For the benefit of more Filipino freelancers and online businesses, a PayMaya-PayPal collaboration was recently announced. PayMaya is a leading digital financial services provider while PayPal is a global leader in digital payments. With this collaboration, it is now more convenient for users to withdraw their PayPal funds using PayMaya.
Freelancers and those with online businesses (called digipreneurs) often get paid via PayPal. Freelancers such as graphic artists, apps and game developers, writers, digital marketers, and content creators often receive work from different countries. Digipreneurs have customers from all over the world and get paid in various currencies. In these instances, it is more complicated to set up bank accounts in the countries where customers are. PayPal is a very convenient way to receive payment from overseas since you can keep your funds in those currencies (for example, US dollars), or convert them easily to pesos. PayPal also has an Invoicing tool so that freelancers and digipreneurs can easily create professional invoices. Using PayPal.Me for Business, digipreneurs receiving international commercial payments can now create a customized payment link with their existing PayPal account. The ones sending the funds can access the link to complete the payment and the funds are transferred to the receiver’s account usually within seconds.
PayPal is also a safer way to do online purchases because you don’t need to give out your credit card to different foreign merchants. Instead, the credit or debit card, like PayMaya, is enrolled in PayPal which has a robust security system to protect its users’ sensitive card information. Purchases then are paid to merchants by PayPal and it is PayPal who, in turn, charges your card or withdraws from your PayPal balance.
Before the announcement of this PayMaya-PayPal collaboration, the way a PayPal user withdrew funds would be through a bank account. Depending on the bank’s policy, banks would either charge a yearly fixed fee for withdrawals or charge a fee per withdrawal. Since you would need to have a bank account, it requires a visit to the bank, filling up of forms, and maintaining a minimum balance. You would also need to travel to the bank to withdraw from the ATM each time you needed to get cash.
PayMaya already had many features even before the PayMaya-PayPal collaboration. My PayMaya is a beep card for the MRT, a debit VISA card, and an ATM card rolled into one. I can also use it to send money to other users, buy airtime load, pay bills, and…even pay for my Uber rides! So convenient!
Reloading or topping up a PayMaya card was initially done through 7-11 stores but now there are over 15,000 reloading stations nationwide including CLiQQ Kiosks, TouchPay Kiosks, Union Bank ATMs, Robinsons Department Stores, SM Malls Business Centers, and Smart Padala partner outlets. Reloading can also be done online via BDO online banking. I can use PayMaya for just about any purchase anywhere PayMaya is honored and access my PayPal funds when I need the money. There are no fees for using PayMaya as a debit card or beep card (you just need to keep topping up the card if you plan to use it for purchases). There is a transaction fee when withdrawing PayPal funds with a PayMaya card at an ATM.
Here are the 3 steps to withdraw PayPal funds using PayMaya.
1. Get PayMaya.
Creating a PayMaya account is easy. To create a PayMaya account, download PayMaya from the Google Play or App Store and register with any Philippine mobile number.
Next, get the physical PayMaya card available at the official PayMaya Store and link it to your PayMaya app. To be able to withdraw money from any Bancnet ATMs, be sure to upgrade your PayMaya account via the app or simply send a request to @PayMayaOfficial on Facebook. The next step is to link your PayMaya account to your PayPal account. If you do not have a PayPal account, go to www.paypal.com/ph and click on “Sign up now” to create your PayPal account.
2. Link. ’em up
To link your PayMaya account to PayPal, go to ‘Banks and Cards’ on the PayPal website and choose ‘Link a Card’. Next, enter your PayMaya virtual or physical card information and ensure that the PayPal address matches that of your PayMaya account. You will need to load at least PhP 100 into your PayMaya account to link to PayPal to facilitate an authorization request.
3. Transfer your funds
Click on ‘Withdraw Funds’ on the summary page of your PayPal account and key in your PayMaya details. The minimum withdrawal from a PayPal account is PhP 500. New PayPal customers may experience a temporary hold on funds. For more information, visit https://www.paypal.com/ph/webapps/mpp/funds-availability.
Regular fee to transfer funds from PayPal to PayMaya is PhP 250. Withdrawing via a Landbank ATM is PhP 5 per withdrawal; other commercial bank ATMs usually charge the standard PhP 15 fee.
Until December 21, 2016, fund transfers from your PayPal to PayMaya account is 80% off! Instead of the usual PhP 250, you will just be charged PhP 50.
I am more excited now to keep using my PayMaya card because the PayMaya team keeps adding more and more convenience to it. Because it is a debit card, it is also great for those who are serious about managing their cash flow and budget. You do not run the risk, as with credit cards, of piling up unwanted debt.