you have to pay to use and maintain your EON card:

• Visa Electron Annual Fee – PhP 350
• ATM Withdrawals – PhP 10 on the 3rd and all succeeding Unionbank ATM withdrawals for the month
• Non-Unionbank Withdrawals – PhP 12
• Over-the-counter withdrawals – PhP 100; they will ask you to wait in order to verify your signature with the main branch.

As you can see the fees are extremely high, which is obviously Unionbank’s way of keeping you from withdrawing your cash.

If you have another bank account outside of Unionbank that serves as your major deposit account for your earnings, I suggest not applying for an EON Cyber account and just opening either a regular Unionbank savings account or an account at a different bank.  You’ll see in their Savings Account Fees page that there’s no charge at all for withdrawals, both via ATM and over the counter.

PayPal is overall an excellent e-commerce solution for thousands of Filipinos around the world, which is why opening, verifying, and linking your PayPal account to a Philippine bank account such as Unionbank EON will enable you to receive your hard earned freelance earnings in a matter of days. Many clients prefer paying freelancers via PayPal so it is also a practical option to go for if you want to be paid for your freelance services.

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Instead of writing the withdrawal process in ever post of the PayPal-to-Bank series, I decided to place the basic steps of linking PayPal to a Philippine bank account here.

So whenever you need to check if you’ve done the withdrawal process correctly, you can just visit this post for reference.
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