Paypal is an online payment system. It’s free for personal users and offered for a fee to businesses.
Three Kinds of Accounts
- Personal Account — for individuals who pay online
- Premier Account — for individuals who buy and sell online
- Business Account — for companies and organizations
Opening an account is free and easy.
Sending Money
Sending money through Paypal is free. You use your Mastercard, Visa and American Express cards or your US bank account.
Withdrawing Money
There is a fee of 50 pesos for withdrawing less than 7,000 pesos. If it’s 7,000 pesos or more, it’s free.
Your withdrawal is done using your account with your Philippine bank and it takes about 2 to 5 working days. So, before you make your withdrawal, you must first add your bank account details to your Paypal account. Just click Withdraw and then Withdraw funds to your bank account. You will be requested to enter your name, bank name, bank account number, and a 9-digit bank code. You can copy your bank code from the Philippine PayPal bank code list compiled by James of pinoymoneytalk.com.
Additional tips
- Make sure the name in your Paypal account is exactly the same as the name on your bank account. There is a return fee of 250 pesos, if the transaction fails due to this error.
- To make sure you are really on PayPal site, check 3 things:
- your URL has s on the https://www.paypal.com
- your URL has the PayPal icon, a blue-colored P, and the name Paypal, Inc. (US)
- at the right bottom corner, there should be www.paypal.com and an image of a lock
Company Background
PayPal, based on San Jose, California, was founded in 1998 and was bought by eBay in 2002. Currently, it has more than 153 million accounts in 190 countries and in 18 currencies around the world.
PayPal has also received numerous Internet industry awards, including the 2006 Webby People’s Voice Award for Best Financial Services Site and the 2006 Webby Award for Best Financial Services Site.
