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PayPal Guide for Filipinos in the Philippines

If you’re a Filipino living in the Philippines, here’s a helpful guide in using PayPal.

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What is PayPal

PayPal is an online payment system that allows you to send and receive money online and make online payments safely. Since it is used in many countries worldwide, PayPal can be an efficient way to send and receive money from an international partner, client, employer, or friends and family anywhere.  

How PayPal works

PayPal is an online payment platform that lets you send money to people and receive funds from them.

You may link your PayPal account to your bank account, credit card, or debit card to make online purchases and bills payments. You may also add money to your PayPal account to process transactions.     

How to Add Money on PayPal

As long as your linked bank account, credit card, or debit card works, PayPal will not require you to keep money in your PayPal account. However, you can add money to your account to make payments and fund transfers faster and easier.

You may add money on PayPal anytime using your linked bank account. Follow these steps:

  1. Log in to your PayPal account.
  2. On your home page and under your balance, click “Transfer money.”
  3. Under “Money in,” choose “Add money to your balance.”
  4. Type in the amount of money you wish to transfer to your PayPal account and click “Add.”
  5. On the next page, review the amount you wish to transfer. If you want to change the amount, click “Change.” If the amount is correct, click the “Add” button that indicates the right amount to complete the transfer.

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How to Check PayPal Balance

You can check your PayPal balance by logging in to your PayPal account. You can do this on your PayPal mobile app, desktop, or mobile browser. Once logged in, you will immediately see your PayPal balance on your dashboard.

How does PayPal send money to other people with a PayPal account

PayPal lets you conveniently send money to other people, including family and friends, employees, clients, and business partners with PayPal accounts.   

Follow these steps:

  1. Log in to your account.
  2. Choose “Send & Request.” You will automatically be brought to the “Send money” tab.
  3. In the “Send money to” box, type in the recipient’s details. You can use either the name, username, email address, or mobile number of the receiver. You may also choose a person from your contacts list that will appear in icons on the same screen.  
  4. Enter the amount you wish to send.
  5. You may add a note as to the purpose of the payment.
  6. Click continue.
  7. Review the details on the next screen and click “Send money now” to confirm the transaction. 

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How to send money to someone with no PayPal account

You can also send money to someone with no PayPal account. However, the recipient needs to open a PayPal account once the notification is received to access the funds. Instructions on opening a PayPal account will be included in the email notification.

To send money to someone with no PayPal account, use the recipient’s email address in the “send payment to” box and follow the same procedure above.  

How to make PayPal Cash Withdrawal

You can withdraw your PayPal balance by transferring the amount to any of your linked bank accounts. You may also transfer it to your linked e-wallet like GCash or PayMaya.

You may link your bank account to PayPal to quickly withdraw your money in your PayPal account. It also allows you to add money to your PayPal account. Make sure your bank account name and PayPal account name match to avoid returned withdrawals and the fee charged for the return. 

Follow the steps below to link your bank account to PayPal:

  1. Log in to your account.
  2. Select “Wallet” on the top bar.
  3. Click “Link a bank account,”
  4. Enter your bank details.  
  5. Review your details and click “Link your bank” to confirm.

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How to transfer from PayPal to a Philippine bank account

To transfer your PayPal funds to your bank account, make sure your bank account is linked to your PayPal account. PayPal will charge P50 for every withdrawal that is less than PhP7,000. For withdrawals over PhP7,000, fees are waived. 

The receiving bank may also charge a specific fee for your transaction. Processing takes between 1 to 5 business days.       

Here are the steps to transfer your PayPal funds to your bank account:

  1. Log in to your account.
  2. On the dashboard, click the “Transfer funds” button just below your PayPal balance.
  3. Select the linked bank account to wish to move your funds. Click “Next.”
  4. Type in the amount you want to withdraw and click “Next.”
  5. Review the details you entered and click “Transfer” to confirm.

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How to Transfer from PayPal to other e-wallets

You can conveniently transfer your funds from PayPal to other local e-wallets in the Philippines. 

Before you can do the transfer, you need to link your PayPal account to your e-wallet account.    

How to transfer from PayPal to GCash

One advantage of withdrawing your PayPal funds through GCash is that it’s free. To transfer money from PayPal to GCash, please see our article on How to Transfer Money from PayPal to GCash for Free.

How to transfer money from PayPal to Paymaya

To transfer your money from PayPal to PayMaya, please read our post about PayMaya.

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How much is the PayPal minimum transfer amount

There is no minimum amount when you transfer from PayPal to another PayPal account. However, if you want to transfer funds from PayPal to your bank account or e-wallet, the minimum transfer amount is PhP500.    

How to Get Cash from PayPal Instantly

PayPal offers Instant Transfer, where you can move your money from PayPal to your bank account with a linked Visa debit card within minutes. The transfer goes with a 1% fee. If you do not have a Visa debit card, you can use the Standard transfer that takes 1 to 3 business days to process. The Standard transfer is free of charge.     

You can also get your PayPal funds almost instantly by transferring your funds to your GCash account.     

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PayPal Updates

Paypal Launches Its ‘Super App’

PayPal has been talking about its “super app” intentions for a while. They told their investors that its planned digital wallet and payments app had been given the green light to debut. The app’s initial version is already out. It includes various financial tools such as direct deposit, bill pay, a digital wallet, peer-to-peer payments, shopping facilities, crypto capabilities, and more. PayPal also announced a partnership with Synchrony Bank for PayPal Savings, a new high-yield savings account.

Key takeaways:

  • Although PayPal does not intend to be a “bank,” the new app has appealing features for individuals considering switching their finances to neobanks. It will now allow two-day early access to paycheck Direct Deposits through PayPal’s bank partners, as well as bill pay and other features.
  • Getting paid sooner is one of the most appealing benefits for individuals considering digital banking apps over traditional banks.
  • PayPal Savings will offer high-yield savings account with a 0.40 percent annual percentage yield through a Synchrony Bank relationship (APY). PayPal believes that its high-yield service will compete based on the quality of its combined offerings rather than just the APY.

Read more: https://techcrunch.com/2021/09/21/paypal-launches-its-super-app-combining-payments-savings-bill-pay-crypto-shopping-and-more/

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