Previously, I used to transfer my PayPal funds to my Security Bank account for a fee of PhP 200.00 per transfer. That’s automatic. It’s been that way since I’ve opened my bank account, until March, 2017. Yes, that’s right! No more inward remittance fees when transferring from PayPal to a Security Bank bank account.
I just recently found out about it when I was reviewing my bank statements for the last six (6) months. When I could find the fees in my March statements, my initial thoughts were that I might get billed for it one-time, big time. But then just to be sure, I checked out the Security Bank’s Fees & Charges page. There it was, sittting all-smiles and pretty at me. Okay, that’s creepy. Haha! Anyway, although there was no notification from Security Bank about this, this is a welcome change and they made sure to update their Inward Remittance fees table to reflect it. Awesome! I know there are also other banks also have the PayPal fee waived for transfers ie EastWest bank. And it’s a good thing that Security Bank joined the bandwagon.
This is good news for people like me who get paid via PayPal and have a bank account with Security Bank. If you’d think about it, the amount that I was billed for for the last several years, it’s quite a large amount. And I don’t really earn that much so, this means I now get to save an additional PhP 800.00 per month (I transfer funds weekly). Yay! This just makes me feel happy and it’s so good not to share 😁. Security Bank, again, gave me another reason to be the happy camper that I am.