If you’re now working as an online freelancer, you probably don’t want to use just one local bank to receive your hard-earned salary. There are alternative banks you can link to PayPal and Metrobank is one of those prestigious Philippine banks you can connect.
Why Choose Metrobank?
Metrobank is one of the best-established commercial banks in the Philippines, offering depositors and businesses a diverse range of financial services here and abroad. You can do so much more with Metrobank from maintaining multiple savings account to acquiring investment products that may yield better interest rates for you.
Their competitive interest rates allow your money to grow fast while keeping all your account completely secured. Metrobank also delivers a great number of financial tools, providing wider options on how you want to save. Depending on your financial goals, Metrobank will surely find the best account type for you.
Metrobank has formed a strong partnership with AXA bringing an exclusive one-year AXA Protection Package when you open a new account. This limited offer includes:
- Personal accident insurance worth PHP 100,000
- Daily In-Hospital benefits (hospital confinement) worth PHP 500 per day up to 10 days
- Free access to emergency services, including 24/7 roadside ambulance, fire, and police assistance
Options for account types include:
- Regular savings account
- Personal/business checking account
- OFW exclusive savings account
- Foreign currency and savings account
- Investment products and multiple loan packages
- Financial asset management
- Provides debit card and passbook for easier access to your personal funds
- Easy application process, particularly for regular savings account or payroll accounts
- High limits on deposits and withdrawals (depending on account type and transaction)
- Offers convenience for direct fund transfer and payment of recurring bills
- Quick access to internet banking (laptop and mobile access)
- Offers secure transactions for receiving and sending money easily whether local or abroad
- Provides assistance in establishing a good credit score with banks
- Not all account types are “interest-bearing,” so you need to choose wisely
- Requires a bit higher initial deposit for starter accounts
- Few more fees to watch out for, including penalties and transfer fees
- Stricter verification process for larger accounts or transfers
How to Open a Metrobank Account?
Here’s How to get Started with a New Metrobank Account:
To open a new account, you will need to prepare a number of important documents. Prepare one valid photo-bearing identification card with your recent signature. If the signatures in your IDs aren’t the same, your application will not be accepted.
Acceptable IDs Include:
- Valid passport (issued by the Philippine government and other foreign territories)
- LTO Driver’s License
- Philippine Regulation Commission ID (PRC)
- Voter’s registration card (COMELEC-issued)
- Postal identification card
- GSIS e-Card
- Social Security System card or Unified Multi-Purpose ID
2. Visit the nearest Metrobank branch in your area with one photo-bearing ID from the list above. Don’t forget to bring your initial deposit.
3. Proceed to the new accounts section and fill up an application form. Provide all the necessary details, including occupation and credit history if needed.
4. Submit the accomplished form, pay the initial deposit and get the receipt.
5. Wait for your bank card if it’s already available or claim it after five business days. Bring one valid ID again for verification.
Before you visit the bank branch, make sure to update your ID records with the respective government agencies.
What Other Documents you may Show to Metrobank?
Aside from the above-mentioned primary IDs, you can also bring the following photo-bearing IDs:
- PhilHealth card
- PAG-IBIG or HDMF
- Tax Identification number
- Alien Certificate of Registration or Immigrant Certificate of Registration
- Persons with Disabilities ID (issued by the National Council on Disability Affairs)
- Senior citizen card (issued by the Office of the Senior Citizens Affairs)
- Overseas Filipino Worker ID or e-card (issued by OWWA)
- Seaman’s Book
- Government Owned and Controlled Corporations ID (SEC or Insurance Commission)
- Integrated Bar of the Philippines ID
- Company ID with photo and signature (regulated by BSP, SEC or Insurance Commission)
- Updated photo-bearing school ID (signed by the school administrator or principal)
- Accredited professional organization IDs
Other supporting documents can be submitted, such as:
- NBI or Police clearance
- Baranggay Certificate
- Solo parents ID (issued by (DSWD)
- Non-profit organization ID
- Marriage certificate (usually requested for joint accounts of married couple)
Only one photo-bearing ID with signature is required, however, you may be requested to submit another supporting ID for verification purposes. Be sure that your contact details and mailing address written on any of your identification cards are consistent and updated.
How to Link Your Metrobank Account to Your PayPal Account?
Once you receive your new Metrobank debit/credit card, which is normally issued by Visa, MasterCard, Amex or Discover, you can now link your Metrobank account to PayPal for free. PayPal won’t deduct any amount from your bank account when you link the card. The card should include the 16-digit card number, expiry date and its 3-digit CVV number printed at the back.
The Following are the Steps to Link your Metrobank Account to PayPal:
1. Make sure to have a verified PayPal account. If you haven’t registered yet, you can sign up at https://www.paypal.com.
2. Log into your PayPal account and proceed to “Banks and Card” section.
3. Click the “Link a bank account” button located under Bank accounts menu. You will be redirected to “Add a Bank Account in Philippines” page where you are required to fill out a form. Please enter the following details in the edit fields:
- Country of origin
- Account name
- Bank name (indicate Metrobank)
- Bank code: 010269996
- Account number (you will be asked to enter the number twice)
4. Once you finish entering the details, click the continue button. You will be asked to review your bank account details for the last time. A return fee of Php250.00 will be charged to you if you submit incomplete or incorrect information. Metrobank may also charge additional fees. Click the “save” button after verifying your bank details.
5. If your attempt is successful, you will receive a message “You can now transfer funds to and from your PayPal account to your bank account in Philippines.” This already confirms the successful integration of your Metrobank account to your PayPal account. Once you have the card linked to PayPal, you may now start moving your funds to help you make online purchases or pay bills.
Aldrich Tan is a duly registered Filipino architect and is currently working as a freelance writer focusing on content writing and blogging purposes.