Why does a rejected withdrawal by the bank take so long to reflect back into my Payoneer account?

gaculamgaculam Posts: 4Member
edited February 11 in Read Before Posting
I withdrew funds on the 30 Jan into my bank account and the bank rejected the funds and sent them back to Payoneer. The bank told me the funds should reflect at Payoneer within 3-5 business days, they sent the funds back on the 5th of Feb and confirmed that they no longer have the funds.

I contacted Payoneer and was told that I should expect to wait 7-10 business days, I'm used to swift payments taking 3-5 days. Why would they now take 7-10 business days? My withdrawal from Payoneer to my local bank takes one day to reflect, so if my bank is using the same system to send the funds back and no longer has them why such a big delay?

Answers

  • KazPayoneerKazPayoneer Posts: 407Confirm Email, Member, Administrator ✭✭✭✭✭✭✭

    Hey, @gaculam. It is not that there is a 'delay', but the time that it normally takes for us to receive a transfer that was rejected back into your account is 7-10 business days.

    This time period that we tell you is taking into account the amount of time it takes to go back through the transfer routes, then to go back through the processor, then our bank, and then back to your account.

    Payoneer does not delay a transfer that was rejected. The 7-10 business day span is accurate because it takes into account the many factors that are used to send a transfer out, as well as for some errors that could occur in that process. As you know, we have no control over how long it would take as we are waiting to get the funds back.

    Thank you!

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