PayPal is an e-commerce business which makes money transactions through the internet possible. It is an electronic alternative to traditional paper methods like cheques and money orders.
A person with a PayPal account can easily send to and receive money from anybody and anywhere in the world. It has a network of more than 190 countries and is available in multiple currencies.
If you’re planning to do online money transactions such as buying and selling stuff on eBay, then having a PayPal account will really help you in making payments fast and easy.
October 2006 marked the arrival of PayPal to Philippine shores. A lot of Pinoys celebrated this news as more online financial opportunities opened up for them.
Currently, a PayPal account holder in the Philippines has full capability to send and receive payments but still has limited methods to withdraw their funds. Nevertheless, this has never stopped them from opening an account and participating in global trade.
How To Open A PayPal Account
1. Visit the PayPal website and Sign Up.
2. Select your country and language preference; locate Philippines in the drop down menu.
3. Choose a Personal Account, you can always upgrade later.
4. Fill in your personal information.
5. You will be asked to verify your account by adding a credit or debit card. I suggest you skip this one for the meantime. Remember though that an unverified account has limitations, so you would need to change this soon.
6. Log-in to your email account and open the PayPal email and click the confirmation link there.
7. That’s it! Congratulations, you are now a PayPal account holder.
I advised to skip the card verification method during registration because you might want to consider how you are going to withdraw your money in your account.
The first option available for those in the Philippines is through a credit or debit card. Second is through a few online money services such as Chikka.com. Third is through a direct transfer to your bank account.
I suggest that you stick to the bank for the withdrawals. The last option seems to be the most popular choice among Pinoys – just be sure to inform your bank regarding your plans to wire money into your account and be sure to accurately get their 9-digit bank code (also known as Routing Number or ABA number).
If you’d like to get your money through a debit or credit card, then you can check the list below for some of the popular card choices for this method.
- Citibank Visa
- Equitable PCI Visa Electron
- HSBC Visa
- Metrobank Visa
- Standard Chartered Visa
- Union Bank EON / eWallet
For more financial news, subscribe to Ready To Be Rich.
Photo credit: Laughing Squid
SELECT AN ARTICLE TO READ NEXT BELOW: