Paypal and BDO remain to be the mainstream in Philippine online economy. Paypal remains to be the most popular payment scheme for most Filipinos marketing online. BDO also ranks to be the most popular all networks of Philippine Bank today.
The internet is continuously undergoing a fast revolution which drives the economy in today's age and time. More and more Filipinos, especially the housewives, are now glued into finding means and ways to earn money online, and I am happily one of them. Three pay months from the largest callcenter could be at par with barely a month of my online pay out. As this becomes one of the newest trend, more and more Filipinos are finding cheaper and faster ways to withdraw their online money.
The good news is, Paypal now recognizes Philippines as one of it network countries, now capable of sending and receiving money to anywhere in the world. The problem is that, not so many Philippine Banks are friendly to online entrepreneurs. Although not yet refinanced for online transactions, I am lucky enough that my current bank BDO is capable, and may just be one of the exceptions.
Paypal recognizes Banco de Oro as BDO Universal Bank with Philippine Bank Code 010530667, the Bank Code I used to link my my BDO Peso savings account with my Paypal account. Note that Paypal charges $ 1 (which is usually equivalent to Php50.00) for every withdrawal below Php7,000 and does not charge for all withdrawals above that amount). I believe at the present writing, Paypal has withdrawal limit of $ 500 for free accounts like mine.
Although, you have to be forewarned that BDO does not recognize Paypal transactions to BDO as legitimate as far as their policies are concerned. You can check a formal reply from BDO on this matter in this article .
In the process of withdrawal though, there will be a deduction of Php200 for every transaction from Paypal to BDO (Paypal says it's BDO that charges this, though BDO will not disclose this information). Paypal lead time is 5-7 days to process through BDO. Based on my experience, it typically takes 5 days for the funds to reach my bank account after withdrawal.
I am about to make my 7th withdrawal from Paypal to the same Philippine bank account I always use, and YES, it is definitely able to withdraw from Paypal to BDO.
