Delving into the Payoneer Virtual Bank Account
UPDATE: Please wait for the official announcement from Payoneer for their virtual bank account service. This service is not yet available in most Payoneer account holders and is still in its pilot program where Payoneer selected a number of account holders to take part of this new service. Payoneer is aware that I am writing about their stuff and they had permitted me to blog about this so that Payoneer users are aware of this upcoming service.
I have encountered some Filipinos especially those who are new to freelance internet jobs who are wary of using the Payoneer card as a method of receiving payments. I find it a great way for me to receive payments and what even amazes me is that they come up with new ways that can benefit us – such as the Paypal to Payoneer withdrawal arrangements.
I was participant in their pilot program which involves tying up the Payoneer card to a virtual bank account. As I was able to do the test transfer successfully, I was greatly satisfied with the service because the transfer was very fast. Paypal to Payoneer transfers only took two working days before it was funded into my account. Best of all, the transfer is entirely free - at least for the pilot program – but the fees involved in the transfer is yet to be determined by Payoneer.
This service will go live within the next few months and will be available for any Payoneer account holder. The new services does not come automatically for existing Payoneer users: registration is still needed to avail of this cool new service. Although the transfer that I had made was with Paypal to Payoneer, anyone who wishes to fund their Payoneer card can simply put down the bank name, bank routing number and account number to withdraw from online funding institutions such as Paypal.
If the transfer from Paypal to Payoneer card remains to be free after the formal launch of virtual bank account service, then I will consider withdrawing my funds from Paypal into this card. The transfer is a lot faster for me: it takes me three or more days for Paypal to Unionbank transfer but with Paypal to Payoneer the transfer only took me two days. The transfer time depends on which institution does the transfer – thus Paypal to Unionbank transfer is longer because the money has to be cleared from one country to another while Paypal and Payoneer are both on US soil, so it follows that the transfer is a lot a faster than the latter.
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btw neat blog you got there TLP...
hi!pls do email me the routing number of payoneer i need it thanks!!!godspeed
hi thank you for this nice post:) pls help me using the virtual bank. I just linked my paypal to my payoneer to be able to withdraw money today:) pls help. just add me up: bogchiholic@yahoo.com. thank you so much:)
-jacq-
how to link paypal to payoneer?
Hello @eltoro2k8 and @jacq
Payoneer has to ENABLE first the services menu of your account so that you can start with the virtual bank.
Once that services menu is enabled then you should be able to see the routing number of the bank that Payoneer is working with.
As of now this is a pilot program that Payoneer has enabled to a few select Payoneer accounts.
hi gem i already loaded my cheque on payoneer.. and i just need the routing number…
how will i know hte routing number of payoneer???? is it the new york stuff of address.???i already search it on google and your blog is more detailed hope u’ll reply soon!!!thanks and advanced godbless!!!
I have updated my posts that talks about the Payoneer Virtual bank account – please note that this feature is not yet available to all card account holders. It is still in its pilot stage and Payoneer invited me to try out this new feature.
You should be able to see the routing number inside your account, login to your Payoneer account then go to TOOLS section, you should see SERVICES enabled, click on that then click VIEW VIRTUAL BANK ACCOUNT – you should be able to see the routing number together with your assigned virtual bank account.
Please check out about a previous post that discusses this great service by Payoneer.
I’ve tried to give Payoneer the benefit of the doubt but I’m getting angry. I had money transferred to my Payoneer account from Elance on Thursday, July 3, 2008 about mid-afternoon. It did not get transferred until the EVENING of July 8 – five days later. I received an email, clicked through and confirmed the transfer which I was told would happen in two hours – which is why I pay the $4.50 for an “immediate” transfer. After waiting two hours I attempted to get money out of an ATM machine – twice and was told it was not available. I found a computer, logged back on and tried to access the Payoneer site via http://www.payoneer.com as well as through the previous emails confirming my transfer. My money was finally transferred about 9 p.m. – more than 7 hours after I was told it would be and much longer than the two hours guaranteed if you pay the immediate $4.50 charge for “instant” loads.
Meanwhile, before that final load came in (you have to check email to see if it is in – not easy if you aren’t a walking laptop) I could not get through to the Payoneer website or an agent via telephone. For more than two hours the site was down. I was out of town, needed money for gas and could not get anyone on the phone – they close at 5 p.m. and I and could not access the website or reach anyone – even though I emailed. I received an auto response email that someone would contact me. They never did. Now today at 5:03 pm I tried to call Payoneer and was directed to someone who hung up on me without answering. Why was I still calling if I finally got my money?
Because the two times I tried to access money via an ATM my card was declined and I was charged $25 for each time it was declined even tho they told me it was deposited!!! How BOGUS is that? Now I’m in the hole for $57 and change for THEIR FAILURE.
If you don’t have Payoneer – don’t get it. It’s not worth it. Unless you are near a computer to confirm you want the money downloaded once it hits your account it won’t be deposited. Then it will STILL take another 2-5 days even though they promise 1-2 days. And if you try to use the account before the money is in the account – even if they TOLD you it was in there…they will hit you with a $25 per attempt charge!!
BOGUS. BOGUS. BOGUS.
Hey no! I have used that instant load with $4.5 charge 2 times already and after less than 10 min, it becomes available for me to withdraw.
The transfer is too long – if it came from Elance, unless Elance needs to pass through their clearing period. There is a clearing period in oDesk too – a few days before the funds are ready to withdraw.
And the immediate transfer is higher than mine. Immediate transfer always costs $3 and I always get it within two hours.
$25 dollars is too much for a declined withdrawal. It should be only $0.90 for each declined withdrawal (I had declined withdrawals too).
Did this happen once?
http://www.elance.com/p/node/3446
Read the follow up. Shes got it all wrong.
Thanks pointing that out with the follow up link! I followed through the discussion and I see that Elance intervened.
It looks like the fees are different for Elance users and expensive. I use oDesk Mastercard that is also powered by Payoneer, and the set of fees are different.
(you have to login to your account and get the list of fees according to your partner site)
Lately there has been a problem with some oDesk providers who like to get their earnings out of Payoneer.
But I would not say it is bogus, because I had always withdrawn earnings from their site successfully several times!
I have a payoneer card, and i have a problem. I know that we need to load at least $20 before payoneer will run. So I load payoneer thru my Eon Visa Card (meaning from Union account to payoneer) for the $20. And the load was rejected, and the customer support said that I need to received payment from Odesk to payoneer, so that’s what I’m doing right now. And wondering if my payoneer card will work or not?I have to wait for 2 days to see the result.
So my question is, if I am doing the correct way? Coz I have already verified my card, etc. I just need my card to run, and I know we need to have money deposit, only I didnt do it manually, I did it by transferring from my savings account to payoneer thru internet. So kindly advise thru my email: salami252001@yahoo.com, thanks!
Jac
Can i deposit my Adsense earnings directly into my virtual US bank account?
العاب شمس´s last blog ..العاب شمس الدين
In my case I was unable to do that. Thanks for visiting.
Do you know, if PayPal is putting transaction to hold – but reciened money have laready dropped to Virtual Payonewr acc already – is it any refunding if disput solves for buyer part? cuz as far as I know Payoneer virt. account is not accepting funding of PayPal.
thanks
I have funds in my payoneer card and I want to transfer those funds to paypal since I would like to purchase a few items on ebay. Is it possible? If so, how can I do it?
Thanks.
^_^
Try this: add your Payoneer card to Paypal via Profle > add/edit credit card. I was able add my Payoneer card as a backup funding – so you get to spend something even if you run out of funds. There’s no additional charge (as far as I had encountered).
Alright, I’ll try that.
Thank you.
Hey wait! I just tried that and it wasn’t successful.
By the way, here’s the error message from PayPal after trying to add my odesk payoneer card.
“This credit card has been denied by the bank that issued your credit card. For details on why your card was denied, please contact your credit card issuer’s customer service department. Or, you may want to try adding a different credit card.”
You can only move money from Paypal to Payoneer. Not the other way around.
Are you sure? From PayPal to Payoneer? How is that?
I’m working with odesk too and I have always transferred my funds to my paypal which I the withdraw through my Union Bank Eon.
Withdrawing through Union Bank actually takes only 2 banking days. The best way to do it is to withdraw…always..and I mean always to your bank account NOT to your card number.
An Eon account is both a debit card and a savings account. If someone needs their money fast, they should link their Union Bank Eon SAVING ACCOUNT (it’s written on the card, just above the name…do not use the card number) to their paypal for withdrawal purposes.
Here’s a tip, always check your Eon account at between 7-8:30PM on the 2nd banking day meaning: if you withdrew funds to your Union Savings Account say on a monday….check your account (via online is best or you can check through atm) on Wednesday night. So far, 100% of the time, in my experience, the funds are there.
Hope this helps.
yes, that’s right! I totally agree with you but I’ve one question, I made a mistake in withdrawing my first earned money in paypal. I used my eon card number and not my eon bank account number. Paypal declined my first withdrawal due to mismatched info (paypal info vs eon info) so I contacted paypal about this, they actually replied twice about this. by the way, what I’m asking in paypal was that, how or can i refund my money. they replied and sent me procedures which i followed then after that, no more response. have you ever encountered that? what will i do to refund my money?
I haven’t encountered problems like that with my paypal to eon as I used my eon savings acct# to link with paypal. I recommend you follow their procedures and check the status of the funds.
If you have tried that several time and still there’s no response, you better email paypal U.S.,check with Union Bank also if there is anything they can help you with the case.
From what I read on paypal, if there’s a declined withdrawal due to erroneous information, they will refund the amount but it would take several weeks for that to happen plus there’s a transaction fee they will deduct from the refunded amount.
I hope everything works out well.
Okay! Thanks a lot for a very helpful information. Good luck!