Updated: February 27, 2021
How do you fund your eToro account? This is our main topic for today’s article. We’ll be covering how to deposit money to your eToro account, the methods you can use, and even fund withdrawals; plus other tips for a hassle-free experience with managing your money in eToro.
Going back to our topic… as of January 2021, eToro’s minimum 1st time deposit amount is US$1,000. Once you’ve made your 1st deposit, the minimum for all future deposits will lower to just US$50.
For the Philippines, eToro accepts the following deposit methods:
- Local credit/debit cards (Visa/MasterCard)
- GCash MasterCard
- PayMaya Visa or MasterCard
- Local online banking (currently not available as of Jan 2021)
eToro’s newest local online banking feature is by far the most convenient, so we’ll cover that first. Dragonpay is eToro’s partner merchant in the Philippines.
First, login and click Deposit Funds, and then choose Local Online Banking. Enter your desired amount then click Submit.
By default, the amount you will see is the PHP equivalent of $1000.
After submitting, you will be redirected to Dragonpay’s page where you can pick from their bank selection of BDO, BPI, Metrobank, Unionbank, Maybank, RCBC, and Robinsons bank. Take note, you need to have online banking with these banks to proceed.
After this, the exact steps will change depending on your bank, but it will always end in the page asking you to submit your email address so that Dragonpay can send you instructions.
Here’s an example if you use BPI online banking:
Then, you will be redirected back to eToro’s page and you’ll see a confirmation of your deposit pending.
Check your email and you will receive instructions and details on how to make the online transfer/payment. It should look like this:
Follow the steps on the email and you should be good to go!
Credit/Debit cards, GCash MasterCard, PayMaya Visa and MasterCard
Funding using credit or debit cards is very straightforward because eToro accepts Visa or MasterCard. If you’ve ever made an online purchase using your card in Lazada, or other portals, it’s essentially the same thing.
eToro also accepts prepaid credit cards, physical or virtual. The most well-known for us is the GCash MasterCard and PayMaya virtual Visa or MasterCard.
For GCash, you’ll need to get the physical card either online or in a Globe store. For PayMaya, you can use their virtual card right in the app.
What you’ll need:
- Your credit/debit card (Prepaid cards also accepted)
- Your phone for OTP (If you have one activated for your card)
Once you have these, just choose Credit/Debit card option and enter your information and wait for it to process.
If the deposit was successful, you’ll get a confirmation and then head over to Portfolio to check your balance and the amount will be there.
For people who are fond of international transactions, you may be familiar with PayPal. Like credit and debit cards, it is also easy to do.
To start, enter your amount and choose PayPal in the deposit option and click Submit.
Then, you’ll be taken to PayPal’s login page. After logging in, you’ll see the payment window with the exchange rate and amount right away:
Just click submit and same as with your card, you’ll see it right away in your Portfolio after the deposit has been successful.
eToro charges a fixed $25 withdrawal fee for withdrawals. This means that no matter how big or small your withdrawal amount is, the fee is always just $25.
If you want to save on the withdrawal fee, what I like to do is to save up the money I want to withdraw in my eToro balance and just withdraw in 1 go.
Since there is no maximum withdrawal amount and eToro does not have any subscription fee or minimum maintaining balance, I just leave the money in my balance and then withdraw around once every 1-2 months.
As for where the money goes, eToro is required by regulation to send your withdrawal back first using the deposit method you used. Meaning if you used a debit card to fund, your withdrawal will generally go back there. If you use online banking or PayPal, the same applies.
You may want to check out eToro’s withdrawal FAQ or contact their customer support for more information.
Tips and Tricks
- eToro does not accept 3rd party payments. This means the bank account or credit/debit card you use to deposit should belong to you!
- Withdrawals are generally faster when processed through online channels like online banking and PayPal.
- eToro does not charge deposit fees! Most Philippine banks do not charge fees too, so in most cases, the only cost you need to worry about is the exchange rate.
- eToro does not accept Coins.ph or other crypto deposits yet. It’s unfortunate, but since eToro is regulated, they are required to accept deposits from verified channels.
- Contact your account managers or eToro’s customer support if you are having a hard time funding.
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