Payoneer acts as an international bank that has cross-border payments platform that empowers businesses, online sellers and freelancers to pay and get paid globally as easily as you do locally to your local bank account.
From acting as an international bank for you, Payoneer also has a feature that can allow you to withdraw the funds in your Payoneer account straight to your local bank account within some hours. For you to be able to withdraw from your Payoneer account, you will need to add a bank account having the same name as that on your Payoneer account as if you provide a bank account having a different holders’ name, you would be asked to provide documents that support the account ownership.
How to add a bank account to Payoneer account
- Log in to your Payoneer account.
- Look at the menu bar and tap Withdraw > Bank Account.
- On the next page, you should see a button that reads, ‘Add Bank Account.’ Tap on it and follow the procedures and after all of that, you should have successfully added your bank account to your Payoneer account.
After submitting the bank details, Payoneer would review it and see if the details are the same as the one on your Payoneer account, if yes, your bank account would be approved, if no, you would need to check what’s wrong and fix it from your end. We should assume that there are no faults when adding a bank account to your Payoneer account and once it’s approved, you can now withdraw the funds.
How to withdraw from Payoneer to your local bank account
- Log in to your Payoneer account and tap Withdraw > Bank Account from your menu bar.
- Select the account that you want to transfer from as seen in the screenshot below.
- Select the account that you’re transferring to, add the amount you wish to withdraw and write down a description if you want to, it’s optional. After doing all of this, tap the REVIEW button.
After some hours, your withdrawal request should be approved. Please note that there is no monthly/yearly fee associated with withdrawing to your bank account from Payoneer as the transfer fee may vary according to the selected country and currency. Also know that you can add a maximum of three local bank accounts to withdraw your Payoneer funds.