Sunday, October 5, 2008

Paypal for Juan: HOW?

There have been a lot of blog and forum posts about how a Filipino can get Paypal here in the Philippines, but this is my version. This is for the still-confused Juans out there.
Paypal, according to Wikipedia, is an e-commerce business allowing payments and money transfers to be made through the Internet. Most online shoppers (especially in e-Bay) confess they prefer to use Paypal because it’s a safer way to pay for purchases since you don’t have to give out your credit card number to just anyone. And to online earners, Paypal is the most convenient way to receive pay for the projects they do for their employers. These virtual employers are usually based on the other side of the globe thus the sending of cash or check to their virtual employees will be too risky and expensive.
So generally, one isn’t eligible to do online jobs unless he has a Paypal account. It is a requirement and the first step before you start on work-at-home jobs.
Paypal in the Philippines has only recently been in full effect. Understandably, there are still a lot of Filipinos who are clueless as to how it works here. So here is a guide on how to apply for a Paypal account. More helpful links are found on the bottom of this post. I recommend you click on them because they will be very helpful.

  1. Sign up for a Paypal account. Click here to create it. In their website they have their FAQs section, they’re helpful so be patient to go over them.

  2. Verify your Paypal account. You can only send and withdraw funds from your Paypal account only if it’s been verified. A verified Paypal account asks for a card number and a bank code. The only Philippine bank so far that Paypal fully acknowledges is the Unionbank of the Philippines. So you have to open a Unionbank account if you do not have one.

  3. Go to Unionbank’s website or visit a Unionbank branch. Apply for the EON Cyber Account. This comes with the so-called EON Card (or Unionbank's VISA Electron Card). So to verify your Paypal account, what you type in the area that asks for a card number is your EON Card number and for your bank code, the code for Unionbank. Photocopies of two (2) valid IDs will be asked from you. (For a list of valid IDs they accept, click here).

  4. There is a Php 350- fee for the card. This is also the annual fee that Unionbank charges from EON card users. You pay the Php 350- upon claiming your card.

  5. Paypal also asks for a $1.95 USD verification fee so convert that in pesos (around Php 100.00 as of writing) and deposit that amount to your Unionbank Cyber Account.

  6. Unionbank consumes 3 to 4 weeks processing your application. But if all goes well you can get your EON card in 1 week. Just ask for the number of the branch where you applied so you can follow-up for your card’s status.
  7. To complete verification of your Paypal account, you will need the 4-digit code that Paypal has sent to your Unionbank account. To access this, go to Unionbank's website again and enroll in their EON online banking system. Once you're enrolled you can view the list of transactions you have entered in. In your Unionbank Mini Statement, go to Accounts. On Options, select Transactions. Here you can find the 4-digit code which would look like VISA-XXXXPAYPAL, where the four X represents the code. Your key to finding this in your transactions list is the $1.95 USD peso equivalent that Paypal has deducted from you as verification fee. The code will be found on the same line where this amount appears in your Mini Statement.
  8. Go back to your Paypal account and enter the 4-digit code. You are now a verified Paypal user and the $1.95 USD charge will be refunded to your Paypal account.
When you’re a verified Paypal account holder, you’re set! You can now register for PTCs, PTPs, or PTRs and other online opportunities that pay through Paypal and start earning.


Resu said...

Awesome ! Now I can finally buy off from online stores with my paypal account without using any credit card . :) Thanks !

Cheeeryl said...

Hi Resu. Glad to hear my post helped. Thanks for visiting. =)

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