Withdraw Paypal Funds using UnionBank account

Withdraw funds from your Paypal account using your UnionBank account by doing these steps to open a PayPal Account, link to and withdraw Paypal funds with a UnionBank account.

I believe the UnionBank account method is the easiest Paypal withdrawal using a Philippine bank account procedure made available on the internet. Following this guide allows you to withdraw Paypal funds with Union Bank account easily.

Step-by-Step Guides: How to Set Up PayPal

How to Open a PayPal Account?

Send money to family and friends, forward a gift of money, buy items online - PayPal is the secure, free, easy way to pay. Enroll your UnionBank Card in Paypal

1. Sign-up for an account at www.Paypal.com. Be sure to select Philippines as the country where you live in and use U.S. DOLLARS as the primary currency.
2. Enter your 16- character card number and Card Verification Value(CVV) –last 3-digit number found at the back of the card
3. Enter your address of record at UnionBank as your billing address that appears in your monthly statement, and for EON Visa Electron , use the address found in the Profile page at the Unionbankph.com online banking site.

You have completed the basic enrollment which allows you to transact online up to a maximum amount determined by PayPal, regardless of your available balance or credit limit. However, to get full use* of your UnionBank card, you will have to enroll in PayPal's Expanded Use Program.

Expanded Use Enrollment

1. When you register your UnionBank Visa card, PayPal will charge you the equivalent of US$ 1.95 for expanded use. Pay Pal will credit you back the US$ 1.95 amount on your first PayPal transaction. For EON and eWallet cards, your account must be active have the equivalent of US$ 1.95 or atleast P200.00 in pesos in order for the expanded use transaction to go through when you first enroll your card.
2. You will then be issued a 4-digit Expanded Use Number. But, please allow 5 days for the Expanded Use Number to reflect on your statement.
• For UnionBank Visa Credit Cards, you can find it on your next monthly paper statement or by viewing your Visa Transaction History online. [View Sample]
• For EON Visa Electron and eWallet Card holders, you can view your 4-digit Expanded Use Number online by logging on to your account and viewing the transaction history. The expanded use number will be located next to the PayPal transaction entry description.
3. Once you have this number, go back to the My Account Overview section of the PayPal web site and click on "Finish Expanded Use Enrollment" to enter the 4-digit number.[View Sample] (Note: Paypal requires to re-input your expanded use number to recognize any transaction)
4. Upon entering your Expanded Use code, you will receive a confirmation message indicating that your debit/credit card has been verified. Congratulations! Your PayPal account is now verified for Expanded Use. For more details on linking your UnionBank Card with PayPal you can visit UnionBank's Customer Service page, contact the Call Center hotline at 84-186 or visit the PayPal help site.

Receiving Payments and Withdrawing

1. On Receiving Payments
2. Notification - You will be notified via your registered email at Paypal that you have a pending payment.
3. Transaction ID – You will also receive a transaction ID in the email notification.
4. Acceptance – To accept this payment, you must log in to the Paypal website and click the ACCEPT button next to the transaction.
5. Upon ACCEPTANCE of the payment, the payment will be reflected on your Paypal account balance.

Procedure for Withdrawing Payments from your Paypal Balance to your UnionBank bank account

• Once the payment has reflected in your Paypal balance, you can transfer the funds to your UnionBank bank account by using the "Withdraw to Bank Account" feature. You will need your UnionBank account number (12 digits) and the UnionBank bank code (010419995).
• The transfer to your UnionBank bank account will be completed within 2 to 4 banking days from the date of your withdrawal request. A status report of your withdrawal request is reflected in your Account Overview screen. There is a P50 charge for withdrawals P6,999 and below. Withdrawals P7,000 and above will not be charged a fee.
• Your funds will be converted to the peso equivalent using the VISA Exchange rate for the day of the withdrawal request.

Procedure for Withdrawing funds to your UnionBank account

Step1: Login to your Paypal account
Click” My account” tab and then “Withdraw” sub tab

Step2: Select the “Withdraw funds to your bank account option”
-See fees involved-

Step 3: Select the bank account and amount to withdraw

Step4: Confirm the transfer

Please note the terms and conditions of Paypal concerning the frequency of payment acceptance.

• Personal Accounts – You can only accept payments monthly and up to 5 credit or debit card payments annually with your Personal account.
• Premier Accounts – This account allows you to accept credit or debit card payments for only 3.4% plus $0.30 USD per transaction.

*FULL USE: Limits shall be based on the available balance for debit cards and the available credit limits for credit cards or other limits imposed by PayPal or the bank.

For regular enrollment, you have a limit of $100.00 for every transaction. With the expanded use number, you will have a $500.00 limit for every transaction with UnionBank's VISA Cards!

Source: www.unionbankph.com

Update: 1/4/09

Requirements to enrol in UnionBank EON account: a couple of valid Identifications Cards (ID) and Php350 for the annual fee. Minimum daily balance is not required. For the purpose of Paypal verification, you should deposit an amount equal to or more than $1.95 USD which will be refunded back once your debit card is Paypal verified.