In my search of a good bank account to process my online transactions and to save money, I have recently opened an account with PS Bank (Philippine Savings Bank). PSBank is a subsidiary of Metro Bank and is the second-largest savings bank in the Philippines. My sister has been with PS Bank for a long time so I decided to try it if it will work with my activities such as withdrawing money from my Paypal account.
I’m currently using Union Bank’s Eon debit card which worked well for me over the years. I have tried using BDO’s atm account and the long transaction with Paypal and BDO urged me to find a new one.
The Process of Opening an Account with PS Bank
The whole process of opening an account with PS Bank took me around 2 hours. It could have been a lot faster if I didn’t go during lunch break where some are taking their break.
Having the requirements, the process was easy for me. I also got my passbook and atm within that day unlike with BDO, I got the ATM card after two weeks. Check this link for requirements and this link for fees and charges.
Adding PS Bank Account to Paypal
Adding PS Bank account to Paypal might be confusing. PS bank is not in the list of Paypal of banks and their bank codes. The Paypal Bank Code of PS Bank is 010269996 which is the same with Metrobank.
Withdrawing Paypal funds to PS Bank
Withdrawing Paypal funds to PS Bank took around only 2 days. The problem is they charged me around P120 for a withdrawal of P1,100. Not unlike with EON card where I haven’t noticed if they charge or don’t charge on Paypal withdrawals. It is still good if I will transfer a large amount of money. What matters is the fast transaction time.
PS Bank Online and PS Bank Mobile
It was really easy to set up a PS Bank online account and to get their mobile App. Haven’t had an issue with their platform though I never did a lot of transactions yet.
PS Bank was a good choice to go with. It is easy to open an account, easy to enroll online and connect with their mobile app, and it has fast transactions with Paypal. The cons is that it has higher charge rates on withdrawing Paypal funds than my EON card.