Are you a freelancer or online seller who uses PayPal services to receive payments? If so, you may need to transfer the funds to your BPI account at some point in the future for withdrawal purposes. Fortunately, the process is easy and can be completed in just a few steps.
On this occasion, we will guide you through the two methods available to transfer money from PayPal to your BPI account.
How to Transfer Money from PayPal to BPI
To withdraw money from your PayPal account in the Philippines, you must link a bank account or card to your PayPal account first. This process is usually not very complicated, but for security reasons, you will need to verify your bank account to ensure payments or withdrawals can be made safely.
Once your bank account or debit card is linked to your PayPal account, you can make withdrawals easily. Depending on how you choose to transfer PayPal to a bank account, your money may be deposited within minutes, or you may need to wait a few days.
Transfer Money from PayPal to BPI
The first thing you’ll need to do before you can transfer money from PayPal to BPI is to link your bank account to PayPal.
Linking Your BPI Account to PayPal
This is the most common and recommended method. Linking your BPI account allows for easy and secure transfers directly within PayPal. Here’s how to do it:
1. Log in to Your PayPal Account: Access your PayPal account either through a web browser or the official PayPal mobile app.
2. Navigate to Your Wallet: Once logged in, locate the “Wallet” section. This is typically found on the main menu or your account dashboard.
3. Link a Bank Account: Within the “Wallet” section, look for an option to “Link a bank account” or “Add a bank.” In the mobile app, you might see a “+” symbol next to “Banks and Cards.”
4. Choose BPI: From the list of available banks, search for “Bank of the Philippine Islands” (BPI) or select the BPI logo if available.
5. Link Your Account: PayPal offers two ways to link your BPI account:
- Automatic Linking: This is the simpler option. By providing your BPI online banking credentials, PayPal can automatically retrieve your account information.
- Manual Linking: If automatic linking isn’t available or you prefer not to share your online banking login, you can manually enter your BPI account details. These details typically include your account number, bank routing number, and account name.
6. Verify Your Account: After entering your BPI information, PayPal will initiate a small deposit (usually a few Philippine pesos) into your account. You’ll need to verify the exact amount deposited within PayPal to confirm your account ownership.
7. Transferring Funds: Once your BPI account is linked and verified, transferring funds becomes a breeze. Simply navigate back to your “Wallet” section and select “Transfer Money.” Choose “Transfer to your bank” and select your linked BPI account. Enter the amount you wish to transfer, review the fees (explained later), and confirm the transaction.
Linking a Bank Account to PayPal Business
For those of you using a business type of PayPal account, you will need to follow a slightly different process. However, it’s still pretty intuitive and everything can be done through the PayPal Business app. This is what to do:
- Log into your PayPal Business account and tap More.
- Tap Settings, then Cards and Banks.
- Tap Link a Card or Bank Account.
- Tap Bank account and then follow the prompts to link and verify your account.
How to Cash Out PayPal
Once you’ve linked your preferred bank account or card, you’re ready to make your withdrawal and cash out of PayPal. Here’s what you’ll need to do:
1. Log Into PayPal Online or in the App: When it’s time to withdraw a balance from PayPal to a bank account you can get started either online or in the PayPal app.
2. Select Transfer Money: Click “Transfer Funds” or “Transfer Money” on the PayPal summary page.
3. Choose the bank where you want to transfer the money. In this case, it’s “Bank of the Philippine Islands.” And then click “Next” to proceed.
4. Enter the amount that you want to transfer. PayPal will automatically convert foreign currency to the local currency (Philippine pesos) before transferring it to your bank account. There is a ₱50 fee for transfers under ₱7,000. Transfers of ₱7,000 or more are free. And then click “Next” to continue.
5. Review your transfer details. You can see the estimated number of days the money will arrive in your BPI account, as well as the conversion rate, transfer fee and the transfer amount in Philippine pesos.
6. Click the “Transfer (amount) Now” button to push through with the transfer.
7. The fund transfer is now being processed. You will receive an email with the details about the transfer. Keep this email as it contains the transaction ID which could be useful in case you need to contact PayPal support.
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