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Paypal Now Transfers Money To Local Philippine Banks

I just got news from Paypal that transferring money to other Philippine Banks are now enabled. This is a good news since the transfer is free if the amount is above Php7,000.00 and a fee of Php50.00 ($1.23+) will be charged otherwise. Before, only EON cards can receive Paypal withdrawal with a horrible fixed rate of $5.00 per transaction regardless of the amount.

I never dared to call EON for their bank code, since I want to use my other bank accounts. I tried searching for bank codes on the internet, but all I found was SWIFT codes from many banks. I also heard that other banks guard their bank codes as super secret weaponry, don’t know why. People are fighting just to get these bank codes which personally I think is a little more over reacting.

I have been using EON since Paypal arrived in the Philippines and is completely satisfied with their services. Normally, money transfer took no more than 7 business days and I think it’s bearable. But with the introduction of new options and of course with reduced fees, I think this is awesome.

I have found some of the Philippine based bank codes below. I hope this will be a great help if you have account in any of them.

Metrobank: 026002846
Bank of the Philippine Islands (BPI)/BPI Family Savings Bank: 021000021
Citibank/Citibank Savings: 021000089
Development Bank of the Philippines (DBP): 021000018
Chinabank: 020100113

This is yet another Paypal move which could kill xoom.coms’ skyrocketing fees.

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