To withdraw money from Paypal in the Philippines, I have decided to apply for an E-On Cyber Account even if local banks can now accept Paypal funds in savings account (with ATM). One reason why I chose to open an E-On Cyber Account is because every withdrawal is free with Eon Cyber Account. Of course, there are some minor setbacks like an Annual fee of PhP350, every withdrawal using the ATM has a fee of PhP10 (Union Bank ATM machines) to PhP15 (Other banks' ATM), every withdrawal over the counter has a fee (PhP100, I think). Well, Eon Cyber Account is supposedly for online transactions that's why it applied fees on other transactions.
It's really easy to apply for an Eon Cyber Account
1. Go to Union Bank website www.unionbankph.com
2. Click "Eon" found at the top of the site. Click for the "Eon Online Application". Click "Apply Now".
3. Read the Terms & Conditions of the UnionBank of the Philippines E-ON Visa Electron Card Agreement" and click "I Agree with the Terms & Conditions Stated Above"
4. Fill out all the Online Application Form. Fill in each Field and choose the branch where you want your card to be picked up.
5. You will receive an SMS or an e-mail with reference number and pickup branch
6. Have your 2 valid ID's photocopied. Bring the original ID's with you. Prepare to pay PhP350.
7. Go to the Union bank branch. Pay the Annual Fee. Show your ID's. Sign some papers.
8. Union Bank branch will print your name and account in your E-ON Cyber Account Card and give them to you with your PIN number.
Note: Even if you don't have to deposit money, I suggest you deposit some money for your card verification/linking with Paypal.
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