How To Add Your local Bank Account to Payoneer and Withdrawal money

Last Updated on July 1, 2024 by admin

Payoneer is a popular online payment platform that allows users to send and receive money from around the world. One of the key features is the ability to link your local bank account to your Payoneer account, making it easy to withdraw funds directly to your bank account. Adding your local bank account  is a simple process that can be completed in just a few easy steps.

This article aims to guide you through the essential steps involved in adding your local bank account to your Payoneer account and withdrawing funds securely. By following the instructions provided, you will be able to carry out seamless transaction.

How To add your bank account details to Payoneer

ere’s a step-by-step guide on how to add your bank account details to Payoneer:

Before you start:

• Eligible Account Types: You can add bank account details for withdrawal to both individual and company Payoneer accounts.
• Account Holder Name Match: The name on your bank account must match the name on your Payoneer account.

Steps:

1. Log in to Payoneer: Go to the Payoneer website and log in to your account.

2. Navigate to Settings: Click the “Settings” icon (usually looks like a gear) and then select “Bank Accounts”.

3. Click “Add Bank Account”: You’ll see a button to add a new bank account for withdrawal.

4. Select Your Country and Currency: Choose your bank’s country and the currency you want to receive withdrawals in.

5. Enter Your Bank Details: Carefully provide the following information:

   • Bank Name
   • Bank Account Number (or IBAN for some countries)
   • SWIFT/BIC Code (for international banks)
   • Other routing numbers or branch codes if your country requires them.

6. Confirm and Submit: Double-check all the details you entered to ensure they are correct. Click “Submit” or “Add” to add your bank account.

• Verification Process: Payoneer may take a few business days to verify and approve your bank account addition.
• Multiple Bank Accounts: You can add multiple bank accounts in different currencies to your Payoneer account.
• Recipient Bank Accounts: If you need to add a bank account that belongs to someone else (e.g., a supplier, freelancer), you’ll do that through a slightly different process under the “Withdraw” section.

How to Withdraw to Bank Account From Payoneer

Here’s a step-by-step guide on how to withdraw money from your Payoneer account to your bank account:

Prerequisites:

• Verified Payoneer Account: Ensure your Payoneer account is fully verified.
• Linked Bank Account: You’ll need to have already added and verified your bank account details in your Payoneer profile (see the previous question for instructions on how to add a bank account).
• Available Balance: Check that you have a sufficient balance in the currency you want to withdraw.

Withdrawal Process

1. Log in to Payoneer: Access your Payoneer account on their website.
2. Go to “Withdraw” Section: Navigate to the “Withdraw” section of your account, often found in the main menu.
3. Select “To Bank Account”: Choose the option to withdraw funds to your bank account.
4. Choose Currency and Bank Account: Select the currency balance you want to withdraw from and the bank account you wish to transfer the funds to.
5. Enter Withdrawal Amount: Specify the amount you’d like to withdraw. Payoneer will display the conversion rate (if applicable) and any fees associated with the transaction.
6. Review and Confirm: Carefully review your withdrawal details (currency, amount, fees, bank account). Once satisfied, click the “Confirm” or “Withdraw” button.

How much can you withdraw

There isn’t a single answer to how much you can withdraw from Payoneer because withdrawal limits depend on several factors:

• Account Type: Individual and company accounts may have different limits.
• Verification Status: Fully verified accounts generally have higher limits.
• Country: Your location influences withdrawal limits due to local regulations.
• Withdrawal Frequency: There are restrictions on how many withdrawals you can make in a day or month.

Here’s a breakdown to help you understand the limits better:

Typical Limits

• Daily Withdrawals: For most accounts, you can often make up to 30 withdrawals per day.
• Daily Withdrawal Amount: There’s usually a daily limit of around $5000 USD equivalent.
• Point of Sales (POS) Transactions: You can usually make up to 30 POS transactions daily with a limit of around $2500 USD equivalent.

How to find your specific limits:

1. Log in to Payoneer: Access your Payoneer account.
2. Withdraw Section: Navigate to the “Withdraw” section.
3. Limit Notice: Before initiating a withdrawal, Payoneer usually displays the remaining amount you can withdraw within a specific timeframe (daily, monthly), as well as any applicable limits.

How to track the status of your withdrawal

Here’s how you can track the status of your withdrawal on Payoneer:

1. 1. Choose the relevant date range and balance.
   2. Select All filters.
   3. In the Type filter, select Withdrawal to bank and click Apply.

   If 5 business days have passed and you still have not received your funds, first make sure the bank details to which the transfer was sent are correct by following these steps:

   1. Sign in to Payoneer.
   2. Select Bank accounts and click Bank accounts for withdrawal.
   3. Select the relevant bank account that you sent your funds to, then check that the bank details are correct.

    

How to send money internationally through payoneer

To send online money transfers internationally using Payoneer, follow these simple steps:

There are two primary ways to send money internationally using Payoneer:

1. Paying Other Payoneer Users

• Requirements: Both you and the recipient must have Payoneer accounts registered with valid email addresses.

• How to Send:

  1. Log into Payoneer.
  2. Go to the “Pay” section.
  3. Select “Make a Payment”
  4. Enter the recipient’s Payoneer email address.
  5. Choose the currency and amount to send.
  6. Add a description (optional).
  7. Review and confirm the payment.

• Pros: Easy, fast (funds often arrive instantly), and can be relatively low-cost.

• Cons: Only works if the recipient also has a Payoneer account.

2. Paying a Client or Supplier’s Bank Account

• Requirements: You’ll need the recipient’s bank account details (bank name, account number, SWIFT/BIC, etc.).

• How to Send:

  1. Log into Payoneer.
  2. Go to the “Withdraw” section.
  3. Select “To Recipient’s Bank Account.”
  4. Enter the recipient’s bank details.
  5. Choose the currency and amount to withdraw (this will be converted and sent).
  6. Add a description (optional).
  7. Review and confirm the withdrawal.

Payoneer fees

The fees you pay with Payoneer depend on the transaction type. You can anticipate the following costs when you:

Get paid

• Free for Payoneer to Payoneer transfers.
• For fulfilled Payoneer payment requests to your customers, you pay 3% of the amount if the customer pays via credit card. If the customer uses eCheck, you pay a 1% fee.
• Fees for receiving money from marketplaces and networks such as Upwork, Airbnb, and CJ Affiliate vary from one platform to another.

Withdraw funds

• Most withdrawals to a local bank account are free.
• If you withdraw to a USD, EUR, or GBP bank account, you’ll pay $1.50, 1.50 euros, or 1.50 pounds sterling, respectively. However, for this to apply, the bank account must be in the same country where these are the local currencies.