January 31, 2008 update
My money finally came through today even if I used the wrong bank code supplied by BPI last Monday. But, it had a deduction of Php 150. My Php 12,571.74 became Php 12,421.74. PayPal states that Php 250 will be charged if wrong bank details are supplied, I wonder why mine was deducted Php 150 only. Puzzler.
January 30, 2008 update
The BPI bank code posted below was given to me by BPI’s customer service last Monday, before Paypal released it’s official bank codes list. I withdrew using the code below. I have not received my money in my BPI account, nor has PayPal returned my money with the said Php 250 deduction fee if banks details are wrong. I will update this post if PayPal will penalize me. The new “official” BPI code is 010040018.
Philippine-PayPal account holders now have the option to withdraw through local banks, and so the title says. I will credit pinoymoneytalk.com on this, just because they bitched about it, but I did honestly read it first from mukamo.com.
To make this post short and swabe, simply log-in to your PayPal account and go to Withdraw. You will need to enter your bank account number, and your bank’s 9-digit code. Call your bank’s customer service to find out your bank code – it is not the same as the swift code, obviously, because that’s an 8-digit code. BPI account holders, save some time and use this code: 021000021. Withdrawing through local banks is free if you withdraw a minimum of Php 7,000.00. By the way, your account must be a Peso account. I withdrew $300 before this post and they gave me a 1 U.S. Dollar = 40.6800 Peso exchange rate. My PayPal account has already been deducted, even if the promised delivery time is 5-7 business days. Maybe in 5-7 business days I’ll update this post.