Although online earnings have become simplified and easy for many working online, Paypal has blacklisted some countries from accessing its services. Thankfully, Payoneer is a viable alternative in these countries as it is still in operation in many countries where Paypal is not accepted.
Regardless of this Paypal restriction, many freelancers and online businesses from countries which are not Paypal supported need to do business and the convenient mode of payment for most of their clients is via Paypal.
Even if a freelancer from a non-Paypal supported country opens a Paypal account for the purpose of receiving payment, he may experience difficulty in withdrawing funds.
Due to the inability to withdraw funds, freelancers and online business from countries that are non-Paypal supported can take advantage of a fascinating feature offered by Payoneer to their customers. Payoneer issues a customised international bank account in multiple currencies for its customers. Freelancers and online businesses can take advantage of this to withdraw funds from their Paypal to Payoneer account.
In this post, you will find out how to withdraw from Paypal to Payoneer. Let’s dive in.
Does PayPal support Payoneer?
PayPal as one of the oldest and commonest methods of making online payment has a wide reach making it easy for a lot of people to send money even to their bank accounts. Despite this ease, PayPal does not make transactions with other third-party platforms such as Payoneer.
Even so, you can make a transfer from your PayPal to your Payoneer debit card account. While it might seem too tedious, this helps ensure the security of the platform. We would walk you through how to set this up.
PayPal or Payoneer: Which One is better?
PayPal has been around for a long while now and is well-known with over 200 million active users. PayPal covers support for about 25 currencies across 200 countries. Payments here could be made via debit cards, credit cards, bank transfers. PayPal also has its credit card. The daily withdrawal limit for unverified accounts is $500 while it is larger for verified ones.
Notwithstanding, there are certain countries where you might not be able to use a PayPal account, for this, many people resort to using a stealth account. If you don’t know What is a stealth PayPal Account? , we have covered this exhaustively on our blog.
Pros of PayPal
- Offers more security and fraud protection.
- With PayPal, you would be able to send money to anyone even friends and family
- There are no charges for sending money to family and friends
Cons of PayPal
- There are charges when making business transactions.
- Transfers to bank accounts take several days. If you want it done instantly, you would be charged a 1% fee.
Payoneer was founded in 2005 and has since spread across about 200 countries offering payment solutions for both international and local currencies. This platform is favored by businesses, digital marketers, and several freelancers because of the speed of processing payments. You could easily get your funds within 2-3 working days compared to PayPal that takes longer.
With over 4 million active customers worldwide, there are also transaction limits for businesses. You would also be able to get help in several languages as well as invoices for transactions.
Pros of Payoneer
- Payoneer supports over 100 currencies.
- It makes it possible to link more than one account to your Payoneer account
- You would be able to easily transfer money directly to your local bank
Cons of Payoneer
- The fees involved in making transactions on Payoneer are high when compared to other competitors.
- Payoneer is focused on funds transfer between businesses and is not effective for transactions amongst friends and family.
Overall, PayPal is more acceptable for the security it provides. If you make purchases that turn out to be fraudulent, PayPal can help get a refund. PayPal also has the advantage of being able to send smaller amounts to your family and friends.
Process of Withdrawal from PayPal to Payoneer
- Step1: To make a withdrawal from PayPal to Payoneer, ensure that you already have a PayPal business account. If not, quickly head over to the PayPal website and create one, remembering to select the “PayPal for Business” option. This is quite easy to do and easy.
- Step2: Make sure that the Payoneer account to be credited is already verified. If you are a new customer, order for your Payoneer U.S. Payment service account.
- Step3: Because PayPal does not work directly with a third party such as Payoneer, you would have to link it to the bank account provided by This particular step is very important in getting you a bank account that can be linked to both PayPal and Payoneer.
- Step 4: Following the instructions given, you would be asked to provide some means of identification to be attached with a screenshot of your Paypal account in an email.
- Step 5: Once Payoneer has set up the U.S. Bank Account, log into your PayPal account to register the Payoneer MasterCard and the U.S. Bank Account from Payoneer. To do this, click the “Payments” menu on your PayPal dashboard and select the “Link a Bank”.
- Step 6: This should bring up a window for you to paste the “Routing and Account Number” for the bank account given by Payoneer. Fill in the other details as required and click on “Agree & Link”.
- Step 7: Ensure you have funds in the PayPal account because once you “Agree & Link”, PayPal would send test payments to the given bank.
- Step 8: Next, you would be asked to confirm the amount paid in a verification box on PayPal to complete the linking process.
- Step 9: Once this step is completed, you can now withdraw money from your PayPal to your Payoneer bank account by completing the following steps:
- When you are logged into your PayPal account, click “Transfer Money” under the PayPal Balance option.
- Next, select, “Transfer to your Bank”
- A window would pop up to inquire how you want the transaction to be done. Select the method you want, input the amount you want to transfer, and press next.
- A preview window would come up for you to confirm the transactions.
- There is a “Transfer Now” button that if you select would complete the transaction.
How Long Does It Take to Withdraw From Paypal to Payoneer
The time it would take to withdraw money from your PayPal to Payoneer account would depend on the method you select. After selecting the “Transfer to Your Bank” option, a pop-up window would be brought with two payment options.
You would be given the “Instant” and the Standard” options. By selecting the “Instant Method” you would be charged a 1% fee for the amount and the payment would be made instantly. On the other hand, if you choose to go with the “Standard”, no fee would be charged but it would take up to 3 days before the transfer is received.
PayPal and Payoneer are two big online Payment platforms with each offering certain perks. Your choice of which to use would depend on your needs. If you need it strictly for your business, Payoneer would be the best. Whereas PayPal helps make transactions possible between family and friends.
PayPal does not give support to Payoneer or other third-party platforms. However, there are times you need to withdraw your funds from Paypal to Payoneer. To do this, you would need a U.S. Bank account provided by Payoneer. By following the step-by-step guide given, setting up and ultimately transferring should not be difficult.