These are the questions we're most often asked when people find out we've been working online for years. And the quick answer to this? You need to sign up for an account with an online payment platform, and PayPal would arguably be the most popular among them.
What is PayPal?
The
easiest way to understand how PayPal works is to think of it as the middleman
company that facilitates online payments between you and your employer.
Once
you have a PayPal account, you only have to link to your bank account and/or
credit card, and the wages or income your earn may be converted to Philippine
Peso and deposited directly to your bank account.
How to Sign Up for a
PayPal Account
To
sign up for a PayPal account, you will need the following:
- Valid email address. Keep it simple (e.g. firstname.lastname@emailhost.com) because you will also be submitting this to your future employer.
- Mobile number. PayPal may use this from time to time for authentication of your account.
In
addition, make sure that the name and address you use for your
PayPal account matches the ones you use for your bank account/s. PayPal
will not allow you to link to any bank or credit card that doesn't match the
name you've used in your account.
The Best Bank
Accounts to Link to Your PayPal
When
choosing which bank to link to your PayPal account, make sure to consider the
following factors.
- What are the requirements for applying for a bank account?
- What kind of fees do they charge?
- How much time will it take to have your PayPal funds appear on your bank account upon withdrawal?
To
help things make it easier for you, we've also listed below what we at #TeamHomebased
believe are the most ideal bank accounts to link to your PayPal.
EON CYBER from
UnionBank
When
Internet-based employment was just an emerging trend, UnionBank was the first
one to offer additional services that specifically catered to those working
online. With their EON account, it became incredibly easy for Filipinos to withdraw
funds from their PayPal accounts, and it's only become easier since then.
The
latest "version" of their EON Cyber account allows Filipinos to complete the entire application process
online. Moreover, there is no
minimum or maintaining balance required either, and if you've downloaded
their app on your smartphone, you will be able to access it FOR FREE. As long
as you're not on roaming, the EON PH app
itself will provide mobile data without extra charge.
Click
here if you want to know more about linking your EON Cyber account to your
PayPal.
Any Checking or
Savings Account with Security Bank
Security
Bank has recently revamped its efforts in getting Internet-based professionals to
jump ship, and if you click
here, you'll see that the bank has
waived their P200 inward remittance fee on PayPal transactions. That's
definitely something not all banks
are offering yet.
According
to their website, it will take 5 to 7 days for PayPal funds to appear on your
bank account for your first transaction. Afterwards, this will be reduced to 3
to 5 days.
Linking Your PayPal
to Your G-Cash
Now,
if for whatever reason you consider the application process for opening a bank
account too troublesome and time-consuming, there is another way for you to convert your PayPal funds into cash.
For
this, however you'll need a Globe mobile number and register it by
downloading the G-Cash app. Another method to register your G-Cash account
is by doing it via Messenger. You can
learn more about both methods by clicking here. Upon
registering your account, the
instructions provided on this page will guide you through the process of
linking your PayPal to your G-Cash account.
Start Getting Paid
Online Today!
If
finding out how to withdraw funds from your PayPal account has been a major obstacle
for you, we hope this article has helped clear things up. With various options
now on hand, all that's left is to find the best work-from-home job and you can
finally start earning online.
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