You can now Withdraw Payoneer Fund to your Local Bank Account

Gone are the days of going to the ATM just to be able to withdraw your Payoneer money.

New to Payoneer?

Payoneer is an Internet-based financial services business that allows users to transfer money and receive payments through re-loadable debit cards.

A slew number of companies such as Themeforest (Envato) uses Payoneer for sending out mass payment.

Payoneer can be considered an alternative to PayPal. Unlike PayPal you can’t directly use it as a shopping cart for selling products and also shop online unless via the debit card issued to you.

When you sign-up to Payoneer, a debit card will be shipped to you.

Once your it arrives, login to your account and follow the on-screen instruction to activate it.

You are also provided an US bank account for receiving US ACH/Direct Deposit transfers from companies in the United state.

How I use Payoneer

PayPal inarguably is the leading payment system in the World and as a freelance writer and developer, I need to have a PayPal account for me to get paid.

As a Nigerian, we are only limited to sending money shopping online but we can’t receive money. To be able to receive payment, a lot of us resort to creating PayPal account of other supported countries.
See this post on how to open and verified an US PayPal Account with Payoneer.

The Good News

The only way fund could be withdrawn from Payoneer was using the debit card at ATMs.
Recently, Payoneer added a transfer to my Bank Account feature. Now, funds can be transferred to your local bank account albeit after a few days of transfer initiation.

Withdraw payoneer fund to local Bank Account

In my country there is a limit to the amount of money you can withdraw from the ATM at a time thus I have to perform more than one transaction to withdraw a large sum.
Mind you, for every ATM transaction, Payoneer charges $3.15 and this have always irks me.

With the ability to transfer my money to my bank account – from my calculations, Payoneer charges 1.5% of the money to be transferred – I have saved few bucks in ATM trx. charges. Afterall, penny saved is a penny earned.

Foreign exchange conversion rates are determined at the time of the transfer and ranges from 2% – 2.75% above the official mid-market exchange rates.

To transfer fund to your local bank account, click the My bank Account link under Withdraw navigation menu. Follow the on-screen instruction to add your bank account.

Add local bank account to Payoneer.

It is at this juncture I draw the curtain for this article. Have any question or contribution? Let me know in the comment box.

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