Many have been frustrated with the way PayPal has been treating them due to their policies concerning their county. They are so restricted that they can’t smoothly run their online business or transactions without hassles and so many wonders if it is possible to withdraw from Payoneer Account to your local bank account.
The answer is YES because Payoneer has been having less restrictive policies and regulation opposed to PayPal thus many are opting to do business with Payoneer and that is the best thing to do.
Payoneer is a substitute to PayPal especially for most of us from African countries and in particular Nigeria. I faced similar problems with PayPal in the past and thank God I discovered Payoneer and many will agree with me.
With Payoneer, you could just about anything you could do with PayPal just that the latter has a larger market base in terms of online entities they are dealing with but nevertheless, Payoneer is fast growing and catching up.
However, there are charges by Payoneer that many of us think it is too exorbitant, such as the ATM withdrawal charges, failed ATM withdrawal charges and the annual maintenance fee. Even though it is not clear if some of this charges are being charged by Master Card, it is not clear but one thing I know is that their charges are just too much especially for small business owners that are just barely making it.
That being said, Payoneer still remains a savior and the only alternative for most of us to do business with otherwise, we may never be able to receive payments from our online clients.
So, in this article I am going to touch a little bit about everything, don’t go away.
What is Payoneer?
Payoneer is basically an online financial organization just like PayPal, through which you can receive and make payment online. With this platform, you can easily receive payments from online clients such as affiliate earnings from Amazon and more.
Once you sign up with them, which is for free by the way, a US bank account will be generated for you and a Master card will be sent to you too. Therefore, when registering makes sure you enter the correct mailing address so that you can get the delivery of the card without difficulty.
However, it takes up to a month to have your Master card delivered and sometimes it may never get to you at all due to the courier service they use for the free delivery. I had similar issue like that; I had to apply and reapply for like four times over the period of several months. I could have used the paid option of delivery which is through DHL I think but I wasn’t making any money online then and so I was not in a haste and I couldn’t afford to pay up about $40 at the time for a Master card I may never use.
Can I use the Payoneer Master card on my Local ATM?
I think this is no longer news that you can use your Payoneer Master card just as your local ATM card to withdraw from any designated ATM of any bank. It could be used anywhere in the world and that is how flexible it is.
But that is without a string attached because the withdrawal charge is way too expensive just as aforementioned. In the case of Nigeria, they charge me about 3.16$ for each withdrawal made, no matter how small the amount, it is the same charge. That amount when converted to the Nigeria currency it is over a thousand naira as at the time this article was written.
Can I transfer or Withdraw from Payoneer Account to Your Local Bank Account?
Yes, you can but it must not be less than $200 otherwise you won’t be able to use this service.
The good news is that Payoneer has introduced the transfer other currencies to your local bank account as well, such as EUR, GBP, JPY, AUD, CHN, and CAD. If you are paid in any of these currencies you will be able to transfer to your local bank account with minimal charges.
To use this service is simple and almost self-explanatory; just hover the cursor on the ‘’withdraw’’ tab on your Payoneer account and a drop-down of ‘’bank account’’ will appear, click on it and follow the instructions.
You will be asked to add the local bank account (s) you wish to use for the withdrawal, and you have the opportunity to add up to three if you want. Then, there are security questions for account verification then you will have to supply information like your bank account no., the name of the bank, the bank account name, sort code, and etc.
Then you will wait for your local bank to approve the request to withdraw to the local bank account. This could take 2 to 3 days in most cases and once that is done you are ready to withdraw directly to your local bank account if you have any funds in your Payoneer account that is up to the threshold that is allowed.
Is there any other way to withdraw money from the Payoneer account with less or no charge?
Yet another way to withdraw money from the Payoneer account is by arranging the sale of the fund in your Payoneer account to another Payoneer account holder. This has been a common practice among many people who can make this arrangement because it does not attract any charge.
You simply get someone who needs the dollar in your Payoneer account and both of you agree on the exchange rate and then do the transfer. Usually, if you are the one selling, you have to be the one to transfer first and show proof of transfer by providing a screenshot of the approval message that was sent to you after the transfer, then the equivalence of the local currency will be sent to your chosen account by the buyer.
This method has proven to be more effective and free.
The use of Payoneer service has been well received by many around the world because it has filled it the gap where PayPal has failed.
To find out more about Payoneer click right here for the FAQ.