When PayPal Philippines users were finally able to receive funds, this development still carried some caveats. Good thing UnionBank recently made life a little easier.
As Ely writes, the local bank facilitates the receipt of PayPal funds:
You transfer your money from PayPal to your UnionBank Account. It takes around 5-7 days to clear. When it does, you can then withdraw the cash. [through a debit card]
There’s also a $10 transfer fee, but this is still a more convenient and secure setup which doesn’t involve handling actual money until you really need it. Great news for Filipinos who wanted to take advantage of the numerous opportunities online, but simply didn’t have the ability to receive payments. Now they have one less excuse not to go for it!
PayPal is easily most popular e-commerce business today. Aside from being used by numerous online employers and moneymaking tools, the company handled over $11 billion in transactions during the fourth quarter of 2006 alone.
5 Responses to “UnionBank Completes the PayPal Philippines Picture”
i think an Equitable-PCI bank account will do. it’s the only other local bank i know whose atm card comes as a visa electron debit card.
now i’m not all hyped up about paypal opening in the philippines, what with their faulty Terms of Service, where they take ADVANTAGE of your rights and protection from the law concerning your credit cards ,
i had hoped more Filipino bloggers would be more aware of this…
Gloria: Ah, so that’s the banking system the EON card is based on?
PAYPAL_FRAUDS: To whom does the lack of credit card protection apply to? The buyer or the seller?
How does this problem apply to simple money transfer, where the funds are always within an account holder’s control?
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