My Paypal to Payoneer withdrawal experience in September 2015

Posted on Thursday October 1, 2015 at 8:23:1:

As a result of the fact that I have a US address, a US bank account, a Payoneer Mastercard, a US Paypal account with funds and a US IP address, I decided to make a withdrawal from my Paypal account recently.

Yes, I recently received funds from a US company I market for and they paid me over $300. To withdraw from a US Paypal account, one needs to at least have funds in it and initiate the withdrawal process. I wanted to withdraw through my US bank account and simply logged into Paypal to initiate the withdrawal process.

If you are in Nigeria and have a US Paypal account, you need to ensure you don'g log into your account using a Nigerian IP address so that you don't get limited. So, to avoid that, I first connected to the internet and changed my IP address into a US IP address before logging into Paypal.

After I confirmed that the money was in my account, I decided to initiate the withdrawal process using the US bank account I got from Payoneer. Personally, I don't recommend that you apply for a Payoneer Mastercard if you don't already have money online. Wait for your funds to accumulate to around $500 or $1000 before even applying and getting a Payoneer Mastercard since there are some charges just for owning the card.

So, since I've already setup my US payment service on Payoneer, I decided to withdraw from Paypal and after I initiated the process and submitted, I was told to wait until it completes and that would take about 3 to 4 working days however, mine took less than a day.

About 1 or 2 hrs later, I got an email from Paypal that they were transferring money to my bank and that probably meant that my request was accepted and that they were processing it.

Luckily enough after about 6 hrs, I also got an email from Payoneer that my account has been loaded. So, I was able to withdraw cash in Nigeria within 24 hrs after I made a bank withdrawal request from my Paypal account.

Since I still had my payoneer Mastercard, I proceeded to a closeby Stanbic IBTC bank ATM to make a withdrawal but alas, they had no cash but just debited my account for N20,000. I first had to check my balance before making the withdrawal and the balance was displayed in Naira and I guess I'd also be charged about $1 just for doing that. When I then tried to do a withdrawal of just N20,000, it just told me that transaction completed but no cash was paid me. I got a bit confused and just went to an ECOBank ATM alos closeby and the withdrawal was successful.

Since my Payoneer account was wrongly debited by Stanbic Bank, I may have to wait for them to reverse the transaction within 24 hrs or complain to Payoneer that I was wrongly debited and see hwo that goes.

This is not the first time I've withdrawn from an ATM in Nigeria through my Payoneer Mastercard but this is the first time I was wrongly debited since the ATM dd not pay cash. I'm going to wait to see how it goes because I can't just lose money like that. If it was a Nigerian bank issued ATM card, I know they normally reverse the transaction but with a foreign issued Mastercard, I'm not sure how it would go.

Anyway, the good news is that I made a successful withdrawal yet again from my Paypal account using my Payoneer Mastercard and I did that because I had a US IP address, a Payoneer Mastercard, a US bank account and funds in my US Paypal account.