– Transfer Money from PayPal –
How to Transfer Money from PayPal to BPI: In this technologically advanced era, it’s hard to imagine life without a PayPal account. But more than having a PayPal account, you will need to know how to transfer your funds to a bank account so you can withdraw.
Here are the simple and easy steps you need to take in order to create a PayPal account and also transfer your funds easily.
How to Create a PayPal Account
It’s free to sign up on PayPal. No registration fee is involved. All you need to set up an account with PayPal are your computer or smartphone and an internet connection. Below are the steps to help you begin.
Choose Your PayPal Account Type
PayPal offers two types of accounts with features catering to different needs: personal and business. Before you register with PayPal, it’s important to decide on the type of account to set up.
PayPal Account for Personal Use
A personal account on PayPal is suitable for the following users:
- Individuals who shop and pay online
- People who send and/or receive money from family and friends
- Casual sellers or non-businesses that buy and sell online
PayPal Account for Business Use
You need a business account on PayPal if you’re running an online business registered under a company name. A business account allows your business to accept PayPal as a payment method, helping you attract more customers who prefer to pay for their purchases via PayPal.
Freelancers receiving payments from their clients can also benefit from having a business account with PayPal.
A PayPal business account allows you to do the following:
- Accept payments via debit card, credit card, and bank account from buyers
- Assign and manage access rights to the business account for up to 200 employees
- Use a customer service email alias for faster resolution of customer issues
How to Sign Up for a Personal PayPal Account
- Go to the Signup page on the PayPal app or website.
- Select the “Buy with PayPal” option. Click the Next button.
- Provide your full name, email address, and password for your login details. Make sure to choose your country/region. Click the Next button.
- Fill out the online form with your personal information, making sure that every detail matches that in your valid ID.
- Accept PayPal’s terms and conditions by ticking the small box at the bottom of the form.
- Click the Agree and Create Account button.
- Check your email address for a message from PayPal. Click on “Confirm Email Address” for your email address verification. To start sending and receiving money via the PayPal app on your smartphone, verify your mobile number by clicking on getting Code in the email message.
How to Sign Up for a Business PayPal Account
- Go to the Sign-Up page on the PayPal app or website.
- Select the “Receive Payments with PayPal” option. Click the Next button.
- Enter your email address and click the Continue button.
- Fill out the online form with basic information about your business. Click the Continue button.
- Enter your personal information. Click the Continue button.
- Check your email address for a message from PayPal. Follow the instructions on confirming your email address.
How Do I Add Money to My PayPal Account from My Confirmed Bank Account?
Please note that this feature may not be available in some countries. Here’s how to add money to your PayPal account:
- Click Add money below your PayPal balance.
- Select your bank account (if you have more than one).
- Enter the amount to transfer and click Add.
- Review the transfer details and click Submit.
- The funds should appear in your PayPal balance within 3-5 business days.
- The bank account must be in the same name as your PayPal account.
Requirements for Withdrawing from PayPal to BPI
Before withdrawing PayPal funds to a BPI savings account, be sure that you have the following requirements:
- You must have the correct bank routing code, also called the 9-digit bank code (please be advised that this is not the same as the card number or the account number).
- The registered name with PayPal must match with the one on the bank account.
- The bank account must be active and working.
- Your PayPal account must be verified.
- The savings or ATM account to which money will be transferred to must first be added to your PayPal account.
Once the above requirements are accomplished, the user may proceed with the funds transfer.
Linking and Withdrawing from PayPal to BPI
If you haven’t already added a bank account to your PayPal account, here’s what you should do:
- With your PayPal account, add a bank account by clicking on Profile > Add/Edit Bank Account.
- Fill in the empty fields with the bank name, bank account number, and bank code.
- Make sure to review the details first to avoid any withdrawal problems in the future.
- Click the yellow Submit button.
The next step is to withdraw your funds to your BPI account.
- On your PayPal account page, click on the Withdraw
- Click on Withdraw funds to your bank account.
- Add the amount you want to withdraw from your PayPal account. Click the orange Continue button to move to the next page.
- Once you are sure that the amount and the rest of your bank account details are correct, click on the Withdraw Fundsbutton to complete the transaction.
Again, make sure that all the required details are correct, especially your bank name and bank account number.
If you’ve recently had a name change due to marriage, separation, or legal name change, you can send a scanned image of your latest photo ID with your new name and proof of name change to PayPal via their secure form.
What to Remember When you Transfer Money from PayPal to BPI
- BPI deducts P150from every PayPal withdrawal. This may be because the bank is not yet affiliated with PayPal.
- You’ll know it’s from PayPal if you see the words “credit memo” in the transaction history when using Express Online.
- If there is a problem with your transaction or if you have questions regarding PayPal withdrawals to BPI, you can call the bank’s hotline or email PayPal via their contact system.
In conclusion, Paypal is a very good payment and receiving of payment platform that is good for you personally and for your business.
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