PayPal and Payoneer are two different streams. Where funding Payoneer accounts directly with the PayPal account is not possible. There needs to be a third-party connection that connects both the streams and makes it easier to send money from PayPal to Payoneer. Also, there is no way to withdraw from PayPal to the Payoneer MasterCard and Debit Card because Payoneer does not accept anyone other than their partners.
However, it is still possible for you to transfer your funds from PayPal to Payoneer. You either need to have a Virtual Bank Account or U.S Payment Service. I’ll walk you through the complete guideline, which is how you can send your payments, salaries, fees, etc. from PayPal to Payoneer without any hassle.
WHAT ARE VIRTUAL BANK ACCOUNTS?
Unlike traditional banks, you don’t need to write checks or fill forms to make billings. All the operations take place purely online. You can automate your payments, and transfer anytime, anywhere very conveniently with just a few clicks. All you need to have is an internet connection. With virtual banks, you can open a virtual account even if you are not a resident.
B2B Pay IBAN, Transverwise, and Revolut can save a lot of your time and hassle in helping you create your Virtual Bank Account.
CONNECT YOURSELF WITH THE U.S VIRTUAL BANK ACCOUNT.
Virtual Bank accounts convert your money at a mid-market value, and transaction fees take place even before the transaction takes place. Scroll down to get help about how you can use virtual banks to send money from your PayPal account to your Payoneer account.
On approval with U.S payment services, Payoneer will provide you with the details of your U.S virtual bank account.
Bank Name: (Bank You Will Be Registered In)
Account Owner’s Name: (Your Name)
Bank Routing Number: (9 Digit Routing Number)
Account Number: (17 Digit Bank Account Number)
Account Type: (Checking)
- STEP 1: CONNECT YOURSELF WITH VIRTUAL BANK ACCOUNT
You can enroll your virtual bank account in minutes with a Payoneer account. Log in to online/mobile banking with any of the latest version browsers. Like Google, Microsoft Edge, Firefox, or Safari. To keep your data safe and secure while doing online banking. You will enter your similar information on the U.S account as on Payoneer. Make sure it is all legit.
- STEP 2: SELECT A DEPOSIT ACCOUNT
Your money in a deposit account is always available, never farther away than your checkbook or the nearest ATM. Deposit accounts offer maximum security. They are available to anyone even with the smallest of the amount. There is no need to meet any minimum requirements for money deposit or money withdrawal. You can run it for even thousands of dollars and also with a few dollars.
- STEP 3: SELECT THE “DOCUMENT” OPTION
- STEP 4: SELECT “DOCUMENT AND SETTING” OPTION
- STEP 5: ENROLL INTO SELECTIVE ACCOUNTS
In the document settings, you can place a checkmark next to the account(s) you wish to enroll in and you can also enroll in all the accounts.
- STEP 6: SAVE SETTINGS
When you have finished all the changes you need, In the menu that appears, pick the option Save Settings. At any time, if you click the RESET button, your temporary file will be erased and you can start anew.
Before you save a file, check visually if all the input information is correct. If any fault is found, your request can be canceled.
- STEP 7: GET YOUR U.S VIRTUAL BANK ACCOUNT VERIFIED WITH PAYPAL
Before verification, make sure you have at least $10 in your Payoneer account. That will be used by PayPal to verify your Payoneer account (once your account is verified, your money will be returned).
After completing all the formalities with a U.S bank account, Sign in to your PayPal account. PayPal will ask you to link your bank account. Click on Wallet, link your virtual credit card with the PayPal account. Enter the 9-digit routing number as well as your bank account number (The 17 digits) you received after connecting the Payoneer account with the U.S Bank account. Wait for PayPal to send you a verification code. You will receive two different little amounts in your Payoneer account. Re-login to your PayPal account to enter the verification code. Congratulations. After submitting the verification code, your PayPal account has been verified. Now you can withdraw your money from your PayPal to your Payoneer account through U.S payment services.
In some cases, you will see notification errors, and find trouble in getting verified. You will simply contact the PayPal customer helpline. Tell them you are having trouble connecting to your U.S Bank Account. They will ask you, why you want to connect to a U.S bank account. You will reply to them that you have to make withdrawals and pay to your suppliers. Without any further questioning, they will allow you to do it. Then you can easily withdraw from PayPal to Payoneer to pay your fees, make payments to suppliers, and your virtual assistants will also be waiting for their pay.
- STEP 8: TRANSFER YOUR MONEY FROM PAYONEER TO PAYPAL
Assuming you have thoroughly gone through all the steps above. Now, you can easily transfer money from PayPal to Payoneer, even in non-PayPal countries. It is time for transferring funds to the receiver’s account (to the Payoneer account). Log in to your PayPal account and go to Withdrawal 🡪 Transfer to a bank account. Enter the amount you need to transfer to your Payoneer account and click continue. This will take around 3-4 business days to complete your transaction. The money will be transferred to the bank account and from there to the Payoneer account. In between. U. S Bank will charge its 1% per transaction. Which means on $1000 the Payoneer account will be receiving $990.
IS THIS LEGAL?
Many people have concerns similar to this question, let’s clear this in our thoughts today. Yes, this is a fair and valid way for transferring your funds from Payoneer to PayPal. Payoneer has allowed incoming ACH (Automated Clearing House) payments via U.S corporations.
MAKE YOUR TRANSACTIONS EASY
Make sure that you pay 1% extra in your cash flow. As 1% will be deducted in the transaction period, which is known. This is to avoid any misunderstanding from our receiver’s side. They should get their full pay. I’m sure you don’t like to pay less than what was agreed, without any consent. Maybe your receiver is not aware of this referral fee.
We suggest making larger cash flows, make payments collectively. This will help you save a lot of the referral fee during a transaction period.
Payoneer and PayPal are real competitors. They don’t like direct transactions between their loyal customers. So, don’t even try transferring money without a U.S bank account.in addition you can avail of discount with PayPal product.