teecup limited: Freelancer Unrest with PayPal to Unionbank Delayed Transfers

Breaking news. There's trouble in paradise. Freelancers are fuming mad.

Check Unionbank's Facebook fan page and in the discussions board, you will unearth a mountain of complaints and rants regarding delays in PayPal to Unionbank transfers.

Where before it takes only 2 to 3 days for your PayPal funds to be reflected on your Unionbank statement, the processing period has lagged to 5 days and even 2 weeks for many.

What is strange is that whenever reports and issues of a similar nature are raised, Unionbank stays mum. It is understandable that newbies who are not familiar with the PayPal verification process may have (1) failed to indicate the correct bank code (2) mistaken the ATM card number for the bank account number or (3) used incongruent names for the PayPal account and the Unionbank account.

The fact that the rants stem from old users indicates that something is amiss.

Haters are now threatening to cross over to other banks. One user wrote, "Better na bumalik ako sa dating bank ko... kasi kahit may charge, na-rereceive ang funds on time. (I am thinking of reverting to my old bank because although it charges a service fee, I can receive the funds on time.)"*

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Nash · 708 weeks ago

Oh my! Good thing I haven't transferred any funds yet, but I'm afraid I'll experience that in the near future. :-/

- adgitizing here :)

1 reply · active 708 weeks ago

teecup · 708 weeks ago

Hopefully, things will be resolved. The longest that I've waited was more than 2 weeks but after I sent the bank an e-mail, I got my funds pronto! :D

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sir rob · 708 weeks ago

Though I haven't able to open an EON account yet then here's this another trouble coming its way.
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I think this is what happens when there are too many customers than the bank can really handle. If PayPal had partnered with at least 2 or 3 other banks, this would decongest the traffic.

For now, only Unionbank issues a debit card which individuals can use to verify their PayPal account. Unionbank is also the only bank which does not charge any incoming PayPal remittance fees.

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Chin chin · 708 weeks ago

Thanks for the update. I have asked my in-law to verify her Paypal using EON but she withdraws via another bank. Good choice, I guess, though there is a fee charged.
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That's right, Chin. If the need is really urgent, than it's a good idea to just chalk up the fees so you can receive the funds on time.

Unionbank is primarily for verification purposes. You can actually link your PayPal account to other banks.

The receiving charges are not a joke though... They fall somewhere along the P200 and P250 range per transaction.

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