Payoneer now offering direct bank transfers to local bank accounts

Hi everyone!

As some of you already know, a while ago we beta-launched a new service where, instead of receiving payments to their MasterCard cards, our payees could receive their payments directly to their bank accounts.

We are very happy to say that this new service is going really well and is now open in 30 countries worldwide (listed below)! Within the next couple of weeks, we will be opening this service to the rest of the world (almost every country).

The Local Bank Transfer Service costs either $5.95 or $9.95 depending on the country you live in. It is currently available for several of our partners, but new partners are adding this service every week, and hopefully everyone will soon.

If you are signing up for a new Payoneer account, when you choose Payoneer as your payment option, you will see two choices:

1) Sign up for the Payoneer MasterCard

2) Sign up for Payoneer's direct bank transfers

Just choose your country from the the bank transfer drop down list, click continue, enter the information requested, and you're done! Payments will arrive directly in your bank account in your local currencies.

The countries currently open for our Local Bank Transfer Service are:

Australia - AUD
Belgium - EUR
Bulgaria - EUR and BGN
Canada - CAD
Cyprus - EUR
Czech Republic - CZK and EUR
Denmark - DKK and EUR
Estonia - EUR
France - EUR
Germany - EUR
Greece - EUR
Hungary - HUF and EUR
India - USD and soon INR
Ireland - EUR
Israel - ILS
Italy - EUR
Latvia - LVL and EUR
Malaysia - MYR
Netherlands - EUR
Norway - NOK and EUR
Philippines - PHP
Poland - PLN
Portugal - EUR
Romania - RON and EUR
Slovakia - EUR
Slovenia - EUR
Spain - EUR
Switzerland - EUR and CHF
UK - GBP

Like I said, if your country isn't on the list yet, it most likely will be in the next few weeks.

This is a great solution for those of you who don't want to rely on an external debit card for your funds, but don't want to wait weeks for a check or pay $50 for a wire transfer. The funds go directly into your own bank account, so you don't have to worry about any eWallets or any extra fees anywhere.

If you are a partner who would like to add this option for your payees, just contact your account manager and we will enable it for you. If you aren't sure who your account manager is, just email me and I will get you in touch with them.

Have an awesome day!

 

Pakistan is not in the list please add Pakistan you know you are collecting a reasonable revenue from our country so please add it in your list ASAP!!!

 

We just added 13 more countries today for local bank transfers:

Sweden
Mexico
Singapore
Japan
Turkey
Thailand
Malta
Finland
Austria
Lithuania
New Zealand
United Arab Emirates
Brazil

Another 168 countries, including Pakistan, now have the SWIFT option open.

 

what are the charges of your services???
Can you let me know the details?

 

MoneyBookers is sending money via SWIFT transfer to Bangladesh for a flat fee of about $2-$3. Can you lower the fees like them and add Bangladesh in your list? Then we'll take this service too in our partnership with Payoneer to pay our payees.

 

I am from India.Can our clients pay to our Payoneer account by Paypal or not?

 

@Reihaan: As mentioned in the OP, the Local Bank Transfer Service costs either $5.95 or $9.95 depending on the country you live in.

@Card: We do not currently accept payment via PayPal to the prepaid cards, and due to regulations by the banking authorities in India we cannot issue a MasterCard to Indian residents. You can, however, apply for the Local Bank Transfer option (which has been available to Indian residents since the issue with MasterCards began).

 

I lost my Payoneer card, What should I do now?

 

@Nissim-payoneer
1) What is the transaction fees for withdrawal to india? is it amount based or flat?
2) how long does it take for you to send money to local indian bank after its requested?
3) Do you have any conditions to this local bank transfers to india after the mater card fiasco? like police like verification of documents and all other shitty delay like shitty paypal ad stuff?
4) Also can indian residents apply for the new virtual bank account service you have launched?

Kindly be detailed with weblinks as much as possible.
Thanks

 

Please contact our CS department at http://www.payoneer.com/contactUs.aspx and let them know asap, and they will assist you. You can also call to report a lost/stolen card at 1-­(646) 386-­2434

The flat fee charged by Payoneer for India is $5.95, and is processed as a local bank transfer, so standard processing times apply (once we receive the payment we process it automatically as a local bank transfer). We do not have any special conditions or requirements for India. The MasterCard issue is one regulated by the Indian government and local banking authorities. The US Virtual Account, unfortunately, is available to prepaid card holders only and therefore is currently unavailable to Indian residents (as we are prohibited by the Indian government from issuing MasterCard cards to Indian residents).

 

Hey nissim, I want to ask you one detailed question. I REALLY want you to answer this in detail and with clear cut info. PLZ !
Kindly answer pointwise:
1) How exactly indian govt came to know that you have issued cards to indian customers and how did they contact you? I mean did they came to know about that from transactions done over atms or something else?
2) As far as i know, ATM's only check the card brand (Visa/ MC/Amex/etc) and then validity using card number and balance (using internet connectivity), how come indian govt comes to know that its payoneer card?
4) We know that payoneer cards do not work now on indian atm's but IS that bcoz ATM's in india have been blocked to payoneer cards or is it that payoneer has stopped functioning of payoneer cards issued to indians? I think the latter is right bcoz you yourself have said that foreigners can withdraw money in india from their foreign payoneer cards...am i right?
5) Just like above, does it mean its actually the responsibility of card issuer to know the guideline of RBI and not issue/allow use of cards issued to indian residents ? and as long as issuer doesn't block anything, those cards can still be used by indians over the indian ATM's?
6) Further just like MC, has there been any effect on visa cards too issued by foreign firms to indian residents?

Would be waiting for reply
Thanks

 

@DumpPayPal: If I wasn't clear, I apologize.

The issue in India has nothing to do with Payoneer specifically, it effects all MasterCard cards. If a non Indian resident with a Payoneer card tries to use it at an ATM in India, it will work.

At the moment there is no way around this. There are rules and regulations we must adhere to, set by MasterCard, our issuing bank, and by Payoneer. Since the issue began, we have made the local bank transfer service available to Indian residents.

Thanks,

 

Nissim . NO NO you dont need to apologize at all. Its a new set of questions actually.
Can you kindly answer point-wise to all of them? You last answer was bit too concise!

 

I can't really speak as to the specifics of the situation as it's not something that involves me directly. If there was anything we could do in regards to this situation we would have, and if there are any updates we will be sure to post them. As for VISA cards, I can't really say, it's not an issue I'm directly involved in or have detailed information on.

 

Does it work like bank account?

 

The service allows you to receive your payments directly to your bank account, available in 35 countries for local bank transfers and an additional 168+ via SWIFT.

 

As per the first post, mentioning 35 countries with local bank transfers, it is written that
"India - USD and soon INR"
When you say USD, you mean you deposit USD's in our bank accounts? Thats not possible for every bank account. I mean some banks will open a USD balance along with INR balance and may even ask for charges. What exactly are you doing for those payments? If you are sending money from abroad (then it will be called a SWIFT or Bank wire)

Further when you say "soon INR" has it been implemented? if not, how long that can take?

Thanks

 

Hey,

Great question

Local bank transfers for India (INR) are now available.

Indeed, as you mentioned, the USD transfers would be considered SWIFT transfers. I believe if sent in USD and you don't have a USD bank account, the funds will simply be converted to your local currency (though you should check with your bank).

Thanks

 

Oh thats nice.
If USD's are converted its a general rule in india in almost all banks to provide crappy conversion rates, so freelancers must have been getting hurt till now.
1) Anyway is there any special thing we need to do to get in INR ? or INR is the default and only option?
2) Also when INR's are getting deposited, are they coming from some indian bank account or what?
3) When did INR update started working?
4) One more thing, do we need to be a permanent resident of a country to open payoneer account in that country or even if we are on temporary deputation/job, we can apply there?

 

Hey,

To answer your questions:
1) Local bank transfers (in the local currency) will always be the default option. If you signed up for SWIFT when the service first launched and we since launched local transfers for your country, we will be automatically transitioning all accounts to the local bank transfer option.
2) For countries in which we offer the Local Bank Transfer service, as opposed to SWIFT, you are getting just that: local transfers in your local currency.
3) Every local transfer service is tested to confirm everything is working properly. The INR update was made quite some time ago, though I am unsure of exactly when it went live.
4) While you do not need to be a permanent resident of the country, we may require that you show proof of connection to the account (show that you are the account holder and that it is indeed valid)

Thanks,