The moment FINALLY ARRIVED! Payoneer introduces Bank Withdrawals to Pakistan

In what appears to be the latest strings of updates, Payoneer has finally introduced a major feature that Pakistani freelancers were eagerly waiting for:

Payoneer has introduced bank withdrawals of funds for Pakistani card holders.

While Payoneer has already introduced this feature to a number of countries, it wasn’t until 17th June when a few freelancers spotted this feature and reported on groups and forums on social media. Soon thereafter, this news went viral. Although confirmed, we have YET to hear an official press release from Payoneer.

For those of you who don’t know what Payoneer is, it is an international payment gateway for freelancers and affiliate marketers that provides alternative for payments and transactions other than Paypal. So far, as per Payoneer’s official statements:

Pakistan has the highest number of Payoneer users worldwide. Payoneer Forum, Lahore, 2016

That was just important to make sure that bank withdrawals as an option becomes available for Pakistani freelancers.

Bank withdrawals to Pakistan by Payoneer

This is a BIG achievement AS WELL AS a facility for freelancers residing in Pakistan as it enables them to withdraw large funds to their bank accounts. While the payment gateway provides a prepaid mastercard to instantly withdraw funds (article link is here), there is a catch to it:

  • Maximum withdrawal limit in PKR for ONE transaction is PKR 20,000.
  • Charges are $3.25 for EVERY withdrawal
  • ONLY 3 banks are allowing Payoneer ATM card withdrawals in Pakistan, Bank Alfalah RED branches, Standard Chartered Bank and MCB.
  • Withdrawing several times results in multiple currency conversion and withdrawal charges

But how does it work? If you haven’t yet, use THIS link to sign up for a new Payoneer account (You will receive $25 cash bonus once you receive a $100 payment). If you have a payoneer account, simply log in using your ID and password. Now click on “Withdraw to Bank”

On the next page, enter in your card details and click Next. Now, enter in your bank account details and you will have the bank confirmed within few business hours! Once confirmed, just initiate withdrawal to bank and your USD/GBP or EUR currencies will be withdrawn in PKR. Do note that as per Banking Rules and Regulations as set out by the State Bank of Pakistan, YOU WILL BE charged up to 3.5% currency conversion charges on the total amount of withdrawal.

Yasir Saeed

A tech enthusiast, blogger and all things tech geek, I am Yasir Saeed from Pakistan, somewhere in my mid 20's. I write how-to-guides and other tech topics for you on my personal blog at yasirsaeed.com.

  • Hello Yasir, is there any official statement from State Bank of Pakistan to confirm that they will charge 3.5% on every withdraw?

    • Yasir Saeed

      dear state bank does not charge this amount but i have been using skrill and since last year they introduced a policy of not processing USD withdrawals anymore. They will process USD in EUR first at 3% and then in PKR at 0%.

      This is a standard policy now. Even payoneer charges you 3% currency conversion rates. Regards

    • No need for statements dear. I have been withdrawing funds from Payoneer and Skrill since many years and there is a 3% to 3.5% currency conversion charge on the USD?:PKR exchange rate