I have been reading a lot about confused moms (I read the inquiries on Smart Parenting)inquiring on how to go about setting up their own Paypal accounts. Yes, up to this time there are still a lot of confusion on this despite several threads and long posts on various forum. So I've decided to add my own... before I pitch in my request that you use my referral link to sign up for a Paypal account. Hehehe. :-)
Myth# 1: You need an EON card to create a Paypal account - Back in the yester-years you probably would have needed an EON account, but not anymore since Paypal accredited Philippine banks to allow its Filipino members to transfer their Paypal funds to their savings or checking accounts.
In the olden day, EON was the only facility accepted by Paypal to enable new members to verify their account AND withdraw funds as well. So even if you don't have a credit card you can create a Paypal account and withdraw from it too, using EON.
These days, if you have a credit card AND a bank account, you are good to go.
Myth# 2: You need a credit card under YOUR name to verify your Paypal account - NOT! Now, this I have proven based on personal experience. I do have credit cards in MY name, but they're all maxed out and I needed to verify my Paypal account badly. Solution: USE HUSBAND'S CREDIT CARD.
I'm not sure if it will work with other relatives' credit card, but most likely it will if you have the same surname. This is my assumption because the as I was keying-in the credit card information, the SURNAME was pre-entered. All I had to do was enter the FIRST name.
Myth# 3: It is cheaper to withdraw funds using EON - Not!
My friend withdraws her oDesk earnings thru EON and she says her account is automatically charged $5 regardless of the amount she withdraws. So to get more value from this $5 she "accumulates" her earnings first before withdrawing to get more out of the $5 fee. Aside from this, if she transfers less than P7,000 from her Paypal to her EON account, she is also charged P50.
I'm have my BPI savings account and BPIFB joint account linked with my Paypal account. In my experience I get charged P150 pesos everytime I transfer my Paypal earnings to my BPI accounts. I also get that P50 Paypal charge if I transfer any amount lower than P7,000.
For penny-pinchers like me, every peso counts. P150 is still a whole lot lesser than $5, given how our exchange rate fluctuates. Plus, I hated Unionbank's service, whether thru the bank or via their customer service hotline. Their branch here along Quirino Highway, Novaliches really sucks!
So, if you need a Paypal account consider your options and ask around first to get the best deal when in comes to bank charges and services. I only know about BPI's charges, please don't assume it's the same for all banks.
However, if you've decided you want to go ahead and create a Paypal account I'd really appreciate it if you use my referral link: