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Getting Your Money Part 1: Paypal

By Mommy Mentor On August 23, 2012 Under Getting Paid, Paypal

One of the questions being asked by those who have absolutely no idea about working online is “How will I get hold of my money when I work online?”.

We will present in a series of articles the different ways on how you can get your money.

The most common way is via Paypal. Paypal is like your virtual bank where you can get paid by your clients and also what you can use to pay for online transactions. The good thing about this is you do not have to give your financial information to clients. All you need to do is give them your Paypal account (which is the counterpart of an offline bank account) which is just an email address you used in opening up an account with Paypal.

Let’s say you already have money in your account, so how will you get it? Like any bank account, for you to be able to get your money you need to withdraw the funds from your account. Paypal gives you 2 withdrawal options for your funds: 1) credit/debit card 2) bank account.

When you open an account with them you are asked to get your status “Verified” as part of their security measures. Since a lot of stuff nowadays can be automated, this is just their means to know that the person opening an account with them is  a REAL person. How will they know that? Let’s put it this way: In the real world you need to present IDs to be able to open a bank account. With Paypal, you need to give them your credit card or debit card information, and then  they will charge you a little over US$2 and if the transaction pulls through then that means you are real. Don’t worry though, they will return your money back to you.

So, if you want to get your money, you can opt for a transfer of the funds to the credit or debit card you used to get yourself verified. This takes around 5-7 business days before it gets to be credited to your account. Once credited, you can go to the nearest ATM and withdraw your money.

You can also request that your Paypal funds be withdrawn directly to your bank account. For banks located in the Philippines, it takes 2 to 4 business days before the amount shows in your account.  Fees vary depending on your particular bank aside from the fee from Paypal (PHP50 for withdrawable amounts less than PHP6,999.99 and Free if the amount is PHP7,000.00 or higher).

We are aware though that there are those who are not comfortable giving out their credit card information online. Do not worry because Paypal is a secure site where they take pains in encrypting sensitive information that cannot be easily hacked. However, if you really get the jitters and you do not like the idea, then better open a debit card. The good thing is, unlike a credit card where you can be charged depending on your credit limit, with a debit card no one can get money there that is higher than the money deposited in the card. So, if the only money you have there is PHP50, if your card gets hacked, they can’t get any money other than the PHP50 that is already there.

If you get stuck, you can always view their FAQs or better yet, look for the “Contact Us” button at the bottom of their page and contact them regarding your particular concerns.

There are instances though wherein you need your money transferred as soon as possible and you can’t wait 2 or more business days. There is a solution for this and you can read about it in the next article of this series.



3 Comments Add yours

  1. Amedar Consulting
    August 24, 2012
    10:15 pm #comment-1

    Hello.This post was really remarkable, particularly because I was browsing for thoughts on this matter last Thursday.

  2. Lella Santiago
    August 28, 2012
    8:05 am #comment-2

    This is so helpful. I’ve been wondering how I’ll get paid. Looking forward to more of your articles on this. 🙂

  3. Mommy Mentor
    September 4, 2012
    10:47 am #comment-3

    Hi, Ate Lella. Thanks for dropping by. I have 3 more topics lined up in this series. Hopefully, I’ll be able to finish all of them ASAP.

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