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.
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 Once confirmed, just initiate withdrawal to bank and your USD/GBP or EUR currencies will be withdrawn in PKR.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.