Why Payoneer does not Allow Withdraw funds in USD to usd in Pakistani local bank account

Wpfreelancer

After Left Skrill due to their Euro currency Conversion because they set rule that every Currency other than Euro are first convert to Euro for withdraw and then send out to local Bank .. Now Searching other possible options to withdraw usd funds to local Pakistani bank accounts . Now i am trying to Payoneer .

But After Reading Payoneer forum discussions and their reviews + Google search Found 3 main issues .

1. Mostly People Claims that there funds are not received on local bank account ...!
2. Why Payoneer does not Allow to receive usd amount in local bank account as a usd currency . When i added Local Bank account and After Selecting Country ==> Pakistan .. Currency drop down Automatically set to [ pkr currency ]
3. Like Every Freelancer wants to spent as low fee to get their maximum earning in local account ..Would you Guys Guide me How much fee payoneer charge on 1000usd withdraw and Along with what are exactly its currency conversion rate + Beneficiary Sending bank charges ??

In Short what are approx amount we'll receive in pkr .. Like today usd to Pkr Conversion Open market rate are 106.50

What are Exact market rate payoneer applies on his currency conversion >>


There are any option to receive usd amount in Pakistan as a usd currency account from payoneer ??

Looking forward to you friends .. Now you would guide me Either i'll use Payoneer to with draw funds in Pakistan or not ??? I hope i'll get my answers soon from those who spent time on payoneer or wants to share their Experienced with Newbies pay-nee . Thank You


Regards
Farhan Qureshi

Adam_Payoneer

These are some excellent questions you are asking. To address the three main questions you have asked:

1) The internet today is a double edged sword. For every good review you can find 3 negative ones and vice versa. If Payoneer did in fact have a massive issue sending money to the banks, I wouldn't be here answering you today.
Even though everyone is singing the same tune and Payoneer follows with the same rhythm for each reported case, the circumstances for each user can be different, which is why each case is reviewed as an individual case in order to resolve the issue at hand.

2) As someone who has moved across multiple continents in my lifetime, one thing I can tell you for certain is that the price for sending or receiving international wires for non-local currencies is an expensive business. Apart from the fees that will apply by the sending and receiving banks, any intermediate bank involved in this process like to nibble into the transferred funds. So unless you are planning to wire an amount in the four to six digit range, this service may not be cost efficient for the average person.

If you are still interested in the option to withdrawing your earnings to your Pakistan bank in USD, you should direct this question to Payoneer support and see if this option can be enabled for you.

3) When dealing with currency exchange, you need to change the word "exact" with "approximately" in your vocabulary. Just like with the price of gold, the rates for currency changes everyday.
Payoneer set their rates for bank withdrawals in accordance to the industries market rate, which is considered the best bang for your buck rate for the average consumer. The fee that applies is a consistant 2% of the amount that is being withdrawn.

You can find all the information you need regarding bank withdrawals, the rates and the fees on Payoneer's FAQ page and their blog

payoneerhow

Thanks for sharing such post with evidence....

ahsan_

you need to open a dollar account in order to receive amount in dollar to your local bank

Wpfreelancer

@Adam_Payoneer : Thank you for your Guidelines and Brilliant answers . I'll Contact with Payoneer and It Seems Like they Restrict Bank accounts for Local currency according Country wise .


@ahsan_ I Already Have Account in dollar But Am not able to link it here !

Let me Know if anyone from Pakistan would Able to withdraw/Received funds in usd Account instead of Pkr Account

Thank you

Wpfreelancer

I tried test withdraw of 200 usd and After 1-2 hours , I Got confirmation message from Payoneer where they mentioned the exchange rate .


Exchange Rate 1 USD = 102.9637 PKR

Amount Transferred to Bank Account 20592.74 PKR

The amount above is approximate. The exact amount will be calculated according to the official market rate at the time of transfer.

Wpfreelancer

<<<<<<<< Surprised To Share my First Experienced with Payoneer >>>>>>>>>


Yesterday Am withdraw 200 usd for testing Payoneer Service and They Confirmed me that [ Your Withdrawal Request Has Been Received] Email After 1-2 hour of Request.

Today Morning When i checked my Bank Account Balance Am really surprised and Shocked with payoneer Great Service that my Withdraw Amount has been credited 20592.74 PKR to my local bank Account (y)


Because After doing research on payoneer forum am worried that Most of the People Complains about Payoneer Withdraw services and Found that its been past 15-30 days and they did not get their withdraw funds

It Seems Like i am lucky or a Happy customer that got their first withdraw amount with in 24 hours of withdraw / Sent Payment .


********** Am Really Appreciate the Payoneer Very Very Fast & Great Service & Give High Five (y) to Payoneer Great Service *********

@saartifex_studio : Did you Check & Confirm your Bank Account details first LIKE IBAN / swift code

Regards
Farhan
WpFreelancer

saartifex_studio

@Wpfreelancer I had received several payouts on same accounts since Jan 2015 not new to payoneer.

Wpfreelancer

Okay Cool to know about it . How much maximum amount you withdrawn with payoneer in Past and what was the current amount that did not received since 22 march ?