Tuesday, October 12, 2010

Transfer Funds to Paypal Account from Local Banks

Perhaps a question that needs answers from many people is that Paypal can transfer funds to a Philippine bank account but not the other way around

Well, first we need to know how Paypal transfers funds to your Philippine bank account, say, Metrobank, BDO, or BPI or any BancNet, Megalink or Expressnet bank. It does so using Automated Clearing House (ACH) in New York with a foreign bank as transferer ala-IBFT of BancNet or BSP's PhilPass system.

But how come you can't fund Paypal account from your Philippine bank account? You can only do so with a credit card as of the moment.

It's because technically, Paypal is not allowed to do business in the Philippines, that's according to the Bangko Sentral ng Pilipinas (Central Bank of the Philippines), mainly due to consumer protection concerns where they don't have a branch or presence in the country and also they need to be issued an e-money license as required by BSP Circular 649.

I hope to see the day when I can do fund transfers to Paypal using my BPI and Chinabank ATM cards...not in the near future perhaps.

2 comments:

  1. Ma'am, that's really bad.
    I've been wanting to fund my paypal using my Chinabank ATM so that I can avail some products requiring paypal payments. I don't have the courage to get a credit card no matter how many times the credit card agents wanted to get my signature...

    Well, let's just hope for the best.

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  2. anonymous, at least i have paypal funds just stored there waiting for me to use...some people are buying and selling paypal funds, you can contact them :P

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