When I wrote How I Send Money to the Philippines Using PayPal a few days ago, I realized that reinforcement from another blogger is required.
I never had a bank account in the Philippines. Someone has to write on how to transfer PayPal funds in Unionbank EON Visa debit card.
Who I asked for help? Although hesitant at first, my sibling eventually mostly wrote this post from a recipient point of view.
(I wonder if I could ask for more blog post from my sibling especially about bitcoin. Better be extra nice sister starting now.)
Who Can Use Unionbank EON Visa Card
Unionbank EON Visa card is a debit card that you can use to shop online or receive money from PayPal. My sibling has been using EON Visa card for a long time as a freelancer.
Since I became an OFW, my sibling withdraw PayPal funds in the Philippines through EON. It becomes the best way to send money to the Philippines from Canada.
I also noticed that many freelancers in the Philippines receive PayPal funds from foreign employers through EON Visa debit card.
Where Can You Get the Card
Maybe I should get the Visa card since it is available in 7/11 stores in the Philippines. You don’t have to go to a Unionbank branch to apply for it which was used to be the case.
(This can become an alternative debit card, in addition to my PNB bank account that I opened in Canada.)
You can choose from among the different cards with varying features and annual fees:
EON Starter: annual fee = Php100.00
EON Lite: annual fee = Php100.00
EON Plus: annual fee = Php200.00
EON Pro: annual fee = Php300.00
EON Cyber: annual fee = Php350.00
The annual fees seem high but reasonable when I discuss more about fees later on. My sibling chose the Unionbank EON Cyber account.
How to Transfer PayPal Funds in Unionbank EON Visa Card
Before you can transfer your money from PayPal to your bank account you need to have a verified PayPal account.
Link your bank account first or credit card will do. You will need to know your bank’s 9-digit code. If you have a Visa or Mastercard debit card, I suggest that you use it to get your PayPal account verified.
Note: The debit card should have at least Php200.00 prior to verification. I used Unionbank EON Visa debit card to get my account verified.
If your PayPal account is all set and verified, you can add multiple bank account instantly. I added my PSbank regular passbook savings account as well.
- Go to PayPal wallet
- Click link a bank account
- Fill in the Add a bank account in the Philippines page
- Click next and save
Make sure your PayPal and bank account name match to avoid the Php250.00 return fee.
Once the PayPal account is linked and verified, you can transfer PayPal funds in Unionbank EON Visa card but be take note of the fees.
It takes 5-7 business banking days before you can withdraw money from the debit card.
For more information: PayPal and Unionbank EON Card FAQ
Save from PayPal and Bank Fees
PayPal charged Php50.00 pesos for withdrawals of Php6,999.00 and below; it’s free of charge for Php7,000.00 and up.
Aside from PayPal fee, you’ll have to consider additional fee your bank charge, so expect lower amount credited to your bank account. (The minimum amount you can withdraw from PayPal is $10.00.)
If you want to save money from fees, try Unionbank EON Visa card because it’s FREE to transfer money from PayPal to debit account. All you have to pay is the annual fee.
In other Philippine banks like PSBank, the charge is Php125.00 for every transfer you make from PayPal. Much cheaper compared to other bank fee (Php200.00-250.00).
The Unionbank EON Visa card is the easiest way to have a debit card for shopping and receiving money online.
For OFWs, why not advise your family to try the debit card especially if they are a freelancer. I realized that the annual fee is reasonable when you compare it to other bank fees.
Convenience comes with a price whether in the Philippines or Canada. But I hope, someday Philippines will have an online bank like Tangerine, a free chequing account that comes with a debit card. (The Tangerine Money-Back Credit Card also has no annual fee.)
Do you use PayPal? How do you withdraw funds from PayPal in the Philippines?