Founded in 2005, Payoneer has become a payment alternative for global freelancers in countries where withdrawal of funds through PayPal is either expensive and/or cumbersome. Unfortunately, PayPal is still a preferred method of payment for many clients, and the process to transfer funds from PayPal to Payoneer is still not as easy as it should be.
In my search for a solution to transfer funds from PayPal to Payoneer, I came across many articles with elaborate processes, but none of them had all the information needed, often going into confirmation of the linked bank account, which is not necessary (or even possible, most of the time).
Linking PayPal to Payoneer
- Your PayPal account must be linked to a verified Debit/Credit card and be in the same name as your Payoneer account (this can be edited in PayPal settings). This becomes your confirmed funding source to fund any future purchases through PayPal.
- Your default Payoneer Global Payment Service account is with First Century Bank. PayPal will most likely not accept these account details. You need to request an account with Community Federal Savings Bank from Payoneer Support. You will need to confirm that you have already completed your Debit/Credit card verification with PayPal.
- Once you have an account with Community Federal Savings Bank (which will show up under your Global Payment Service section in Payoneer), enter the details on the PayPal “Link a new bank” section in the Payments tab.
Transferring Funds from PayPal to Payoneer
- This process normally fails because the bank account from Payoneer cannot be confirmed (amounts are deposited to Payoneer, you confirm the amounts, then the amount is supposed to be returned to PayPal, but Payoneer accounts are deposit-only accounts, so this step fails). It is not necessary to confirm this bank account! Bank accounts are confirmed so that they can be used as a payment source. Since you will only use this bank account to withdraw money to (not fund PayPal purchases), there is no need to confirm it, and trying to confirm it will likely fail. You have already set up a payment source by confirming your Debit/Credit card.
- That’s it. Transfer your money from PayPal to Payoneer (yes, the unverified bank account). It will not be instant, since Payoneer does various checks on the source of the money, but it should reflect within a couple of days.