Save More from Your Payoneer Withdrawals
Even though I prefer to use the Payoneer card for purchase, I find so many Filipinos asking around how to save more on Payoneer withdrawals. I did not want to get the “insufficient funds” message seen whenever I decide to take some funds out, so I decided to fix some amount left in the Payoneer account: I highly recommend leaving around P500 in the account instead of getting the whole amount out.
However, ATM machines are different. There are some machines that allow a higher withdrawal limit than the others. I’ve discovered that the limit imposed on machines is not dependent on the bank or the location of the machine. For instance, I found few BPI ATMs which allow a lower withdrawal limit while the rest of their bunch allow higher withdrawals.
Here is what I have to say about getting more from each cash withdrawal from the Payoneer card:
- Determine which ATM machines allow higher withdrawal limits, if you plan to withdraw higher amounts exceeding P4,000. Some say the withdrawal limit has to do with the bank, I’ve also heard others that the limit has something to do with the location of the ATM. However, it really pays to ask the bank personnel or the guard-in-charge on which ATM machines allow higher withdrawals. The limits are often dependent on the model of ATM machine installed in the area.
- Do a balance inquiry first. Balance inquiry is always free and it is often helpful to determine the amount of money in Pesos that is funded in the account.
- Choose SAVINGS over current account option when doing balance inquiry or withdrawals. You’ll still get slapped with $0.90 charge when you choose the incorrect option.
- Leave P500 in your Payoneer account. Do a quick mental computation after a balance inquiry. You cannot withdraw everything in your account. Despite having a $2.15 withdrawal charge that Payoneer takes away, leaving P100 or even up to P300 will still give you “insufficient funds” error with each withdrawal.
- You can still use the P500 amount left in the card to pay for purchases in department stores, supermarkets and other stores as long as these merchants accept Mastercard payments.
- It is possible to pay the remaining balance of the card for a purchase that is worth more than the amount stored in the card. A card with P400 left can still be used to pay for a P600 item by telling the cashier to withdraw off funds from the card then add P200 more to pay for the purchase.
- The $3 maintenance fee can be reduced to $1 maintenance fee by having more than two Payoneer transactions in one month. Instead of doing a set of load and withdraw transactions in a single month, use the card to pay for some purchases too.
dyann
November 15th, 2008 at 12:49 pm #
“Leave P500 in your Payoneer account. Do a quick mental computation after a balance inquiry. You cannot withdraw everything in your account. Despite having a $2.15 withdrawal charge that Payoneer takes away, leaving P100 or even up to P300 will still give you “insufficient funds” error with each withdrawal.”
will i leave P500 or P500 + $2.15?
Rio
March 31st, 2009 at 12:46 am #
Can i use payoner mastercard in my country Indonesia?
melvin
August 27th, 2009 at 2:52 pm #
thanks bro that’s a big help 4 me
Mohamed Hosny
October 10th, 2009 at 6:37 pm #
Hello,
I have a oDesk Debit Mastercard can you tell me how can I use it in my country EGYPT.
My balance on oDesk now is: $217.74
Please help me..
Thanks,
Mohamed
Gem
October 14th, 2009 at 9:05 pm #
No, sorry.. only people who came from your place (Egypt) are in the best position to help you out.
Areej
October 29th, 2009 at 8:55 pm #
hello, it’s me again..hehe
ayun nakuha ko yung odesk card ko matagal na..pero ngaun lang ako nagdecide magwithdraw.. i didn’t withdraw all the money, nagwithdraw lang ako ng $51 from odesk,nabawas na jan yung $2 withdrawal fee ng odesk pero buti na lang wala ng activation fee na binawas..so after 2 days ng withdrawal nakuha ko na sa card ko yung money.. naginquire muna ko ng balance and ang lumabas na balance ko is P2465.. following your advice, nagwithdraw ako ng 1900 para may 565 pa na matitira.. ng nawithdraw ko na tas chineck ko yung balance ko ang natira sakin 355 na lang..i know they charge 2.15 per withdrawal pero hindi ko alam kung sa iwiwithdraw ko na money kukunin yun or dun sa remaining balance..
kung sa remaining balance tas icocompute ko following the dollar-peso exchange rate, $2.15 to pesos is 102.62..pero bat ganun 210 yung nabawas sakin?buti na lang hindi naginsufficient funds..
anyway, nagtaka lang naman ako baka may nagawa akong mali..P210 is still a huge amount of money..
thanks for all the help,your blog is really helpful
)
JulzRyu
January 13th, 2010 at 4:58 pm #
Hi there! I just got my oDesk Payoneer Debit card today and I need some help in putting fund (load) to it. Are there alternate ways if I don’t have a credit card? Thanks.
Gem
January 14th, 2010 at 11:16 am #
Some people tried loading funds to it using their own credit/debit cards. Sadly it seemed that Philippine-based cards don’t work. The best option is still to get that loaded via oDesk earnings.
burgeon
September 17th, 2010 at 12:18 pm #
You said:
Avoid $2.15 w/drawal charge by using the payoneer card to purchase goods/services.
What about the $1.0 maintenance fee. How do I avoid incurring this?
BTW, your blog was really really helpful for Odesk newbies like me. I am very hesitant to make my first withdrawal because of the accompanying payoneer charges.
Do help me please by giving your opinion on the maintenance fee. Thanks!
mimi
November 16th, 2010 at 3:13 am #
i have been trying to use my payoneer mastercard to make purchases online but it always comes back that my card has been declined.. another thing thats bothering me is that the money left in my account is kinda fluctuating, one minute its at 54.69, another minute its at 55.97.. weird. does this have something to do with the exchange rate? i dont really understand..