Since I have rebuilt this blog and have continued my journey on making money, I decided to open up a new bank account. BDO, the largest bank in the Philippines was the bank I decided to go to. It is also because I see a lot of BDO ATM machines everywhere. I got my card around 3 weeks ago and if you are interested in applying for a BDO ATM savings account, read out my thoughts first.
How To Open A BDO ATM Savings Account
To open up a BDO ATM savings account, the initial requirements would be 2 valid I.Ds and a P2000 initial deposit.
Aside from those requirements, they’ll also need to get information such as your TIN number, SSS number, work, company information and where your deposits will come from.
Because I have only worked as a freelancer online, I didn’t have a chance to get a TIN number since it was not required. The BDO required me to get a TIN number before they release my card. It was also hard for me to explain what my work is someone who has no idea about online freelance work. After explaining it and signing up the forms, everything was good and the card will be released after 2 weeks.
Using BDO ATM Savings Account With Paypal
After receiving the card, I have linked it to my Paypal account. You can link it to your PayPal as a debit card and you can easily use your funds or as a bank account to withdraw money.
To add the card to Paypal, navigate to the settings area > Financial information > Bank accounts / Debit and Credit Cards. I added mine as a bank account and debit card so I can use the funds or send money to it.
Withdrawing Paypal Money to BDO ATM Account With A Wrong Bank Account Number
This was a dumb thing I did, I added the ATM card number instead of my Bank account number and have proceeded a Paypal withdrawal to the wrong bank account information. The charge for an invalid bank account information withdrawal transaction on Paypal will be P250. I got my money back minus the P250 charge.
Another problem that I have also encountered on transferring Paypal money to my BDO account was having a different Paypal business account name from my BDO account name.
I have named my Paypal business name as Bryan Bonifacio services, and guess what? BDO declined the withdrawal. Someone called me and said that she can’t approve the withdrawal because the name has services in it and it should only be Bryan Bonifacio.
She said that I should have noted Bryan Bonifacio Services or added it as a business name. Haven’t had this same problem on other cards before.
How Long Is The Processing Of Paypal Withdrawals to BDO ATM Account?
It is really disappointing how long the transactions are with Paypal and BDO. The processing of the transactions I did took an average of 8 days each. The long wait really sucks, I have to use my other card to withdraw money and get my money faster.
Recommendations & Alternatives
The process of opening a BDO ATM savings account is simple if you have the requirements ready. If you want to use the card to withdraw money from Paypal, I would not recommend it. I would recommend EON Visa Debit Card from Union Bank. It only costs P350 to open an account and it is faster to withdraw money from Paypal.