Work at Home Mama

Archive for the ‘Payment Options’ Category

Xoom is an online international money transfer service.

One can send their recipients money using their credit card, debit card or bank account and the recipients doesn’t need to have a bank account or internet access to receive their funds.

In the Philippines, Xoom has partnered with BDO, Metrobank, PNB, BPI, Cebuana Lhuillier, SM, Globe Gcash, MLhuillier so withdrawal is fairly easy.

You have three (3) options to CLAIM YOUR MONEY FROM XOOM:

So how much does it cost one to SEND MONEY?

It costs $4.99 if you will be sending $50 – $2,999 to the Philippines.

How about to RECEIVE MONEY?

Actually NONE but most employers are not willing to shoulder the said $4.99 so what they usually do is deduct this amount from your total payment.

PROS:

1. Get your money in minutes
2. Convenient
3. Option to get money in peso or dollar

CONS:

1. Expensive

This is just a short post on why Unionbank EON is the best choice when it comes to receiving and withdrawing Paypal funds. Here are the reasons:

1. You can use Unionbank EON to verify your Paypal Account. See related post.
2. Opening an EON Account in Unionbank requires only P350. No maintaining balance at all. Cool!
3. Withdrawal of funds from Paypal to your EON is FREE. No bank charges unlike most banks which charge P150 to P250 for every withdrawal.

Check Unionbank’s website here.

But of course if maintaining multiple bank accounts makes you uncomfortable, you can still use your other bank accounts BUT you cannot use those cards to VERIFY your Paypal account. You will still need to verify it using a credit card.

Before jumping into the work-at-home bandwagon you need to know that majority of clients will pay you via Paypal – the safest way of receiving and sending money worldwide. To know more about Paypal, click here.

One of the basic questions I got when it comes to Paypal was “Can I open a Paypal account even if I have no credit card?”

Of  course you can.

Credit card details are just used to verify your information. An unverified Paypal account will only allow you to receive Paypal funds but you cannot withdraw funds to your local bank. The transfer of Paypal to Paypal funds is only limited to $500 which is quite a hassle if you are already working and receiving funds often.

Now if you are like me who have no credit cards, then the best way is to apply for an EON Account in Unionbank.

Go to your nearest Unionbank and apply for one. Your card will be given to you within a week and only then you will be asked to pay the P350 Annual Fee. It requires no maintaining balance but to deposit at least Php250 is recommended since Paypal will charge your Eon card $1.95 upon verification.

Once verified, you are now capable of receiving and transferring unlimited Paypal funds to other Paypal accounts or withdraw to your local bank.

It is also recommended that you use this same EON bank account when you enroll a local bank in Paypal.

Why? Because there are no bank charges and it will only take 2-4 days for your money to appear in your EON account.

*****

Now that you already have a Paypal account and let’s say you already received Paypal funds from your clients. It’s payday!

You can now withdraw your Paypal funds to your local bank (Enroll your Unionbank EON first). The minimum amount is $10 by the way.

Click ‘withdraw funds to your bank account’ and choose Unionbank from your list of banks and click withdraw.

Work at Home Ph

See Paypal charges above.

It usually takes 24 hours for paypal to deposit your funds to your local bank (you will notice the word ‘COMPLETED’) on your transaction details BUT it doesn’t mean that your money is ready with withdrawal. It will take 2-4 days for your money to appear in your bank account.