The two most prominent ways to exchange currencies internationally are Paypal and Payoneer. This article is for you if you intend to transfer money from Paypal to Payoneer and have active accounts on both platforms.
You have to go through several steps before initiating a money transfer from your Paypal account to your Payoneer account. Otherwise, your transaction request would be turned down.
Let’s plunge in and learn how to withdraw your funds from Paypal to Payoneer effortlessly.
Here are some facts you must consider before requesting a fund transfer from PayPal to Payoneer. This will help you avoid transaction failures.
- You must have legally verified and active PayPal and Payoneer accounts for fund transfers.
- Both accounts should be supported legally in your residing country.
- Since transaction fees are required for a high amount of currency withdrawal, your PayPal account must be sufficiently credited.
- Except for USD withdrawal, transferring foreign currencies requires an additional conversion charge.
- Withdrawing funds from Paypal to Payoneer is not instant, especially on the first attempt. Hence, schedule the time of your withdrawal accordingly.
How To Withdraw From PayPal To Payoneer?
Now that you are all set up, let’s walk you through the process of withdrawing from Paypal to Payoneer.
Unlike bank and wire transfers, fund transfer from Paypal to Payoneer is not possible. creating a Payoneer account provides you with a USA-based virtual bank account, Paypal recognizes it as a bank account for direct fund transfer.
First log in to your Payoneer account from the Payoneer website and from the home page go to the Payoneer Customer Support page. A new window of the Payoneer Customer Support page will pop up. Select the “Send Payments/Withdraw To Banks” option at the center of the interface.
From the next page select “Withdrawals/Bank Accounts” which will redirect to a page with multiple pre-generated queries. Select “How to withdraw from a bank account?” and click on “Contact Us” to start a live chat with a Payoneer representative.
Fill up all the credentials carefully and in the subject box write in the topic that you want to transfer funds from Paypal to Payoneer and tap on “Submit”. In the new window, you’ll be connected to a Payoneer representative in a live chat.
Ask your customer care representative to activate the “Global Payment Service” for your Payoneer account. After proper verification, they will send your request and it may take around 1-2 hours to process the request.
After verification, your Payoneer account will have “Global Payment Service” activated. From your Payoneer homepage select “Receive” and click on “Global Payment Service”.
On the next page, you will see a new virtual bank account has been created under your Payoneer account. Click on it to get all the details such as account name, account number, routing number, account type, and beneficiary name.
Copy all the details carefully and paste them into a notepad. After that, open a new PayPal webpage and log in to your account. Select “Wallet” and click on “Link a bank account”
A new tab will open with a form asking for the account number, routing number, and account type. However, tap on the “Link a U.S bank instead”.
Nextly fill up all the credentials you got from Payoneer Global Payment service earlier. Lastly, click on “Agree and Link” to link your Payoneer to your PayPal account.
Here comes the moment you’ve been waiting for. After successfully linking Payoneer with Paypal, transferring funds is no big deal. Open your Paypal home page and under the balance, you will get a button called “transfer Money”. Now, click on it and wait for the next page to open.
You’ll be presented with all the bank accounts linked with your Paypal. Click on the bank account criteria you get from the Payoneer Global Payment Service. If your Paypal to Payoneer fund transfer requires a charge, the amount would be shown adjacent to each option.
In the next step, input the value of the amount of money you want to transfer to your Payoneer. Note that your Paypal balance must be funded with a total balance including the charge it requires as a platform fee.
You’ll be redirected to a page showing a review of your transaction request from Paypal to Payoneer. Review all parameters to ensure everything checks out and click on the transfer now button.
Finally, your request will be processed and it may take around 1-3 business days to confirm the transaction.
Keep an eye on your emails to get confirmation mail about successful withdrawals. However, your Paypal and Payoneer dashboards will update you by giving notifications as well.
Once you’ve withdrawn money from Paypal to Payoneer, it becomes very easy to cash it out. All you need is to top-up your Payoneer Mastercard from your Payoneer account and use it in any Mastercard-enabled ATMs around the world.
To withdraw money from your Paypal e-wallet to in-hand cash, Payoneer is a much more suitable option. To do that you must have a legally verified Payoneer account. Nowadays, it has become quite tough to create a Payoneer account.
It is because you must be of legal age and must possess tons of documents to provide to Payoneer for verification. But if you are a student or require a fund transfer from Payoneer to Paypal you can avoid all these hassles by buying one.
Hence, you can buy US Payoneer account from trusted sellers who ought to provide quick delivery with complete transparency and attractive sale packages.
Get to know more about effective Paypal to Payoneer withdrawals from the following answered questions.
Can I use Payoneer to withdraw funds from PayPal or other e-wallets?
You cannot directly withdraw funds from Paypal or other e-wallets using your Payoneer account. However, you can link a common bank account to both payment providers which acts as a medium for fund transfer to and from Payoneer.
What fees are involved in withdrawing from PayPal to Payoneer?
The charges or fees vary depending upon your amount of fund withdrawal request to Payoneer from Paypal through a common bank account. However, it may cost you around 3-4% of the total amount of funds you request to transfer.
It takes around 1-3 business days or 24-72 hours to complete a transaction from PayPal to Payoneer. The transaction follows a series of steps and verifications which makes it quite lengthy as compared to other currency-transferring methods.
Is currency conversion fees applicable to transfer from PayPal to Payoneer?
To get your fund transferred from USD to other currencies Payoneer may charge a specific amount of fee according to the terms and policy. The fee can be around anywhere between 3.5% to 4% depending upon the amount to withdraw.
Lastly, we can say withdrawing from PayPal to Payoneer requires many pre-requisite obligations to be completed beforehand the transaction.
Having a verified Payoneer account with a Global payment service enabled is one of them.
If you do not have one, you can always buy US Payoneer accounts from trusted platforms affordably and save a lot of money to get your withdrawal swiftly.