My latest Paypal withdrawal amounted to $157 USD. I tried to avoid paying the P50 transaction fee when transferring funds from Paypal to Philippine bank accounts so I emptied my Paypal account and withdrew everything. To my horror, I found out later that Banco de Oro (where my savings account is kept) charged me P200 as electronic fund transfer (ETF) fee.
When I did a research on it, I learned that some local banks in the Philippines that are Paypal-friendly imposes such a fee. The amount is actually standard for these banks. The good news is, Landbank of the Philippines is the only Philippine bank I know that does not charge an ETF fee to Paypal transfers. Or so the Landbank banker told me the other day.
This is a lesson learned. Next time, I'll use my Landbank account when converting my hard-earned US dollars to Philippine peso.
Are you aware of this extra payment you make every time you transfer funds from Paypal to your local bank account? What are your thoughts about it?
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When I did a research on it, I learned that some local banks in the Philippines that are Paypal-friendly imposes such a fee. The amount is actually standard for these banks. The good news is, Landbank of the Philippines is the only Philippine bank I know that does not charge an ETF fee to Paypal transfers. Or so the Landbank banker told me the other day.
This is a lesson learned. Next time, I'll use my Landbank account when converting my hard-earned US dollars to Philippine peso.
Are you aware of this extra payment you make every time you transfer funds from Paypal to your local bank account? What are your thoughts about it?
If you liked this post and would be interested to get updated with Make Money Online with a Breadwinner, bookmark this site or subscribe to my feeds.
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