Withdrawing Money to USD Account

haseebahmed7haseebahmed7 Posts: 4Member
I am curious because as per my knowledge, according to the State Bank of Pakistan you're not allowed to receive any payments in USD if the services were provided while you were in Pakistan. On the other hand, Payoneer gives you the option for adding USD bank accounts to your Payoneer account as well as withdraw amount to them.

How does Payoneer achieve this? Or will my payment be rejected by my bank and the amount will be reversed?

Comments

  • KazPayoneerKazPayoneer Posts: 727Confirm Email, Member, Administrator ✭✭✭✭✭✭✭

    Hi there,

    While we can't comment on the legality of withdrawing in USD to Pakistan via State Bank, we also do support bank accounts in Pakistan using the local currency, so if you have a bank account that can accept PKR, you can add that and use it for your withdrawals.

    Thanks!

  • haseebahmed7haseebahmed7 Posts: 4Member
    > @KazPayoneer said:
    > Hi there,
    >
    > While we can't comment on the legality of withdrawing in USD to Pakistan via State Bank, we also do support bank accounts in Pakistan using the local currency, so if you have a bank account that can accept PKR, you can add that and use it for your withdrawals.
    >
    > Thanks!

    You don't have to comment about legality :-) If anyone wants, they can read the details here: www.sbp.org.pk/fe_manual/chapters/chapter6.htm

    But I was curious, in such case, if I were to withdraw into my USD account from Payoneer, how would Payoneer handle this? Or will they try a withdraw and if it fails, the money would be refunded minus the fee which has been deducted since payment was made.
  • KazPayoneerKazPayoneer Posts: 727Confirm Email, Member, Administrator ✭✭✭✭✭✭✭

    If a withdrawal could not be accepted by your bank, you would receive the funds back into your Payoneer account. The amount that was withdrawn would return back, so you wouldn't get less because of fees.

  • haseebahmed7haseebahmed7 Posts: 4Member
    Oh that's good to know, Thanks! :-)
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