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The last time I attempted to withdraw money from my paypal account, I encountered a problem. The bank officer of Banco de Oro called to let me know that they can’t process the withdrawal because the name in my paypal account is different from the name registered in my bank account.This is because my paypal account still has my maiden name while my bank account already bears my married name. I did not know what to do to remedy the situation then nor did the bank officer so after much prodding and pleading, the bank manager gave in and let me withdraw the money. They let it pass because it was the first time it happened and I have withdrawn paypal money before using the same bank account with my maiden name.
In the meantime, since name change in my account can take time, I opted to try another way to withdraw – that is by using credit cards (since I still use my maiden name in some of my cards). I decided to use my Citibank Shell Visa card to withdraw since I heard that paypal only allows withdrawal for credit cards with a VISA logo (am not so sure with that).
I withdraw the money in paypal on October 29 and called Citibank customer service at 9995-999 on November 2 to check and they said the money is still floating. The money was credited to my account on November 4 so the fund transfer took approximately 6 days including the weekends and holidays. I find it pretty fast. I then requested for an overpayment cheque via phone and the agent told me that they will deliver the cheque to my billing address within seven days. I can then encash the cheque to any Citibank branch or simply deposit it to my bank account Overpayment cheque has no charge.
Good thing I do not have any payable balance in my account so I was able to request an overpayment cheque. If i have a payable balance, my paypal money will be consider as payment so I can’t withdraw it.
Withdrawing money through Citibank using an overpayment cheque takes some time so there is another option for those who need to get their money fast. That is through the Cash Advance method but it has some charges.
Drawbacks:
Some Citibank customer service agents are unaware about paypal and they have the tendency to give confusing or wrong advice. One officer told me that I can only withdraw my money if I closed my account. It pays to be aware of the procedures so you don’t get misled.
