Most readers of this site know that I make a living nearly entirely online. Be it from building websites, income that my websites earn or whatever, really, just about everything that I earn is earned through the Internet. Because of that, one of my major ways of getting that money is through Paypal. I have a couple of other methods that I use for my clients to send payments to me, but Paypal is the most used.
Paypal is certainly not perfect, no company or service is perfect, but Paypal just keeps getting better and better. When we moved to the Philippines, there was no Paypal here. They did not serve the Philippines, and if you tried to use a Paypal account here they would immediately shut down your account. I learned that the hard way, by having my long standing US Paypal account shut down right away when I tried to use it here. I didn’t realize that Paypal didn’t allow that.
Paypal starts accepting Philippine Customers
Probably 5 years ago, or so, Paypal opened up for customers in the Philippines. When they did, I immediately applied for an account and got it all set up. I was able to link my bank account in the USA, and I also opened a special bank account here in the Philippines so that I could transfer money to either bank account – USA or Philippines. At that time, if I wanted to transfer funds to my US bank account, it would take about 4 days or so for the money to be available in my bank account. For transfers to my Philippine Bank account, it would take about a week or so (sometimes even a bit longer) to receive the funds.
Over the years, the transfer times have become shorter. Now, my US bank account that I transfer to takes between 1 to 2 days for my money to arrive. The Philippine account took 4 or 5 days, until recently.
Getting money in just seconds!
I can’t say if this is true for all Philippine Banks, or just with the bank that I use, but for several months now, if I transfer money from Paypal, the money is available in my Philippine bank account in less than 1 minute! I can log in to my online banking and check my balance n my Philippine account, then go to Paypal and transfer some money into the account. By the time that I can log back in to the account, the money is already available! You can’t get service better than that!
So, I am sure that some of you are wanting to know what bank it is, type of account, etc. I am happy to help you with that!
For the purposes of receiving Paypal money, I bank with Union Bank. Truth is, I have been banking with them for many years, ever since moving to the Philippines. When we first moved here, it was actually IBank, or International Exchange Bank, but a number of years back, IBank was bought up by Union Bank. I have always been happy with their service. Now, I am even happier!
The account that they have which is pretty much specifically designed for Paypal users is called an “EON” account. Basically, it is just a Debit and ATM card. It can receive payments electronically, and you can get your money either through ATM withdrawal, or using the card as a credit card. It is a Visa branded card that you get (which is what you need for it to work with Paypal).
How to get a Philippine Paypal Account
If you want to get the low-down on how to get a Paypal Account in the Philippines, I wrote a series of articles some time back on how to do it, you can read these articles:
If you follow the steps in the 3 articles listed above, you should have no problem opening a Paypal account in the Philippines, or receiving the money into your EON account. I know it works great for me. It used to be that my “go to” method of getting my funds used to be to send it to my US bank account (it was quicker and more reliable) then access that cash through the ATM machine or some other method. Now, though, I usually transfer the funds to my Philippine account, because it is SO fast, and also extremely reliable!
Thanks, Paypal and Union Bank! You are making life easy!