Step By Step Process Of Connecting Your PayPal To Your Bank Account
As a freelancer you need to have a PayPal Account to receive payment from clients and have the $$$$ converted/transferred to your bank account. But the question is, where to start? In this blog am going to show you the things you need to prepare and do before you connect your PayPal Account to your Bank.
Step 1: Register PayPal.com
Visit: PayPal.com and put in your email address. Make sure the email that you are going to use is private and has high security since it will be connected to paypal and all the money coming in and out to your account will be informed to your email.
Step 2: Register UnionBank Visa Account - EON Union Bank Online Account
You need to have a UnionBank account to activate your PayPal account. So get an EON and make sure to have your online account activated, it would require you 3 days or a week to have your online account activated in UnionBank. You need the online account to activate your PayPal. So when you go to Unionbank branch make sure that you declare to open an online account to connect to your Paypal.
Step 3: Preparation Before Connecting Your Bank Account
Once both of your Paypal and UnionBank are already registered and you already got the online account for EON. The next step is to connect both Paypal to your UnionBank to be able to do that you need to prepare few things, here's the list:
1. Card
2. Account Number - located at the left side bottom of the card
3. 3 Digit Number - Located at the back of the card "at the right side"
4. Log in details to your online account in Union Bank
5. Valid ID - Passport, Drivers License
6. Atleast 250PHP deposited in UnionBank (needed for activation but the PayPal will send a refund so don't worry, they will do a test to your bank account)
6. Bank Code
List of Bank Codes:
Take Note:
It is very important that you double check every spelling and information provided from your Valid ID, Union Bank Account and Paypal. It should match or else you would fail to connect your Paypal to UnionBank and may pay the fee of 250PHP if the information doesn't match.
Step 4: Connecting PayPal & UnionBank
1. Log in Paypal
2. Click "Profile" next to "Log In" Button"
3. Select "Profile & Settings"
4. Personal Information - double check for errors
5. Financial Information -
In "Bank Account", add your bank accounts - those accounts like BPI Debit Card and etc. It's okay to use this to withdraw funds but they will ask a fee of 150PHP to 200PHP per transaction/withdrawal.
In "Debit and Credit Cards" - this is where you are going to add your UnionBank Visa Card. VISA cards require 350PHP annual fee but good thing is that you don't have to pay any withdrawal fees.
You can also add if you have the following:
1. VISA
2. MasterCard
3. American Express
4. Discover
But what we can easily get is VISA card so i think that's the best example i can use for this blog.
So anyway, to continue. Put all the needed information:
Name:
Card Type: Choose "VISA" (for visa cards)
Card Number: Located at the front of the card
Expiration Date: put the expiration date found in the card
Card Verification Number: Last 3-digits on the back of your card
Then click "Add Card"
Step 5:
- Open your UnionBank Online Account: You will receive an email or a transaction with the secret code that you will put to your paypal account. (You are going to need it to confirm your UnionBank to your Paypal)
Take Note: They may also require an image of your Valid ID (back and front)
Step 6:
- Check Email or Transactions for Paypal to know that your UnionBank is approved.
This means you successfully added your card to your PayPal. But wait, there's one last step to successfully withdraw funds from PayPal.
Step 7: Become A Legit PayPal User
- they have a process that you need to follow in order to become a legit paypal user and withdraw funds from PayPal.
For now, your account is limited to withdraw money, the only thing you can do at the moment is send money via PayPal if you have one. You can also receive payment.
Option: You can ask to transfer balance to your friend, if you have one and let her withdraw your money to her account so you could get the money from him/her. But that is way too risky, not unless you have a real friend you can trust your funds with. Anyway, let's proceed.
Following Requirements:
5 Transactions - If you have clients ask to get paid atleast $5. It doesn't have to be big as long as the transaction is VALID.
Reach $200 dollars - payment. Get paid as much as $200 and let it sit in your PayPal account for atleast 1 month or 45 days. They have to make sure that you are providing good service/product to your clients.
Wait for 60 Days - You need to wait for 60 Days before you can start withdrawing funds.
Make sure to check your notification if they still require something for you to get done before you can withdraw. Also, please don't try to withdraw funds while in this process or else you will only end up paying 250PHP fee for failed transaction. I've been stubborn and excited so yes, had paid for the fee 2x. Since, i havent' doubled check if my account was already confirmed that i can withdraw funds from PayPal.
If you are new to PayPal, things could be confusing. This would help you find what you are looking for:
PAYPAL SITE MAP
Everything that you need from Paypal, you can find it there. Just click the certain thing you need to do and they will redirect you to it.
Hope this information has helped you. If you have questions or want me to post something just leave me a comment below. I will try to my best to make everything simple, clear and share tips for everyone. Thanks for visiting My Blog!
Step 1: Register PayPal.com
Visit: PayPal.com and put in your email address. Make sure the email that you are going to use is private and has high security since it will be connected to paypal and all the money coming in and out to your account will be informed to your email.
Step 2: Register UnionBank Visa Account - EON Union Bank Online Account
You need to have a UnionBank account to activate your PayPal account. So get an EON and make sure to have your online account activated, it would require you 3 days or a week to have your online account activated in UnionBank. You need the online account to activate your PayPal. So when you go to Unionbank branch make sure that you declare to open an online account to connect to your Paypal.
Step 3: Preparation Before Connecting Your Bank Account
Once both of your Paypal and UnionBank are already registered and you already got the online account for EON. The next step is to connect both Paypal to your UnionBank to be able to do that you need to prepare few things, here's the list:
1. Card
2. Account Number - located at the left side bottom of the card
3. 3 Digit Number - Located at the back of the card "at the right side"
4. Log in details to your online account in Union Bank
5. Valid ID - Passport, Drivers License
6. Atleast 250PHP deposited in UnionBank (needed for activation but the PayPal will send a refund so don't worry, they will do a test to your bank account)
6. Bank Code
List of Bank Codes:
Take Note:
It is very important that you double check every spelling and information provided from your Valid ID, Union Bank Account and Paypal. It should match or else you would fail to connect your Paypal to UnionBank and may pay the fee of 250PHP if the information doesn't match.
Step 4: Connecting PayPal & UnionBank
1. Log in Paypal
2. Click "Profile" next to "Log In" Button"
3. Select "Profile & Settings"
4. Personal Information - double check for errors
5. Financial Information -
In "Bank Account", add your bank accounts - those accounts like BPI Debit Card and etc. It's okay to use this to withdraw funds but they will ask a fee of 150PHP to 200PHP per transaction/withdrawal.
In "Debit and Credit Cards" - this is where you are going to add your UnionBank Visa Card. VISA cards require 350PHP annual fee but good thing is that you don't have to pay any withdrawal fees.
You can also add if you have the following:
1. VISA
2. MasterCard
3. American Express
4. Discover
But what we can easily get is VISA card so i think that's the best example i can use for this blog.
So anyway, to continue. Put all the needed information:
Name:
Card Type: Choose "VISA" (for visa cards)
Card Number: Located at the front of the card
Card Verification Number: Last 3-digits on the back of your card
Then click "Add Card"
Step 5:
- Open your UnionBank Online Account: You will receive an email or a transaction with the secret code that you will put to your paypal account. (You are going to need it to confirm your UnionBank to your Paypal)
Take Note: They may also require an image of your Valid ID (back and front)
Step 6:
- Check Email or Transactions for Paypal to know that your UnionBank is approved.
This means you successfully added your card to your PayPal. But wait, there's one last step to successfully withdraw funds from PayPal.
Step 7: Become A Legit PayPal User
- they have a process that you need to follow in order to become a legit paypal user and withdraw funds from PayPal.
For now, your account is limited to withdraw money, the only thing you can do at the moment is send money via PayPal if you have one. You can also receive payment.
Option: You can ask to transfer balance to your friend, if you have one and let her withdraw your money to her account so you could get the money from him/her. But that is way too risky, not unless you have a real friend you can trust your funds with. Anyway, let's proceed.
5 Transactions - If you have clients ask to get paid atleast $5. It doesn't have to be big as long as the transaction is VALID.
Reach $200 dollars - payment. Get paid as much as $200 and let it sit in your PayPal account for atleast 1 month or 45 days. They have to make sure that you are providing good service/product to your clients.
Wait for 60 Days - You need to wait for 60 Days before you can start withdrawing funds.
Make sure to check your notification if they still require something for you to get done before you can withdraw. Also, please don't try to withdraw funds while in this process or else you will only end up paying 250PHP fee for failed transaction. I've been stubborn and excited so yes, had paid for the fee 2x. Since, i havent' doubled check if my account was already confirmed that i can withdraw funds from PayPal.
If you are new to PayPal, things could be confusing. This would help you find what you are looking for:
PAYPAL SITE MAP
Everything that you need from Paypal, you can find it there. Just click the certain thing you need to do and they will redirect you to it.
Hope this information has helped you. If you have questions or want me to post something just leave me a comment below. I will try to my best to make everything simple, clear and share tips for everyone. Thanks for visiting My Blog!
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