Philippine Users: How To Withdraw PayPal Funds Using Your HSBC VISA Credit Card PART 2

Part 2: Getting Your Money

Once you've confirmed with HSBC that the PayPal funds have been transferred to your credit card, you can withdraw your money via two methods:

1. Request for an overpayment check
2. Use HSBC VISA Credit Card's Cash Advance Feature


Method 1: Request for an overpayment check
An overpayment check is a manager's check in the amount of your advanced payment minus your outstanding balance. For instance, let's say you transferred PayPal funds amounting to Php2,000.00 but you have an outstanding balance of Php500.00 on your credit card bill. HSBC will deduct the Php500.000 outstanding balance from the Php2,000.00 PayPal withdrawal leaving you with an overpayment balance amounting to Php1,500.00 (which will be the amount that you can withdraw).

To request for an overpayment check:

Call the HSBC Credit Card Hotline (tel no: 85-800) to talk to a customer rep and request for an overpayment check. The request will take 7-10 banking days to process. Call them again after that time period to confirm whether your request has been completed. If completed, the customer rep will give you details on when, where and how to pick up your check.

Note: Overpayment checks have a Php75.00 fee which you will pay at the HSBC branch where the check is to be picked up.

Method 2: Cash Advance
The Cash Advance feature allows you to use your HSBC VISA Credit Card to withdraw cash from an HSBC ATM or any other ATM that is part of the PLUS network. Simply check if the ATM has the PLUS logo:. You will need your HSBC VISA Credit Card's Cash Advance Pin, which is a 6-digit pin that is mailed to you a few weeks after you've received your credit card.

It's just like a loan that you can avail of directly from an ATM, which you can pay back on your next monthly credit card bill due date. But when you transfer your PayPal balance to your VISA credit card (which is credited as an advanced payment), it would be kind of like paying the loan first and then withdrawing the money at an ATM after.

So let's say you were able to transfer Php2,000.00 from your PayPal balance to your HSBC VISA credit card and you have no outstanding balance whatsoever. You can then withdraw that amount using the Cash Advance Feature, and once the cash advance transaction is posted on your statement, HSBC will simply deduct that amount from the Php2,000.00 you already received from PayPal so you don't have to pay for the cash advance on your next due date anymore.

Important notes:

• There is, however, a Cash Advance Fee of either Php300 or 3% of the amount withdrawn (whichever is higher). This fee will be posted on your next credit card statement. So based on the example above, you will probably want to withdraw a Cash Advance amount of Php1,700.00 instead so that you will still have enough funds for the Php300 Cash Advance Fee.
• There is also a Cash Advance Withdrawal Limit. Call the HSBC Credit Card Hotline (tel no: 85-800) to ask what your Cash Advance Limit is.

And that concludes this how-to feature. Personally, I don't see myself wanting or needing to withdraw my PayPal money from my HSBC VISA account very often. I use my credit card with most of my regular purchases anyway so I do see the value in just transferring the money from my PayPal balance to my credit card and just leaving it there to take care of my outstanding balances. Although for people who periodically have a significant amount sent to their PayPal accounts, I do see why they would want to withdraw the money; perhaps to invest it or to purchase other things that are normally not bought using credit cards.

Back to Part 1

Philippine Users: How To Withdraw PayPal Funds Using Your HSBC VISA Credit Card PART 1

So I signed up for a PayPal account a few weeks ago. It's a service that allows people to send and receive money using their email address (among other services it offers). However, if you want to transfer the money you've received directly to your bank account, you can only do so if it is a US-based one. But that doesn't mean PayPal users in the Philippines have no way of getting their hands on the money they receive from PayPal. Fortunately for us non-US-bank-account-having-Philippine-users, PayPal allows us to transfer money to a VISA credit card. I found this rather interesting because I never knew credit cards could receive money! Apparently, it would get credited as an advanced payment. But if you still do want to withdraw the money, here's how:

Oh, and before I begin with this how-to, I think I should mention what kind of VISA card I have since I can't verify if this works with every single type of VISA Credit Card in the Philippines (although I don't see that many reasons why it shouldn't). Mine is an HSBC Mabuhay Miles VISA Classic.

Part 1: Transferring money from your Paypal balance to your HSBC VISA Credit Card

Step 1
Make sure that the status of your account is VERIFIED.
To verify your account, you must first enroll your HSBC VISA Credit Card. After adding your card, click on the "Enroll in Expanded Use" link in your "Account Overview" page. Authorize PayPal to charge a US$1.95 fee to your card. You will then be given a 4-digit Expanded Use Number which you will find in your next credit card statement. It may take 3-4 working days for the Expanded Use Number to be posted. You can check this by either (1) viewing your credit card statement online or (2) waiting for your statement to arrive in the mail. Once you've received your 4-digit Expanded Use Number, login to your PayPal account and click the "Complete Expanded Use Enrollment" link in your "Account Overview" page, and enter the Expanded Use number.

Step 2
Once your account is VERIFIED and you have funds in your PayPal balance to withdraw, click on the "Withdraw" link under the "My Account" tab.

Step 3
Click on "Transfer funds to your card".
Take note that there is a US$5.00 withdrawal fee and a minimum withdrawal limit of US$10.00. To know your maximum withdrawal limit, click on the "View Limits" link in your "Account Overview" page.

Step 4
Enter the amount you wish to transfer and select your HSBC VISA Credit Card as the card you want to transfer the amount to.
Click "Continue".

Step 5
Review your details, and if the information is correct, click "Confirm".
As you can see in the picture above, the US$5.00 withdrawal fee is automatically deducted from the withdrawal.

Once you've completed these steps, the amount should be transferred to your credit card within 5-7 working days. Call the HSBC Credit Card Hot Line and talk to a customer rep to confirm. The number is 85-800.

I called HSBC after 5 days and asked them when the transaction was posted. This particular transaction was actually posted within 3 days. I can't say if that's the norm though.

***[UPDATE: Tue 30-Oct-2007]***
You can also check online (provided that your card is enrolled in HSBC's Personal Internet Banking Service). Here's a screen shot of my transaction details:
As you can see, the transaction was made on Oct 22 and was already posted by Oct 25 (less than 5 business days). I'm assuming the Cr at the rightmost column stands for Credit.
******

Notes:

• The transaction will appear on your bill as "PAYPAL *WITHDRAWAL".
• The amount posted to your HSBC VISA Credit Card will already be converted to Philippine Pesos. My US$15 ($20 - $5 fee) withdrawal was converted to Php649.92 (1:43.328). Conversion rates will vary everyday of course.
• If you have an outstanding balance, that amount will automatically be deducted from the money you receive (since it's going to be considered as an advanced payment).

Continue to Part 2: Getting Your Money

Random Thoughts On Stardust

1. Awesome movie!


2. Michelle Pfeiffer must really be a witch because she doesn't appear to be getting older.


3. Tristan Thorne is George O'Malley with long hair, a British accent and chest fur.


4. Claire Danes has no eyebrows (because cockroaches from the Philippines ate them).


5. Watch the movie!

Sorry, Chris Crocker!

This video will either freak you out or give you the LOLz. Either way, you'll end up peeing your pants.