Payoneer allows you to easily withdraw your money using local bank transfer worldwide including Pakistan, India, and many other countries, before 2016 this service was limited to only a few countries but now Payoneer local bank transfer is allowed in nearly all the countries, so here is complete procedure on How you can withdraw you hard earned cash directly into your bank account to save ATM withdrawal fees.
How to Add your Bank Account to Payoneer?
First of all, you need to add your bank account to Payoneer which will be approved by Payoneer team and then you will be able to withdraw, to add bank account follow the procedure.
- First login to your Payoneer account,
- Move cursor on “withdraw” in top menu and then click on “To Bank Account”,
- Here click on “Add New bank account”,
- Now fill all the form accurately, if you have something missing, call your bank and ask them or visit your branch for those details, Payoneer requires you to provide your IBAN, bank account number, and some other important details, enter your details and click submit, (Remeber: only add bank account which matches the payee name on Payoneer, otherwise they will reject it, and you have to give proof of your ownership)
- Wait for few days to get your bank account verified, if it takes more than three days, then contact Payoneer support team via chat and they will approve in few minutes, while you have done everything according to their requirement.
After your bank account is verified, they will notify you about it via email, then you can move further and start bank transfer, here’s how:
Procedure To Do Payoneer Local Bank Transfer
- login to your Payoneer account,
- Move cursor on “withdraw” in menu and then click on “To Bank Account”,
- First, choose the card from which you want to withdraw if you have more than one payment system enabled,
- Then select your local bank account,
- Then enter withdrawal amount and add description to your transaction if you want to save it for your information, click Next,
- On this page, you have to revalidate your account by providing your password, credit card number, CVV, and DOB,
- After entering the details click “Finish” and you are done, it will take 2-3 days for payment to be processed, once payment is processed Payoneer will mail you with the amount of payment in a local currency that you are going to receive, now it takes another 2-3 day for payment to arrive at your local bank.
Limits of Local Bank Withdrawl
Local bank transfer limit varies from country to country and from account to account, Payoneer currently has following limits for these currencies.
Dollar: Min 200 and Max 10,000$/Month
Euro: Min 500 and Max 30,000€/Month
GBP: Min 200 and Max 30,000£/Month
It is advised to keep your transaction smaller than 5000$ to stay out from Remittance check up department.
What are benefits of local Bank Transfer?
Payoneer Local Bank Transfer can help you in following ways:
- It can help you avoid ATM withdrawal fees.
- It can help you to save time from indirect transferring.
- It’s easy and safe to do.
Hope you have easily withdrawn your money using Payoneer Local Bank Transfer, If there is something you want to know, you can ask in comment.