How to transfer money from PayPal to bank account in the Philippines - Complete guide

PayPal¹ is a super convenient way to shop online, send and receive payments. If someone’s sent you money on PayPal and you’d prefer to have it in your bank account instead, you’ll need to figure out how to transfer money from PayPal to a bank account. The good news is that this process isn’t too tricky - although you’ll need to get your PayPal account linked to your bank first. This guide walks through all you need to know.

Table of contents
How to send money from PayPal to bank account How to link a bank account to PayPal How to link a bank account to PayPal Business How to cash out PayPal - step by step PayPal to bank account transfer fees Alternative way to receive money from abroad - Wise How to withdraw money from PayPal without a bank account Sending from PayPal to BPI, BDO or UnionBank

How to send money from PayPal to bank account: step-by-step

To withdraw money from a PayPal Philippines account you’ll first need to link a bank account or card to your PayPal account. This process isn’t usually too tricky, but for security reasons you’ll need to verify your bank account to make sure any payments or withdrawals can be made safely.

Once you have your bank account or debit card linked to PayPal you can initiate the withdrawal easily. Depending on how you choose to transfer PayPal to bank account, you can get your money deposited in minutes, or you may need to wait a few days.

Let’s walk through the process step by step.

How to link a bank account to PayPal

To withdraw money from PayPal you’ll first need to link a bank account or card to your PayPal account. You’ll be able to choose to link a Philippine based bank account or debit card, and in some cases you can also link a US bank account.

The steps you take are a little different depending on whether you’re a personal or business PayPal customer. However, in both cases you can link your bank using the PayPal app. Here’s how to link your bank account to PayPal if you’re a personal customer²:

Step 1: Log into PayPal in the app and tap Wallet, then +

Tap the + symbol which you’ll find close to the Banks and Cards button in the PayPal personal app.

Step 2: Tap Banks and enter the required information

Follow the prompts to enter the bank information needed to get your account linked.

Step 3: Verify your bank

You may be able to confirm your bank instantly - if this is possible you’ll see the option shown on screen. If not, you’ll need to follow a manual process. PayPal will deposit 2 small random sums to your linked bank account. You’ll need to log into your bank online, view your statement, and then enter the total amount deposited when prompted by PayPal to confirm your bank. You’ll be guided through this process by prompts on the screen³.

How to link a bank account to PayPal Business

If you’re a PayPal business customer you’ll need to follow a slightly different process. However, it’s still pretty intuitive and can all be done within the PayPal Business app. Here’s what to do:

1. Log into your PayPal Business account and tap More
2. Tap Settings, then Cards and Banks
3. Tap Link a Card or Bank Account
4. Tap Bank account and then follow the prompts to link and verify your account

How to cash out PayPal - step by step

Once you’ve linked your preferred bank account or card, you’re ready to make your withdrawal and cash out of PayPal. Here’s what you’ll need to do⁴:

Step 1: Log into PayPal online or in the app

When it’s time to withdraw a balance from PayPal to a bank account you can get started either online or in the PayPal app.

Step 2: Select Transfer Money

You’ll first need to tap your PayPal balance if you’re in the app, to see the option to transfer money.

Step 3: Select the transfer type you prefer

Instant transfers are delivered to your bank account in minutes. A standard transfer can take 1 to 5 days and is deposited to your linked bank account. A deposit to a linked bank card can take 48 hours. If your money has not arrived after the expected timescale, contact your bank to ask for more information.

Step 4: Follow the prompts to enter the required detail, check and confirm

You’ll need to enter the amount to withdraw, and confirm the account or card you want to withdraw to.

PayPal to bank account transfer fees

The PayPal to bank account transfer fee you pay depends a lot on the details of the withdrawal. The currency you hold in your balance, the currency you want to withdraw in, the value of the withdrawal and the account you withdraw to all make a difference.

We’ve set out the key PayPal to bank account transfer fees below, for PayPal Philippines customers. It’s important to note that the currency conversion fee applies if you need to switch from one currency to another to complete your withdrawal. If you hold a balance in a foreign currency and want to withdraw to a PHP bank account, for example, you’ll pay any applicable PayPal fee plus the currency conversion charge.

The currency conversion charge is an extra fee of 3% to 4%, which is added onto the mid-market exchange rate to calculate the rate used to convert your currency to PHP for depositing. This fee may come as a surprise and can mean you end up with less in PHP in the end. We’ll touch on Wise as an alternative way to receive your PHP payment in a moment.

Here are the PayPal Philippines withdraw to bank account transfer fees you’ll need to consider:

PayPal withdrawal type	PayPal Philippines withdrawal fee5
Withdraw to PHP bank account - withdrawal under the value of 7,000 PHP	50 PHP If currency conversion is required, additional fees may apply
Withdraw to PHP bank account - withdrawal over the value of 7,000 PHP	No fee where currency conversion is not needed If currency conversion is required, additional fees may apply
Withdraw to a US bank account	3% of withdrawal amount If currency conversion is required, additional fees may apply
Withdraw to a linked bank card	1% of withdrawal amount (minimum 10 PHP, to a maximum of 500 PHP) If currency conversion is required, additional fees may apply
Currency conversion	3% - 4% fee depending on how conversion is applied

PayPal to bank account transfer - other fees

The fees we’ve set out above are the most common PayPal to bank account transfer fees you’ll need to know about. However, there are another couple of costs to be aware of.

Firstly, your own bank might charge you a fee for receiving a payment. You’ll need to check your bank account’s terms and conditions to see if this applies in your case.

Secondly, if you initiate a transfer to your bank account or card and it can not be completed because you use incorrect or incomplete information, there may be a return fee to pay. It’s also important to realize you can’t change or cancel a transfer once you’ve started it - so double check all the details you have are correct before you confirm.

Receive money from abroad to the Philippines with low fees and the mid-market exchange rate with Wise

Need to get paid by someone based overseas? Consider checking out Wise.

Wise lets you send payments to most popular ewallets in the Philippines, as well as to PHP bank accounts from 70+ countries. Currency conversion uses the mid-market exchange rate with no hidden costs, and a low fee from 0.43%⁶. That can mean you end up with more in the end.

Send money to the Philippines with Wise

How to withdraw money from PayPal without a bank account in the Philippines?

If you don’t have a bank account linked to your PayPal Philippines account you can still withdraw a balance from PayPal by linking your PayPal account to GCash. There’s no specific fee if you’re transferring PHP from PayPal to GCash - but remember that PayPal’s charges do apply if you need to convert currencies to make your withdrawal.

This can mean you’re charged a fee of 3% or so to switch your balance to PHP before you withdraw.

Sending from PayPal to BPI, BDO or UnionBank

Let’s take a closer look at how to send money from PayPal to popular Philippine banks, so you can have your balance deposited conveniently into your preferred account.

How to transfer money from PayPal to BPI

1. Log into PayPal and go to Wallet
2. Click Link a card or bank, then Link a bank account
3. Search for BPI or tap it in the list pulled up
4. Link your account automatically or manually
5. Once your BPI account is linked, tap Transfer Money, and then Transfer to your bank
6. Enter the transfer amount
7. Check and confirm

BPI bank code for PayPal

The official BPI routing number for domestic transfers is usually 010040018⁷. However, because a withdrawal can’t be cancelled or changed after it’s started, it’s essential to double check with your bank directly to make sure you have the correct code for your specific account.

How to transfer money from PayPal to BDO

1. Log into PayPal and go to Wallet
2. Click Link a card or bank, then Link a bank account
3. Search for BDO or tap it in the list pulled up
4. Link your account automatically or manually
5. Once your BDO account is linked, tap Transfer Money, and then Transfer to your bank
6. Enter the transfer amount, Check and confirm

BDO bank code for PayPal

The BDO bank code for PayPal is usually 010530667. Double check with BDO directly to make sure you have the correct code for your specific account.

PayPal to UnionBank

1. Log into PayPal and go to Wallet
2. Click Link a card or bank, then Link a bank account
3. Search for UnionBank or tap it in the list pulled up
4. Link your account automatically or manually
5. Once your UnionBank account is linked, tap Transfer Money, and then Transfer to your bank
6. Enter the transfer amount
7. Check and confirm

UnionBank bank code for PayPal

The UnionBank bank code for PayPal is usually 010419995. Once started, payments can’t be canceled or changed, so double check this is the correct code for your specific account.

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Sources:

1. PayPal
2. PayPal Help - how to link a bank account
3. PayPal Help - how to verify a bank account
4. PayPal Help - how to withdraw money to a bank account
5. PayPal fees
6. Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
7. PayPal bank codes