The majority of home-based workers are dependent on PayPal for receiving payment from clients. However, despite its merits, PayPal does have a lot of issues. Withdrawing funds to the bank, for example, takes 2-4 business days. They also charge an extra ₱50.00 for transfers below ₱7,000.00 on top of the low exchange rates. To instantly receive funds, they extract an additional 1% fee.
As for all things, there’s a way to avoid the delay and the extra fees. Get the funds in minutes. This hack is however applicable in the Philippines only.
What’s needed is an Android smartphone with an internet connection and identification documents. On the phone, open Google Play, download, and install the GCash app. It is an e-wallet that allows users to buy load, pay bills, and send money. After registration, get fully verified by submitting an ID, selfie, and address. Full verification increases the cash in limit up to ₱100,000 per month.
Link GCash to PayPal by following the instructions here. There is a need to log in, before proceeding, take note of the requirements. After link-up, it is now possible to cash in using PayPal. Other currencies must be converted to PHP first before transferring. Minimum transfer amount is ₱500.00, there are no fees or deductions and it just takes a few minutes!
If there’s an error like this: “Sorry, we are unable to proceed with your cash-in request”, you have to re-link your PayPal account.
Using GCash, do a bank transfer via InstaPay and receive it almost instantly. It supports over 30 major banks.
Congratulations, almost instant PayPal to bank withdrawal is a success!
Wise is a cheaper alternative to PayPal. The exchange rate is real-time and it also supports fund transfers to e-wallets like Maya and GCash. Receiving cash here is fat too.
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