Over last couple of months, I have been sharing information regarding Payoneer and PayPal here on my blog. For a month or two, I have stopped posting about these services as the needed information is already there in posted content. But today I once again felt the need of writing another tutorial on how to withdraw money from PayPal to Payoneer. Although the procedure is simple, but there are several Payoneer account holders who face difficulties in transferring their money from PayPal to Payoneer.
I receive a lot of emails each asking me about how to transfer money from PayPal to Payoneer. So I’m writing this post to help you out in moving your money from PayPal to Payoneer. This tutorial will help you learn about this transfer process and after reading this post, you will hopefully be able to perform the task of money withdrawal with ease.
I’ll assume that you have already signed up for Payoneer MasterCard® and have received it. Once your Payoneer card is approved, a virtual account is created for you in Bank of America by Payoneer and details including the routing number and account number are emailed to you. These details can be found under “Receive Money>US Payment Profile” in your Payoneer account’s dashboard too.
Although I have shared a post previously on how to link your Payoneer account with PayPal, still I’m repeating the procedure here to make your task simple. So to enable funds transfer from PayPal to Payoneer, you need to complete below steps.
1. Link and Verify US Payment Service’s Bank Account: In first step, you need to link your Payoneer account with PayPal. If you have already done it, skip this step and read instruction 4. Otherwise go to your Payoneer account and find the routing number and bank account number under “Receive Money>US Payment Profile” as shown in above screenshot.
2. Add Bank Account to PayPal: Note down the routing number and account number and go to your PayPal account. In your PayPal account, go to Profile>Update Bank option and then add a new bank account. Select the option saying “Verify in 2-3 days” and then provide the routing number and account number. Select account type as “Checking”
3. Verify Bank Account: Once you will add routing number and account number to PayPal, it will send two test amounts to your Payoneer account. You need to check your Payoneer account after two or three days. Once the test deposit is there, note down the amounts, again go to PayPal and enter that amounts to verify the bank account.
4. Withdraw Money: After your linked bank account is verified, you can now withdraw your PayPal funds to that account. The money withdrawn to the account will be loaded to your Payoneer card. To withdraw the money, go to “Withdraw” option in PayPal dashboard and withdraw the money to your linked (Payoneer’s provided) bank account.
PayPal will process the transfer and money will reach in your Payoneer account within two or three business days.
If the two accounts fail to link between, you need to check and confirm two important things. Firstly, the PayPal account should be created by selecting US (United States) as country as Payoneer’s provided bank account is virtually created in Bank of America. Secondly, your names on both accounts should exactly match.
Still facing any issues? Let me know in comments.