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withdrawing funds from paypal to debit card - can it be payoneer?

Discussion in 'PayPal' started by Lorelei, Aug 19, 2008.

  1. #1
    I am in one of the countries where paypal allows withdrawing funds to either US bank account or debit/credt card.

    i read on answers that u can verify your paypal account with payoneer BUT you can't withdraw ur funds to Payoneer card. can anyone confirm this please?
     
    Lorelei, Aug 19, 2008 IP
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  2. eddy2099

    eddy2099 Peon

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    #2
    At the moment, there is no way you can withdraw to a Payoneer Mastercard even if the option is available in Paypal as it is a spending card.

    However, they are beta testing a Virtual US Bank account option which you could use to withdraw from Paypal but at the moment, there is no available option apart from waiting for that day to happen.
     
    eddy2099, Aug 19, 2008 IP
  3. Nitin Gupta

    Nitin Gupta Peon

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    #3
    I had talks with both Paypal and Payoneer.. Payoneer is currently not accepting the deposits via Paypal.. You can fund your payoneer card via Bank Wire / Check / Cash or Western Union
     
    Nitin Gupta, Aug 19, 2008 IP
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  4. Lorelei

    Lorelei Notable Member

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    #4
    thanks for your replies guys!

    so basically i cant withdraw to ANY debit card.
    does anyone familiar with the paypal's debit card? it seems like the ideal solution since there is no need to withdraw funds, they are automatically available on the card without withdrawal, but can it be applied to outside the US?

    its not very convenient that paypal allows withdrawal to US bank and not to a local one, because if you live outside US, how fat is the chance u will have bank account there.
     
    Lorelei, Aug 19, 2008 IP
  5. scribe

    scribe Peon

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    #5
    You mentioned that in you country paypal allows withrawal to either US bank account or debit/credit card. Since it's not practical for you to get a US bank account, I suggest you get a debit card from your local bank. One that is visa or mastercard electron. I got my paypal verified with my local bangkok bank ATM card and also can withdraw paypal funds to that card. But with your case I can't help much because I don't know exactly where you came from. In the Philippines paypal is now verifiable with one of the international banks and it happened only this year. I hope you get to figure it out soon.
     
    scribe, Aug 19, 2008 IP
  6. eddy2099

    eddy2099 Peon

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    #6
    The Paypal Debit Card is only available to US Residents and no one else at the moment.

    Some VISA card allows you to get loaded by a 3rd party if the banks allows it but I have not heard of any Mastercard with that facility and the Payoneer card is a Mastercard.

    Why not just wait for Payoneer to open up the Virtual Bank Account option or if you are an active member, write to them about joining the closed beta.
     
    eddy2099, Aug 19, 2008 IP
  7. Disguised

    Disguised Notable Member

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    #7
    Just a bit off topic, do you have any clue when Payoneer's virtual Bank is going live? Just curious
     
    Disguised, Aug 19, 2008 IP
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  8. eddy2099

    eddy2099 Peon

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    #8
    No, I don't and you be sure that I would mentioned it when I get the news.

    However if you ask me, I would think it would probably be some time before the end of this year. So of the last few weeks, the system has been working flawlessly. I believe that most of the bugs have been fixed.
     
    eddy2099, Aug 19, 2008 IP
  9. pachecus

    pachecus Well-Known Member

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    #9
    I used to withdraw money from paypal to my getafreelancer account and then from GAF to payoneer, its the only way I know at the moment to get money from paypal to payoneer :)
     
    pachecus, Aug 19, 2008 IP
  10. Radz

    Radz Notable Member

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    #10
    Thats good.. news.. it means people who don't live in USA can open Virtual USA Bank Account, Right?? Correct me if i am wrong.
     
    Radz, Aug 19, 2008 IP
  11. eddy2099

    eddy2099 Peon

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    #11
    Yes that is right. The service will be uselss for US Residents as they can get full fledged bank accounts which is not virtual.

    The Payoneer Virtual US Bank Account is a Receive Only account and cannot be use to remit funds to others and the only way to withdraw the funds is through the payoneer mastercard.

    I've done several withdrawal from Paypal and Regsoft which works without a hitch. In fact with Paypal, there is no minimum withdrawal sum and there is no fees. However, use this option only if your country is a Send/Receive supported country for Paypal.

    I do hope that with this option, it does not create a loophole for people who are not from a paypal supported country or one which is not approved to receive funds to sign up for this and create problems for the rest of us.
     
    eddy2099, Aug 19, 2008 IP
  12. Radz

    Radz Notable Member

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    #12
    Off course It will be improved in future, It would be more than good If they Allow Direct Deposit or Clickbank Income & Similar Affiliate Networks...
     
    Radz, Aug 20, 2008 IP
  13. eddy2099

    eddy2099 Peon

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    #13
    Well, the Payoneer Virtual US Bank Account accepts funds via ACH and if those other services allows you to send your funds via ACH, it would work.
     
    eddy2099, Aug 20, 2008 IP
  14. pikemanqn

    pikemanqn Guest

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    #14
    I think we should find the way to get real US bank rather than virtual. But can VMI send out fund via ACH ?
     
    pikemanqn, Aug 20, 2008 IP
  15. penforhire

    penforhire Guest

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    #15
    Just apply for a debit card in a local bank, if you're not from US.
     
    penforhire, Aug 20, 2008 IP
  16. Lorelei

    Lorelei Notable Member

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    #16
    thanks for your reply eddy!

    So basically the vrtual us bank account will be there to solve the paypal problem in the "less" supported countries where you can't withdraw to a local bank, am I correct?

    In this case (again, if i get it right), one can withdraw funds from paypal to the virtual US bank account by payoneer and then, from this virtual account, send money to the payoneer card? will paypal allow usage of virtual account, since the account normally has to be verified by address or test deposit.

    Again, like I said, I am in Israel and having the facility to withdraw funds to US bank account is useless. I will be looking forward to this virtual accounts thing.

    One problem with payoneer though is that its not easy to receiving payments from clients. Someone wanted to pay me a few days ago from his credit card to my payoneer, and not only the form asking him for last digits of SS#, but also for a federal photo (or something like that). i understand they try to reduce fraud and want to know who are they dealing with but making so many obstacles only reduces the number of potential transactions, which is a shame and brings us back to good ol' paypal.
     
    Lorelei, Aug 21, 2008 IP
  17. eddy2099

    eddy2099 Peon

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    #17
    I've added the Payoneer US Virtual Account to my Paypal account and completed the verification process which included the two test deposits (in fact, I still have the money for the deposit in my account). The Virtual Bank Account status is now listed as Confirmed. I've actually made 5 deposits of varying amounts from my Paypal accounts and have received the money without issues.

    In my case, I do not really need the Virtual Account but it is a nice way of funding my Payoneer Card as I do make US purchases and keeping the currency in US$ would save me the foreign exchange fees.

    Since Payoneer is pretty much an Israeli company and you are from Israel, perhaps you could write to them to see if you can be included in the closed beta grouping.
     
    eddy2099, Aug 21, 2008 IP
  18. Radz

    Radz Notable Member

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    #18
    Very nice, need some clarification here..!!

    Is your PayPal account is a US PayPal?
    If not How did you added a Virtual USA Bank Account to a NON US Account, Do they allow it?
    Can you Do like that.. PayPal -> Virtual USA Bank Account -> Payoneer Card OR Direct Bank Deposit -> Local ATM Machine Withdraw
     
    Radz, Aug 21, 2008 IP
  19. eddy2099

    eddy2099 Peon

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    #19
    First thing first, if you read all my posts here, I do not advocate using fake information and since I proudly state that I am from Singapore, my Paypal Account is a Singapore based account with my Singapore Address and everything Singaporean in there.

    Well, to your second question about me adding a US Bank account to a Non-US Paypal account. It is definitely allowed.

    Check out https://www.paypal.com/us/cgi-bin/webscr?cmd=_display-approved-signup-countries-outside

    You see that in my case, Singapore is listed in the Send / Receive /Withdraw country which reads

    This means that I can withdraw to my local bank account (which I am doing) and to a US Bank Account (which the Payoneer US Virtual Bank Account would qualify since it is issued by the First Bank of Delaware in the US). I however cannot withdraw to a card as Singapore is not one country which supports that.

    So in short, if your country is listed as one which can withdraw to a US Bank Account, you would be permitted to do that without penalty.

    As for your third question, Paypal allows you to withdraw via Automated Clearing House (ACH) or Electronic transfers to a US Bank account and since Payoneer Virtual Bank Account only supports ACH receipts, it works perfectly for this purpose.

    So yes, I withdraw from my Paypal Balance to my Payoneer Virtual Bank Account via ACH and the money would be deposited to my Payoneer Mastercard account which I could use to spend online or withdraw through my local ATM machine.
     
    eddy2099, Aug 21, 2008 IP
  20. Lorelei

    Lorelei Notable Member

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    #20
    thanks again for your reply eddy! i'd prefer to wait for official release since u say it will be in about 4 months from now. :)

    i have one more small question tho, slightly offtopic but since it was mentioned i thought i'd ask. once u withdraw money from the virtual account to ur payoneer card, the funds are in USD. now, u go to a local store and want to pay with ur card, they cant charge u in USD, only in the local currency. do u need to convert the funds first to the local currency (online), before u go shopping? or is it ok, as long as it subject to the exchange rate and covers the spending amount?
    not sure if i am making myself clear but here (israel) if u have 10k in USD and zero in local currency, u cant withdraw in ATM or pay, unless u convert to the currency u want to use.
     
    Lorelei, Aug 21, 2008 IP