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Thursday, March 19, 2009

The Paypal Story: The PayPal Philippines Experience

I have been using Paypal for quite some time. It was in 2008 when I was forced to open the account to receive payments for my online writing jobs.

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Since I want to share some of these earnings, without a fee, to some relatives in the Philippines, I also encouraged my aunt to open an account. In fact, it was I who processed everything only putting her information in the Paypal form. My aunt stays in the Philippines that time and I was in Italy. I could use a great deal of funds even without verifying my Paypal account there in Italy. Of course, I could not withdraw the funds but I could still use that amount to send to anyone, to buy online or for any other purpose as long as it is within the limit: around €1.500,00 or €1,500.00 and without my account verified. This amount is not so small to be a limit in Paypal for someone like me who has only a regular account. Another limitation for not verifying my account is the €300 receipt and payments/sendouts per month.

I did make the account of my aunt. We tried to verify her account using her GSIS card, supported by the Union Bank of the Philippines, because it is like a debit card but she can also view the account activity, similar to statement of accounts. In short, we were able to verify her identity and account allowing her Paypal account to send out some amount of money. In order to withdraw her PayPal fund (which I sent to her), I added a bank account for her. This is not the same as the card (whether debit or credit card) we used to verify her account. I setup a bank account, added and linked it to her Paypal account, and that was the Bank of the Philippine Islands (BPI). In short, she used both the debit card and the bank account itself. The former to verify her account identity and the latter to put her withdrawn funds.

I always process for her withdrawal at the BPI and although it states 5-7 days in withdrawing, more often than not, the money arrives in her account earlier. In short, I use Paypal now most of the time when I have to transfer some amount to her. I have my verified account now here, and I am out of Italy now but still within Western Europe area, and it is very convenient although at times, some amount of time should pass before the cash can be received. But all the same, the exchange rate that Paypal offers is good, almost fair for everyone and this is another thing that makes me glad. The only thing is, aside from Paypal Fee, when the withdrawn amount is lesser than their minimum, or even more, the bank itself (BPI in this case) makes an additional charge. But it total, all in all, it is still lower than the amount one has to pay if moneygram or Western Union is used.

I would like to note that in Philippines, no credit limit is provided unlike here in Europe. if one account is not verified, there is no way that such account may send an amount outside/to other Paypal accounts. Thus, to be able to use the Paypal account in Philippines, verification is a must. To withdraw the Paypal fund, a bank account or the credit card/debit card can be used.

33 comments:

  1. over here, cannot withdraw from paypal unless go Singapore but thinking of transport and fees of staying its better to use paypal to withdraw to debit card or credit card. Yeah each time paypal charge $5!!

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  2. i can definitely relate with regard to this, sis kasi napagdaanan ko talaga lahat yan. hehe.

    happy sunday!

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  3. that's certainly true, not sure for the policy they have but i opened a new account for my US paypal account, but they need to do the same thing like what i did in philippines. sucks but until now i still need to wait for some bank account or debit account that way they'll confirm my location... i don't mind it thought, althoug i have $15 in that new account.. which sucks because i can't withdraw it until i get rid of the unverified...


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    ReplyDelete
  4. @Sherry,
    Really? But you are in Malaysia, right?

    @Lynn,
    I can tell you are using it good and well now.

    @Nova,
    Hmmm... bad then. AT least I had free limit before though unconfirmed yet.

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  5. I have heard stories about difficulties in using PayPal if you are not in the United States, and I thought that was the direction you were going to go with your story. One person wrote that they had their funds locked when they tried to transfer to someone in another country. I'm glad to hear that it is actually working well for you. I joined early, before it was obvious that PayPal was going to take the lead, and got "lucky" in that I picked the right online money mover. I've never had any trouble with them, and am very satisfied

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  6. Thank you for your posting. Because I live in the US, this is quite an eye-opener for me. I learned something today. :-)

    Nora Nagatani
    vita.nora@gmail.com
    www.noranagatani.com

    ReplyDelete
  7. I too have just recently opened a paypal account to receive the small amount of transactions I make..At present I am not thinking of withdrawing my paypal money,but instead I had invested to buy a domain...I have heard that its really a pain to verify your account for many countries...so,those problems can perhaps wait for me :D

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  8. here again...

    got you something on my page, here's the direct link:

    http://www.supernovachron.com/2009/03/let-us-be-friends.html

    Hope you like it..

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  9. That's a very good idea. I never thought of that...ma try nga sa birthday lola ko.

    Btw,I'd like to invite you to newly launched contest where you can win $100 plus other uber amazing prizes!

    Hope to see you there:

    http://www.pinayjade.com/uncategorized/filipina-bloggers-birthday-celebration/

    Cheers!
    Jade

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  10. Wow.. how lucky your Aunt. Sana ako rin padalhan mo. lol...

    Yeah, boyfriend had to sign up for a Paypal account to receive funds from his part time gigs. He didn't want to open a credit account. He learned about debit account and that brought him to EON of Unionbank.

    I can't open for an account yet, that's why I hitched on his Paypal to receive payments from my part time online writing too! lol

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  11. I think that we may be on the verge of new international banking. If things continue like they have been in the US, money transfers will change dramatically.

    I wrote an article about how people are messing things up - http://www.faithandfacts.com/2008/09/22/fannie-mae-five-five-key-players-who-broke-the-system/ It is a portrait in greed and corruption that goes unchecked.

    The business model that Paypal uses has challenged the old system and seems to be working for 'little folks' like us.

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  12. funny.. I was gonna ask you the same thing. I knew about Writers.ph and Sneakin'Design pero wala pa kong nasusulat. katakot eh. para sa mga professional.

    Sa Ciao at Bukisa lang ako ngayon and a few "underground jobs". hehe.

    Sige po. try ko sumali kung san ka. just send me the links. ^^ mwah! I'll email you na lang din.

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  13. Paypal is a great service. I just don't like the fact you have to verify to buy and sell stuff (at least, i can't buy and sell stuff without verifying). Also, when someone rips you off on paypal, most of the time the buyer looses out.

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  14. Yup, having a paypal account is very convenient sis and it is also safer when you are shopping online.

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  15. Di ko pa natry magsend thru paypal but I think I'll try to do that.

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  16. That's a very good idea you gae me. We used to send money through WU but if its cheaper to use paypal, we may switch to it.. Thanks for sharing!

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  17. Hmm interesting. My Paypal hasn't been verified yet, and I'm planning to by next month. Will it work with m BPI debit card (with bank account already)? Thanks!

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  18. @Mara,

    As long as the card you have has the logo of either Visa or Mastercard or American express, and you can get any statement on that card, you can use it. The important thing are these two: affiliation to the credit card companies for international transactions and the record where you can get your code to paste in your form in verifying.

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  19. My Paypal experience was a smooth one (and I'm in the Philippines too). No problem encountered whatsoever. But I had some nervous times like when I accidentally placed the wrong verification code to activate my credit card. It was in the third (and last) try that I succeeded verifying my credit card. I was relieved, I almost had to repeat the process of verifying.

    Sigh

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  20. My Paypal experience was a smooth one (and I'm in the Philippines too). No problem encountered whatsoever. But I had some nervous times like when I accidentally placed the wrong verification code to activate my credit card. It was in the third (and last) try that I succeeded verifying my credit card. I was relieved, I almost had to repeat the process of verifying.

    Sigh

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  21. Yay! Thank you! Big help :)

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  22. hi, in malaysia cannot withdraw paypal but can do it using credit card or debit card so each time $5 USD. so if go SG will sure cost more.

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  23. Lots of good info here, I found it especially interesting how you set up the account for someone else.

    Just a question, were there any issues on exchanging the currency? I've been contemplating getting paypal account, and the verification borders don't bother me, but i would be sending money to different countries. If anyone could help clarify, that would be great!

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  24. Certainly living in the US makes things easier it seems. But it seems Paypal is moving in a good direction.

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  25. Thanks for the advice. I was wondering about exchanging money through paypal and it seemed like it would be more than point and click. Thanks for the help. Also I like the layout of your blog, maybe you could just get rid of the ads in the post.

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  26. Here in Canada, Paypal is being used more and more by small businesses. There is not a monthly fee, just a transaction fee, so that works for many small businesses. Glad to hear that it works well in the Philippines.

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  27. Paypal is doing a great job facilitating payment processes internationally.

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  28. So anyone with a bank account can receive funds from U.S. via paypal ?

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  29. it's a nice posting ,
    such a nice posting,i like it ,
    thank you for this kind of posting.


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    ReplyDelete
  30. Very nice posting.I think this site can do better job in future.


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    ReplyDelete
  31. Awesome posting man!
    You are a great blogger. I like your work. Truly you are a genius.
    Keep up the good work Man!!

    Webroyalty

    ReplyDelete
  32. There is not a monthly fee, just a transaction fee, so that works for many small businesses. Glad to hear that it works well in the Philippines.

    ReplyDelete

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