How to Withdraw Your PayPal Funds in Real Time and without Fees

Payment

You’ve received $100.00 USD from Company X.”

Your face broke into a smile. You rushed to withdraw your PayPal funds to your bank account and realized it’s Saturday today. You felt defeated and demoralized because you can’t withdraw your hard-earned money as cold cash instantly. There’s nothing more frustrating than receiving your PayPal funds but can’t access them instantly because you withdrew them to your Philippine bank account.

Being a freelancer, the ability to access PayPal funds instantly is a life-saver. You are not a full-time employee anymore, and there’s no money waiting for you every two weeks. To receive your payments from clients, you either have to open a PayPal or Payoneer account. But since most clients use PayPal, you’re stuck with its slow process of clearing of funds to your bank account. Now, you’re just tired of how slow the banking system is in the Philippines and you want to speed things up. Luckily, this madness is going to end now.

Gone are the days when you have to wait for two to seven banking days before you can get ahold of your PayPal funds. Gone are those days when you can’t even cash out on holidays and weekends. Now, you can cash out anytime you want!

Here’s how to:

Open a GCash Account

GCash is one of the most innovative apps developed locally. Aside from the ability to send money to friends/family members, it also offers services such as buying load; paying bills; paying merchants with GCash, QR code, or GCash MasterCard; paying international merchants such as Amazon and eBay with the American Express virtual prepaid card; cashing in from variety of establishments; and sending funds to banks in real time with InstaPay. More on that later.

If you’re looking for a step-by-step instructions on how to open a GCash account, then you can find it here.

Take note that you can only do this method if you are a fully-verified user of GCash. That means you may have to snap a photo of one of your government IDs and submit it for approval.

Once registered and fully-verified, you can move on to the next step.

Link GCash to PayPal

On your GCash dashboard, tap on the toggle menu and click “My Linked Accounts.”

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Click “PayPal” and type in your PayPal e-mail address. Then, click “Link.”

At this juncture, enter your PayPal login credentials and allow GCash (G-Xchange, Inc.) to access your account. This action will sign you up for preapproved payments plan to G-Xchange, Inc. with PayPal.

Move Funds from PayPal to GCash

At this point, you’re almost ready to withdraw your PayPal funds.

However, there’s one last thing to consider. GCash only accepts funds in PHP. If your PayPal funds are in USD or another currency, you won’t be able to withdraw them. You have to convert them first to PHP. Fortunately, doing so is very easy.

Now with your funds in PHP, click “Cash-in” on your GCash dashboard, tap “Remittance,” and click the PayPal logo.

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GCash will show you your available PayPal balance. Enter the amount you need to withdraw (minimum is PHP500) and hit “Next.” Confirm your transaction. Usually when you withdraw funds to local banks, PayPal charges you PHP50 when the amount is less than PHP7000. However, GCash does not charge you anything as withdrawal of funds is completely free. Plus, the transfer happens real-time. You don’t need to wait for two to seven banking days.

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There you go! Your funds are now on your GCash account. If you love GCash already and do not wish to cash out your funds, then you can perform the services aforementioned like paying bills, buying load, etc. If you have a GCash MasterCard, then you can withdraw the funds in any ATM. However, this is subjected to PHP20 per withdrawal. Details on how to order a GCash MasterCard can be found here.

You can also cash out your funds to any of these establishments: Villarica, Tambunting, RD Pawnshop, Puregold, Bayad Center, Expresspay, SM, and Robinsons.

Send Your Money to Your Bank Account with InstaPay (Recommended)

If you already have a bank account, then why bother ordering a GCash MasterCard? Why bother going to different establishments and suffer from bureaucracy when an ATM is just nearby?

With the GCash app, you can now transfer funds to your bank account with InstaPay for free!

Just in case you’re missing out, InstaPay is “an electronic fund transfer (EFT) service that allows customers to transfer PHP funds almost instantly between accounts of participating BSP-supervised banks and non-bank e-money issuers in the Philippines. The service is available 24×7, all year round.” There are currently around 30 banks enrolled in this service. Major banks such as BDO, BPI, UnionBank, RCBC, Metro Bank, etc. are included, so you can move your PayPal-GCash funds if you have accounts in these banks. You can read more about InstaPay here.

On your GCash dashboard, tap “Send Money” and then “Send to Bank.” Click on your chosen bank; enter the required fields such as name, account number, and amount; and confirm the transaction.

Conclusion

There you have it! A fast and easy way to access your PayPal funds. Say good-bye to long waiting times and hefty fees.

With the modern advancement in technology, it’s surprising that the Philippine banking system is so sluggish. Each bank has its own universe, and it’s very hard for each to collaborate. In the US, one can encash a check online or through retail stores. Can we say the same to the Philippines? I don’t think so. Thanks to some innovative apps like GCash—our lives become easier.

Disclaimer: This post doesn’t endorse GCash and PayPal. All thoughts and opinions herein are my own and not influenced by the aforementioned companies and/or their affiliates, in any way.

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