How Paypal Transfers Funds to Philippine Bank Accounts via ACH

It seems that even months after Paypal opened the floodgates to withdraw Paypal funds in the Philippines, most Philippine banks are still clueless on what is Paypal and how to link their bank accounts to Paypal. Proof of this is when banks are called up by their customers for their bank codes but will deny any tie up with Paypal and instead will give their SWIFT code (which is not the same as their Philippine bank code)

I just received a call from someone at a bank inquiring if my company is involved or if I knew anything about Paypal.

I simply explained to him how Paypal works and how they do their fund transfers similar to an IBFT (inter-bank fund transfer) transaction but this time involving a foreign bank JP Morgan Chase who does the transfers via Automated Clearing House (ACH). It's a simple process where transferee accounts to to various banks are processed by JP Morgan through ACH.

I seems Paypal is a client of JP Morgan Chase's Global ACH service and Philippine banks don't know anything much about it since it's a seamless service.

Next thing I predict, is that banks will investigate this scheme if to see if it competes with their remittance business which is a highly lucrative business for them.

Metrobank Bank Code for Paypal

Required in order to withdraw Paypal funds in the Philippines to avoid pricey cash advance fees, you need to login to your Paypal account and enter the bank code of Metrobank

Metrobank Bank Code: 010269996

METROPOLITAN BANK & TRUST CO is the largest bank in the Philippines in terms of assets.

Note: Bank code is not the same as SWIFT code

related post: Philippine Bank Codes,

Paypal Philippines Bank Code List

The recent opening up of Paypal funds withdrawal on Philippine banks led to the questions of what bank codes to use when using the Paypal feature. Herewith is the Philippine Bank Code list for various banks in the Philippines participating in Paypal:

Allied Bank 010320013
Asia United Bank (AUB) 011020011
Australia New Zealand (ANZ) 010700015
Banco de Oro (BDO) 010530667
Bangko Sentral ng Pilipinas (BSP) 010030015
Bank of China 011140014
Bank of Commerce 010440016
Bank of the Philippine Islands (BPI) 010040018
Bank of Tokyo 010460012
China Bank 010100013
Chinatrust 010690015
Citibank N.A. 010070017
Development Bank of the Philippines (DBP) 010590018
Deutsche Bank 010650013
East West Bank 010620014
Equitable PCI Bank (EPCIB) 010530667
Export and Industry Bank (Exportbank) 010860010
Fuji Bank 010640010
Hong Kong and Shanghai Bank (HSBC) 010060014
International Commercial Bank of China 010560019
International Exchange Bank (iBank) 010680012
JP Morgan Chase Bank 010720011
Korea Exchange Bank 010710018
International Nederland Bank 010660016
Land Bank of the Philippines (Landbank) 010350025
Maybank of the Philippines 010220016
Metropolitan Bank and Trust Co. (Metrobank) 010269996
Philippine Bank of Communication (PBCom) 010110016
Philippine Trust Company (Philtrust Bank) 010090039
Philippine NATIONAL BANK (PNB) 010080010
Prudential Bank 010150018
Philippine Veterans Bank 010330016
Rizal Commercial Banking Corporation (RCBC) 010280014
Security Bank and Trust Company (Security Bank) 010140015
Standard Chartered Bank (SCB) 010050011
United Coconut Planters Bank (UCPB) 010299995
Union Bank of the Philippines (Unionbank) 010419995
United Overseas Bank (UOB) 010270189

Transaction Charge in Paypal Withdrawal:

Free if amount is PhP7000 or more otherwise PhP50 fee for the transaction

Note: Bank codes are different from Bank Identification Numbers (BIN)used to route ATM transactions.

I will update this list once I get more from my banking industry contacts.

Source:

http://pages.ebay.ph/bankwithdrawal/bank_codes_ph.html

Related Post:

ATM transaction fees/charges in the Philippines