Payoneer now offering direct bank transfers to local bank accounts

[Nissim-Payoneer]

Update: We've added 13 more countries to the Local Bank Transfer service, and an additional 168 countries to be paid via SWIFT. The 13 new countries for LBT are:

Sweden
Mexico
Singapore
Japan
Turkey
Thailand
Malta
Finland
Austria
Lithuania
New Zealand
United Arab Emirates
Brazil

If anyone has switched to this service and has any feedback, we'd love to hear it. General questions are of course welcome as well

[Nissim-Payoneer]

Update: Transfers to India available via local bank transfers (INR).

Thanks

[monalisa]

Where to signup for bank transfer to India, can we signup thru our existing Payoneer accont?

[Nissim-Payoneer]

Where to signup for bank transfer to India, can we signup thru our existing Payoneer accont?

If you already have a Payoneer account and would like to switch to the bank transfer service (or vice versa), just contact our CS department and they will assist you in making the switch http://www.payoneer.com/contactUs.aspx

They're available right now via telephone and live chat, and of course via e-mail.

Hours of operation: 9:00-6:00pm EST Sun-Fri

Thanks,

[Nissim-Payoneer]

Just a small update for anyone using the worldwide local bank transfer service, or considering it.

Some banks in specific countries will require a “reason for payment” when you receive international bank transfers. If you’re bank is asking for this, you can contact us at lbt@payoneer.com and we will be more than glad to assist you.

Once we provide you with the documentation, you should be able to continue using it for further transfers from Payoneer, so you’d only need to go through the process once.

If you have any questions in regards to this please feel free.

[AcidRaZor]

Will South Africa be added to the list sometime soon?

[Nissim-Payoneer]

Will South Africa be added to the list sometime soon?

It's currently available via SWIFT. We are working towards making additional countries available for local transfers, and I'll be sure to notify you of any updates.

[AcidRaZor]

What is the cost comparison between using SWIFT and local transfers? Or does it stay the same if we had both options?

[Nissim-Payoneer]

What is the cost comparison between using SWIFT and local transfers? Or does it stay the same if we had both options?

Local bank transfers are sent from an actual local bank account in your country, and in your local currency. SWIFT transfers are international transfers, normally sent in USD.

For local bank transfers, there is a charge of $5.95 per transfer (with the exception of specific countries where it's $9.95). Funds are converted with a margin of up to 3% from the mid-rate (mid market conversion rate).

For SWIFT, there is a charge of $9.95 per transfer, and an additional 1% of the transfer amount up to $10.00. Meaning the most we will ever charge for SWIFT is $19.95, and it can be less depending on the payment amount.

If you have any questions about this service please don't hesitate to ask

[Nissim-Payoneer]

Just to update: local bank transfers are currently supported in over 35 countries, and we support an additional 180+ countries via SWIFT.

As mentioned, the charge for local transfers is $5.95, with the exception of the following countries where it's $9.95 (this will also be listed during the sign-up process):

Australia
Brazil
Malaysia
New Zealans
Russia

Note: This is current to now, details may change as we continue to add new countries and improve the service by supporting additional countries via local bank transfer.