Working online is not new to Filipinos. In fact, there is a steady growth of the number of Pinoy’s rendering services without having to report to offices. Jobs include data entry, content development, software development and the like. The jobs pay pretty well considering that they can be done at home. One famous mode of payment is fund transfer through PayPal.
In a nutshell, PayPal is a payment portal that allows people to do financial transactions over the internet. The technology is relatively new to the Philippines compared to other means like wire transfer. This somehow leads to a little confusion in getting the money from a PayPal account to a bank account.
I had been working online for a few months now and had been withdrawing my PayPal funds to a Banco de Oro ATM/Debit Card. It was just unfortunate that my BDO account was closed and I had to withdraw my funds through an account in the LandBank of the Philippines. I was worried that it might not get through. Luckily, it did. This is a walkthrough intended to guide cyberpinoys in getting hold of their online funds the PayPal-Landbank way.
PRECONDITIONS:
1. Must have an existing Pay
Pal personnal account (I’m not sure how this goes with other account types).
2. Must have an existing bank account in the LandBank of the Philippines.
3. Must not be afraid to surf the internet.
STEPS:
1. Login to PayPal and add your LandBank account: MyAccount->Profile->Add/Edit Bank Accounts
(You will need a bank code for this)
Official List of PayPal Philippines Bank Codes
| Bank Name |
Bank Code |
| ALLIED BANKING CORP |
010320013 |
| AUSTRALIA NEW ZEALAND |
010700015 |
| ASIA UNITED BANK |
011020011 |
| BANGKO SENTRAL NG PILIPINAS |
010030015 |
| BANGKOK BANK |
010670019 |
| BANK OF AMERICA |
010120019 |
| BANK OF CHINA |
011140014 |
| BANK OF TOKYO |
010460012 |
| BANCO DE ORO (& EQUITABLE PCI BANK) |
010530667 |
| BANK OF COMMERCE |
010440016 |
| BANK OF THE PHIL ISLANDS (BPI) |
010040018 |
| CHINA BANKING CORP |
010100013 |
| CHINA TRUST COMML BANK |
010690015 |
| CITIBANK N.A. |
010070017 |
| DEVT BANK OF THE PHILS (DBP) |
010590018 |
| DEUTSCHE BANK |
010650013 |
| EAST WEST BANK |
010620014 |
| EXPORT & INDUSTRY BANK |
010860010 |
| FUJI BANK |
010640010 |
| HONGKONG AND SHANGHAI BANK (HSBC) |
010060014 |
| INTL COMML BANK OF CHINA |
010560019 |
| INTL EXCHANGE BANK |
010680012 |
| JP MORGAN CHASE BANK |
010720011 |
| KOREA EXCHANGE BANK |
010710018 |
| INTL NEDERLAND BANK |
010660016 |
| LANDBANK OF THE PHILS |
010350025 |
| MAYBANK OF THE PHILS |
010220016 |
| METROPOLITAN BANK & TRUST CO |
010269996 |
| PHIL BANK OF COMMUNICATION |
010110016 |
| PHIL TRUST COMPANY |
010090039 |
| PHIL NATIONAL BANK (PNB) |
010080010 |
| PRUDENTIAL BANK |
010150018 |
| PHIL VETERANS BANK |
010330016 |
| RIZAL COMML BANKING CORP (RCBC) |
010280014 |
| SECURITY BANK & TRUST CO |
010140015 |
| STANDARD CHARTERED BANK |
010050011 |
| UNITED COCONUT PLANTERS BANK |
010299995 |
| UNION BANK OF THE PHILS (UBP) |
010419995 |
| UNITED OVERSEAS BANK |
010270189 |
2. Withdraw funds: My Account-> Withdraw -> Withdraw Funds to Bank Account
PayPal will list it as three processes under one transaction.
- Currency conversion (credit) from US Dollars
- Currency conversion (debit) to Philippine Peso
- Fund transfer to the Bank
3. Just be patient and wait.
My transactions usually take 2-4 days.
When it’s in. You can check your Landbank iAccess account and you will see that its is registered as transaction from the Domestic Transfer Department.
