New to Payoneer?
Payoneer is an Internet-based financial services business that allows users to transfer money and receive payments through re-loadable prepaid MasterCard 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 prepaid MasterCard.
When you sign-up to Payoneer, a prepaid MasterCard will be shipped to you.
Once your card arrives, login to your account and follow the on-screen instruction to activate it.
Once your card 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 Deposittransfers 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.
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The only way fund could be withdrawn from Payoneer was using the MasterCard at ATMs.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.
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.
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.
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.
It is at this juncture I draw the curtain for this article. Have any question or contribution? Let me know via naijamoneybux@gmail.com with subject "More Info on Payoneer Withdrawal"
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