(Updated) PayPal Phils almost FULLY functional; now adds local bank account withdrawal service

I am a PinoyMoneyTalk.com fan and let me re-echo the GOOD NEWS I got from the blog. Filipino PayPal accounts can now withdraw funds to local bank accounts! Almost fully operational--the adding of funds using local banks is the only major feature left to await.

Effective yesterday, PayPal started allowing users in the Philippines to withdraw funds to local bank accounts.

See more details at PinoyMoneyTalk.com now. I think this blog is the first to break the news about a fully operational PayPal Philippines.

Proof:


Xoom and WU, prepare to vanish! Beat these rates:

Withdrawal is...
Free
for 7,000.00 PHP or more

50.00 PHP
for 6,999.99 PHP or less


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UPDATES/Notes:

There seem to be delays in eon fund transfers recently, as reported by Paypal users from Luzon. See some details here.

Paypal does not charge direct-to-bank-account transfers (for withdrawals of P7000 or more) but banks do charge some amount for them.

Philippine banks don't seem to be so well-oriented with the new PayPal feature yet. Be cautious and stick to tried and tested procedures first and wait for the "dust to settle." Well, unless you intend to be the lab mouse.

Also, regularly visit PinoyMoneyTalk.com now for PayPal updates. The blog is a good resource -- perhaps the best. It also has forums and highly interactive comment sections per article. It's a gotw for Pinoys who are new to the PayPal system or online money in general.