I have recently got payment in Payoneer card for the first time, for testing purpose I moved to nearest ATM and tried to withdraw some money, but I am amazed by ATM message “Location not found”, then I moved to another bank and tried again but it also fails and give me Transaction error, after that I come back to home and contacted Payoneer support and discussed about this problem but they reply me that they do not have any failed transaction report, I then ask my few friends and they told me that Payoneer Master card only work with few banks in Pakistan and using those banks you can easily withdraw money, those banks are given below with their charges.
Banks through which you can withdraw money easily
These are the only banks which support Payoneer in Pakistan:
Muslim Commercial Bank (MCB)
MCB is large bank operated in many countries so it is able to withdraw money from Payoneer Master card easily, you can withdraw maximum of 20,000 Rs in big cities of Pakistan and 11000 PKR in small cities, it only allow one transaction per day. Currency conversion charges are the little bit higher, you will mostly get 96 rupees for one dollar, Payoneer will charge you nearly three dollars for MCB transactions, below is a screenshot of my first transaction.
Update: Now MCB also supports unlimited Transactions and rates are lowered to 203$ for 20,000 Rs.
MCB is recommended for smaller transactions less than of 100$, for bigger transactions use SCB.
SCB is worldwide operated bank, it can give you better transaction than any other bank in Pakistan, it generally charge 9$ fee for 200$ withdrawal, you can withdraw maximum from SCB in Pakistan, they have no transaction limits, you can withdraw maximum of 20,000 RS in one transaction, As Payoneer allow ten transactions per day so you can withdraw maximum of 2000$ in one day, below are my transaction screenshots
Citi Bank can also be used to withdraw money from Payoneer, but it’s not common because of limited number of branches in Pakistan, they have only three to four branches in big cities, if you have found any branch near you then you can withdraw maximum from them like that of SCB.
Samba Bank is also able to withdraw money from Payoneer, you can also use it to withdraw maximum of 20,000 Rs in one transaction, rates are higher and bank is only available in top cities of Pakistan like Lahore, Karachi & Islamabad.
Some guys also told me that they have successful transactions with bank Alfalah but it didn’t work well for me, you should also give it a try as they have less charge’s then others.
These all banks can be used to withdraw money, some friend have told me that they have also withdrawn money from Faysal Bank but when I tried it, it returns “General Processing error”. so don’t try to use it as it may charge you without paying.
If you haven’t found any suitable ATM to withdraw money from your card then you can withdraw money using Local Bank Transfer or you can also sell it to money exchangers who will give you cash in return, there are many online exchanges like payexchanger.com trusted by a lot of people, but they will buy dollar at low rate nearly 94 rupees for one dollar, so sell them at your own choice.
Skrill Withdraw: You can also withdraw our money using skrill, Just sign up there, add card and verify it, then add money from card to your account and transfer that money from account to your local bank account, through this process you can withdraw maximum of 500$ from unverified account, also you have to pay currency conversion charges, transfer fees and TAX on it.
Which Bank Do you prefer to withdraw money?, let me know in comments?, I prefer to use MCB for ATM and UBL for Bank withdrawal. Hope this helped, if you have any problem or Question ask me in comment.
Hi Readers, Welcome to this Blog, I am Hamza Ahmed From Islamabad Pakistan, I am Technology Geek, love to do blogging, coding, developing & exploring new things, You can follow me on Twitter & Facebook for more. Read more about me here.