Your PayPal Set Up And Banking Code Guide
PayPal is the go-to payment processor for many digital nomads in the Philippines, be it for a freelance gig, remote work, or online payments for their online business. While there are no exact figures for the number of active users in the Philippines, globally they have 305 million active users in the fourth quarter of 2019. The more people on the platform, the more convenient it is to transact with anyone anywhere in the world.
It is not hard to see why PayPal is the leading payment processor in the world and in the Philippines, the platform is seen as the pioneer in consumer digital payments after all. Other than that, the platform has managed to integrate with prominent merchants and banks, even in the Philippines, making it easier to use their service.
What is PayPal?
PayPal is a global payment platform that enables users to pay or transfer funds for both personal and business use. This online financial service allows users to pay for items securely with the platform’s technology making it possible for users to link their bank account directly to their PayPall account.
How to open a PayPal account in the Philippines?
Opening a PayPal account is easy, all you need is an active email address and you’re immediately eligible to register for an account via https://www.paypal.com/my/webapps/mpp/account-selection.
While you need a bank account to transfer your money to and from PayPal, you only need an email to officially register on the platform.
You can either create a personal or business account. If you’re only going to use PayPal for online payments, purchases, or to receive money or income from employment or sources other than a business – a personal account is the way to go. Meanwhile, if your purpose is to regularly receive payments from your business, make official invoices, and all those more complex financial transactions required for a business, open a business account.
How to enroll in PayPal
Signing up is easy, here are the steps to do that:
- Visit PayPal website or open the PayPal app. You can create an account from the PayPal homepage or from the app. You can install the app for free from your device’s app store. The account creation process is largely the same for both the website and the app.
- Click “Sign Up for Free” or tap “Sign Up”. This will begin the account creation process.
For business accounts, there are two different options, each of which has different cost structures and benefits.
- Enter your email address and create a password. Make sure that you create a strong password so that nobody else can access your financial information. Make sure that you enter a valid email address, as you’ll need to use it to verify your account.
- Fill out the form with your personal information. You’ll need to enter your legal name, address, and phone number. All of this information is required in order to create your account.
- Confirm your email address. In order to receive money at your PayPal account, you’ll need to confirm your email address. You should have received an email when you created your account. Click the “Yes, this is my email” button in the email message to confirm your email address.
- Link your bank account. In order to send money from your bank account or transfer funds you receive to your account, you’ll need to link it with PayPal. Click the “Link a bank” option on your account Summary page to get started.
Bank codes to link your PayPal account with your bank
To start using transferring money to and from your account and PayPal, all you need is to register online in paypal.com and an active bank account. And to register your bank account with Paypal, you need its bank code.
The good news is, you don’t need to ask your bank for their bank code, we’ve listed them down for you.
|Bank Name||Bank Code|
|ALLIED BANKING CORP||010320013|
|ASIA UNITED BANK||011020011|
|BANGKO SENTRAL NG PILIPINAS||010030015|
|BANCO DE ORO (& EPCIB)||010530667|
|BANK OF COMMERCE||010440016|
|BANK OF THE PHIL ISLANDS (BPI)||010040018|
|CHINA BANKING CORP||010100013|
|CHINA TRUST COMML BANK||010690015|
|DEVT BANK OF THE PHILS||010590018|
|EAST WEST BANK||010620014|
|EXPORT & INDUSTRY BANK||010860010|
|LANDBANK OF THE PHILS||010350025|
|MAYBANK OF THE PHILS||010220016|
|PHIL BANK OF COMMUNICATION||010110016|
|PHIL TRUST COMPANY||010090039|
|PHIL NATIONAL BANK (PNB)||010080010|
|PHIL VETERANS BANK||010330016|
|SECURITY BANK & TRUST CO||010140015|
|STANDARD CHARTERED BANK||010050011|
|UNITED COCONUT PLANTERS BANK||010299995|
|UNION BANK OF THE PHILS||010419995|
|UNITED OVERSEAS BANK||010270189|
Once you have all the things you need to set up your PayPal account, it’s time to link it with your bank.
How to link your PayPal to any bank account
One of the ways to fund your PayPal and to withdraw money from it is by linking it with an active bank account, a debit card, or a credit card.
Linking PayPal account with a bank account
- Login in to PayPal
- Click on “Wallet“
- Click “Link a Bank Account” and you will be directed to a short form
- Enter “Philippines” as your Country
- Enter your Name – it must match the name on your bank account
- Enter your bank’s name
- Then enter your bank code
- And lastly, enter your account number
Linking your PayPal account with a debit or credit card
- Login in to PayPal
- Click on “Wallet“
- Click “Link a Credit Card” and you will be directed to a short form
- Enter your 16-character card number
- Enter your Card Verification Value (CVV)
- Enter the address attached to the account as your billing address. This is the same address that appears in your monthly bank statement
- Your debit or credit card should now be attached to your PayPal account. Click “Confirm Card” to request confirmation
- The 4-digit code needed for confirmation can be found on your card’s next statement of account. You can also check your transaction history on Online Banking within 2 banking days after requesting confirmation from PayPal to get the 4-digit confirmation code
How to withdraw funds from PayPal
The most common way to withdraw funds from Paypal is through a regular bank transfer, which will typically take 1 to 3 business days to complete.
Via regular bank account
- Log into your PayPal account and click on the “wallet” option
- .Click “Withdraw” and then choose the Paypal currency (if you have multiple currencies i.e. Pesos and Dollar) you want to send money from
- The next step is to choose a linked bank account
- Confirm the amount to withdraw and then click continue
- Review the withdrawal request then click continue
- Download the PayMaya app from App Store or Playstore
- Add PHP100 into your PayMaya account
- Link your PayMaya to your Paypal account
- Login to you Paypal account
- Click “Link a Card”
- Key in your card information and make sure your email address matches your PayPal address
- Top up PHP100 into your PayMaya account for account verification (authorization request)
- PayPal will charge a PHP100 account from your PayPal and will be refunded into your PayPal once the verification is completed
- Transfer funds from your PayPal balance to your PayMaya account
- From your Paypal account, click on “Withdraw funds”
- Enter the amount you wish to withdraw. Note that the minimum withdrawal is PHP500
- The withdrawal will be processed within 4 business days
Instant fund transfer options
There are various ways nowadays to withdraw money from PayPal. With the advent of digital banking services offered by not just banks but also non-banking financial institutions, PayPal users can even withdraw their money in real-time. Gone are the days when you had no choice but to wait for 3-5 banking days to literally get a hold of your money.
This option, however, is only currently available to GCash. Here’s how:
- Sign up for a PayPal account through the GCash App (App Store for Apple and Playstore for Android).
- Use your preferred email ID and complete the setup process to start collecting payments for your online sales or freelancing services
- Link your PayPal Account on your GCash App to start withdrawing your available balance.
Paypal is a seamless and no fuss payment system that can let you get paid wherever you may be in the world. In the Philippines, it’s even a more practical payment option if you’re engaged in remote work, freelancing, or online business. With the rise of the gig economy in the Philippines, PayPal services and availability could only get better. It isn’t a perfect platform but from where it stands right now and the status quo of digital payment in the Philippines, this is your best bet at getting paid on time anytime!