PayPal Bank Transfers Catch UnionBank Off-Guard
“It’s all about thriving in markets that are smarter and faster than you are. It’s all about being utterly fucked if you don’t know what I’m talking about.” — Hugh MacLeod.
First, the good news: PayPal now transfers money to Philippine banks. It’s free for transfers above PhP7000.00, with a transaction fee of PhP50.00 (~$1.23) for transfers below that. Previously, only credit cards and UnionBank EON cards could receive PayPal funds in the Philippines, with a fixed $5.00 transaction fee.
Now, the bad news: UnionBank, with whom I opened an account for the express purpose of receiving PayPal funds through a UnionBank EON card, thinks their bank code is some sort of fucking top secret shit. I just got into a fight with one of their customer service agents over it. He questioned the need for a bank code on PayPal; I dared him to log on to his PayPal account and see for himself.
I do not appreciate being called a liar, especially by people who cannot see the obvious. Unless UnionBank gives me the information I need right now, they will lose some of my business. Interesting how they’ve turned from one of the smartest banks in the Philippines to one of the stupidest, all within the course of one Sunday. That’s what happens when your market is faster and smarter than you.
To be fair, UnionBank EON is the only Philippine debit card I would use right now to make payments online. As for receiving payments online, however, I’m afraid I’ll have to look elsewhere. Here’s a list of banks who aren’t so insanely secretive about their bank codes, courtesy of Pinoy Money Talk. Note that bank codes are different from SWIFT codes.
(Update, January 29: New list available. Click here.)
As is too often the case in opaque Philippine business, even this very basic information had to be gleaned from original customer research. Use at your own risk: PayPal charges a PhP250 return fee for incorrect details.
Smart Philippine banks will publicly post their bank codes ASAP to attract fast-moving PayPal users. If you want cheap, easy access to PayPal funds newly flowing into the Philippines, open an account with any of these banks. Don’t go with banks that are too slow or stupid to give their customers the basic information they need.
[...] Related Blog Posts and What bloggers think about this development:
Paypal to Philippine Bank Withdrawal Service
PayPal Bank Transfers Catch UnionBank Off-Guard [...]
I wonder how much will these local bank charge for such PayPal withdrawals?
Actually, PayPal has a list of those bank codes. Union Bank’s is in it as well, near the bottom of the list actually. It’s a good thing I found it before making a phone call to their CSR.
Hi Mike!
Thanks for the post. It really help specially when I needed to set-up my account at Paypal.
Regards,
MC
Jhay: Hehe. Funny how they treat it like their big secret when PayPal just gives it out.
MC: Happy PayPaling! Just remember that PayPal has released an official list of bank codes. The one you have might be wrong. PayPal charges a PhP250 penalty for returns due to incorrect information, so please double-check before withdrawing.
[...] Funny how some local banks refuse to reveal these when PayPal just gives them out. Here’s a list of Philippine bank codes for PayPal. [...]
Hi Mike,
What is the maintaining balance of the Union Bank EON card? How long before you got your card?
Maintaining balance is zero, but debit card annual fee is PhP350. Mine took a couple of weeks to get.
[...] some blogs, I stumbled Mike Abundo’s entry about this new service Paypal is offering to their Philippine customers. He says [...]
This is a good news for us filipino’s specially those whose work rely on the internet. This would reduce the hassles of having to use other payment method like wire transfer or epass other than eon cyberaccount. Just when i thought eon is my best tool, Paypal has just simply made it a lot easier.
Hi Mike! Thanks for the bank swift codes. I needed it for my Moneybookers Account. Hate Paypal
i just made my first withdrawal -paypal to bank, although i did not have problem looking for the bank code. I hope the transaction is fast now.. i still have pending withdrawal in paypal to my debit card.. it’s been over a week and yet its still pending. Paypal to bank withdrawal is a good alternative.
Nah..too bad i was not reading some of the comments. I only read the post. So, i just withdraw my money from paypal using the one that charges 5 dollars. Oh gossh…i could have save money instead because there was a link already with the bank code for Unionbank. Hmmnnn..next withdrawal, i’ll do it.
thanks for the info! and great post! i’m in the same boat, trying to get Philippine Savings Bank 9-digit code. does anyone know how i can get this? thanks!
Can Unionbank EON receive U.S. wire transfer?