This is one of the questions that is often asked by those who are new to withdrawing funds from Paypal. Both are effective ways to take out those funds, but one of them is better.
I never tried the “withdraw to card” option given by Paypal, although I’ve seen a lot of others who were able to do that successfully. But I always notice that this method is always more expensive and takes more time to get into one’s account. One needs to pay $5 for every “withdraw to card” option in Paypal and it takes a longer time to get those funds in (I usually see people getting those funds 5 to 7 days). I blame Unionbank for publishing this instruction in their website:
I’ve always wondered why Unionbank had instructed people to use the “withdraw to card” option. At countless times, I had always used “withdraw to bank” option which is always cheaper and faster. I always get those funds in the bank account in just three business days (based on US holidays). So far, I never got problems with that.
How cheap does “withdraw to bank” option go? The fees are listed at the right hand column.
This option does not only work on Unionbank EON bank accounts but to any other Philippine bank accounts as well. I still prefer having those funds into my Unionbank EON bank account because I don’t get any incoming fund charges – I get the full amount out from Paypal.
Here’s to illustrate one successful withdrawal I had last year for a small amount. I only got a P50 deduction out from Paypal.
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