Transferring your PayPal funds to a bank account is a simple 3 to 5-day process that only requires a couple of important details to complete.
By successfully linking your bank account to your PayPal, you will be able to receive your funds in Philippine peso in a matter of days.
This post is going to show you how to withdraw or transfer your earnings from PayPal to BPI, otherwise known as Bank of the Philippine Islands. If you’re a current BPI savings account holder, all you have to do is follow the steps provided below and you’ll be able to receive your earnings in your BPI account.
Requirements for PayPal to BPI Account Set-Up
- BPI Savings Account – most freelancers would open a BPI Express Teller card since it’s easy and quick to acquire
- BPI Bank Code 010040018 – this is BPI’s bank code and it’s needed to identify what bank PayPal is to withdraw to
- Correct BPI Account details – this includes the correct account name and account number
- A verified PayPal account – PayPal sets withdrawal limits to unverified PayPal accounts. Visit this post for steps on how to verify your PayPal account.
Make sure that all of the account details are correct to avoid return charges. A single mistake like a missing number or a misspelled name can lead to a return of your funds, a deduction of P250 from your funds, and delays.
Linking and Withdrawing from PayPal to BPI
If you haven’t already added a bank account to your PayPal account, here’s what you should do:
- With your PayPal account, add a bank account by clicking on Profile > Add/Edit Bank Account.
- Fill in the empty fields with the bank name, bank account number, and bank code.
- Make sure to review the details first to avoid any withdrawal problems in the future.
- Click the yellow Submit button.
The next step is to withdraw your funds to your BPI account. If you’d like to read the detailed version of this tutorial, visit An Overview: Withdraw from PayPal to a Philippine Bank Account. For now, here’s how you can withdraw your earnings to your bank account:
- On your PayPal account page, click on the Withdraw link.
- Click on Withdraw funds to your bank account.
- Add the amount you want to withdraw from your PayPal account. Click the orange Continue button to move to the next page.
- 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.
Again, make sure that all of the required details are correct, especially your bank name and bank account number. If you’ve recently had a name change due to marriage, separation, or legal name change, you can send a scanned image of your latest photo ID with your new name and proof of name change to PayPal via their secure form.
Important Points to Remember
- BPI deducts P150 from every PayPal withdrawal. This may be because the bank is not yet affiliated with PayPal.
- You’ll know it’s from PayPal if you see the words “credit memo” in the transaction history when using Express Online.
- If there is a problem with your transaction or if you have questions regarding PayPal withdrawals to BPI, you can call the bank’s hotline at 89-100 or email PayPal via their contact system.