I've been an account holder since 2004 and here's my answer for FAQ, What is PayPal?
PayPal is actually an online payment gateway for both consumers, buyers
and online business owners. A leader and perhaps the only that allows
transfer of money to Philippine banks today coming from online funds
inside a PayPal account.
All you will need is your bank code to be able to make the transfer.
Freelance online marketers use PayPal to receive money using the internet and at times pay dollars using their account to buy goods and services like what they offer being freelance workers.
Available in 190 countries and regions, the mode of payment of this mecca online money transmittal system is accepted by
merchants everywhere, both on and off eBay too which means if you have an online business using eBay, you can definitely use PayPal to receive payments directly to your account or from a credit card for a business grade account. This way, you may know what is PayPal all about.
Is PayPal safe to use?
Well, has probably the most secure online payment system based from my own experience. Why I said so? For example, if somebody is trying to log in to your account or even if you yourself try it from other machines, say a laptop or mobile phone from another ISP or place, you won't be allowed to login unless you can confirm your account.
helps protect your credit card information with industry-leading
security and fraud prevention systems only they have so even your clients and customers can pay online for your goods or services safely. Using PayPal gives your
financial information security too. It is never shared with the merchant so only the paying end (you) have your information revealed to yourself.
Why use PayPal? (source: PayPal.Com)
Since the popularity of receiving money in the Philippine through PayPal is increasing each year as freelancers and online marketers grow in population, the system has allowed Pinoys to transfer funds from PayPal to any Philippine bank. If you are one who is looking how to convert dollar to peso using online fund or money transfer via PayPal, all you will need is a bank code. Below is a list of the different Philippine bank codes.
We do not guarantee accuracy of the listed Philippines bank codes below. It is strongly suggested to consult with your local bank regarding this first.
To understand what is PayPal all about in terms of transferring money to your local bank in the Philippines, you can also consult with a customer service representative from PayPal.
|Philippines||ALLIED BANKING CORP||010320013|
|Philippines||AUSTRALIA NEW ZEALAND||010700015|
|Philippines||ASIA UNITED BANK||011020011|
|Philippines||BANGKO SENTRAL NG PILIPINAS||010030015|
|Philippines||BANK OF AMERICA||010120019|
|Philippines||BANK OF CHINA||011140014|
|Philippines||BANK OF TOKYO||010460012|
|Philippines||BANCO DE ORO (& EPCIBank)||010530667|
|Philippines||BANK OF COMMERCE||010440016|
|Philippines||BANK OF THE PHIL ISLANDS||010040018|
|Philippines||CHINA BANKING CORP||010100013|
|Philippines||CHINA TRUST COMML BANK||010690015|
|Philippines||DEVT BANK OF THE PHILS||010590018|
|Philippines||EAST WEST BANK||010620014|
|Philippines||EXPORT & INDUSTRY BANK||010860010|
|Philippines||HONGKONG AND SHANGHAI BANK||010060014|
|Philippines||INTL COMML BANK OF CHINA||010560019|
|Philippines||INTL EXCHANGE BANK||010680012|
|Philippines||JP MORGAN CHASE BANK||010720011|
|Philippines||KOREA EXCHANGE BANK||010710018|
|Philippines||INTL NEDERLAND BANK||010660016|
|Philippines||LAND BANK OF THE PHILS||010350025|
|Philippines||MAYBANK OF THE PHILS||010220016|
|Philippines||METROPOLITAN BANK & TRUST CO||010269996|
|Philippines||PHIL BANK OF COMMUNICATION||010110016|
|Philippines||PHIL TRUST COMPANY||010090039|
|Philippines||PHIL NATIONAL BANK||010080010|
|Philippines||PHIL VETERANS BANK||010330016|
|Philippines||RIZAL COMML BANKING CORP||010280014|
|Philippines||SECURITY BANK & TRUST CO||010140015|
|Philippines||STANDARD CHARTERED BANK||010050011|
|Philippines||UNITED COCONUT PLANTERS BANK||010299995|
|Philippines||UNION BANK OF THE PHILS||010419995|
|Philippines||UNITED OVERSEAS BANK||010270189|
At this point, if you still don't understand and know what is PayPal all about, you can always try to sign up first and as you go along, I'm pretty sure you will learn so many thing you didn't know possible with using this online payment gateway.