Payroll in New Zealand: Complete Employer Guide to Tax, KiwiSaver & Holiday Pay
Master payroll in New Zealand with this complete guide on PAYE, KiwiSaver, income tax, holiday pay, and other obligations for local employers.
Payoneer to PayPal: Can you make the transfer?
If you happen to use PayPal as one of your main financial accounts, withdrawing your funds from Payoneer to PayPal is a key part of managing your cash flow properly.
This guide will answer whether it’s possible to withdraw funds that way, as well as other options for withdrawing from Payoneer that may act as sound alternatives.
We’ll also go over the costs of withdrawal so that any fees won’t come as a surprise, and how Wise Business may be a good alternative for you to manage multiple currencies.
Can you withdraw funds from Payoneer to PayPal?
The answer is: no, not directly. Payoneer only lets you withdraw funds to a bank account, and attempting to use the ‘Pay’ tab doesn’t work either, as you can only Pay to a recipient’s Payoneer account or bank account.
Other options for withdrawing from Payoneer
Luckily, your money doesn’t have to be stuck in your Payoneer account forever. There is a bank withdrawal method that can get your funds into your PayPal account eventually.
Local bank accounts
Payoneer is extremely limited in its withdrawal methods, only permitting a ‘Withdraw to bank’ feature under the ‘Withdraw & transfer’ tab. Here’s how you can withdraw to a bank account from your Payoneer dashboard:
- Click ‘Withdraw & transfer’ from the menu bar in your Payoneer account
- Select Withdraw to bank. If you haven’t yet added the account you’d like to withdraw to, click on ‘Manage bank accounts’.
- Select a balance and choose a bank using the dropdown menus under the From and To sections.
- Type in the amount to withdraw
- Click Review and confirm your transfer.
Once the transfer is initiated, the funds usually arrive in your bank account within two business days.1 After you’ve received the transfer, you can then connect that bank account to PayPal and transfer funds from there. Note that PayPal only accepts U.S. banks that aren’t online-only or prepaid bank accounts. This is why Payoneer isn’t compatible with PayPal.2
Wise Business
While Payoneer markets itself as having a multi-currency account, it doesn’t make it easy to request new receiving accounts in other currencies. There are also time periods where you aren’t permitted to transfer between currencies, which limits your flexibility.3
Wise Business lets you hold global currencies in your account, converting money between any of them at any time using the mid-market exchange rate. That exchange rate is the fairest on the market, and Wise doesn’t add a markup fee, ever. It’s a brilliant alternative to PayPal as it is designed to accommodate international and local payments in a transparent, easy-to-use manner.
While PayPal is notorious for its high fees, including a 3%–4% currency conversion markup, Wise has a much more transparent and simplistic fee structure.4 Wise will only charge you a small fee for sending money and another fee depending on the method of transfer.
See the costs of sending money with Wise Business
Costs of withdrawing from a Payoneer Account
The costs of withdrawing from a Payoneer account depend on the currency you’re withdrawing and the currency of your bank account.
| Withdrawal method | Cost6 |
|---|---|
| Withdraw in your local currency from Payoneer balance of a different currency | Up to 3% of transaction |
| WIthdraw in local currency from a Payoneer balance of the same currency | 1.50 USD, 1.50 EUR, or 1.50 GBP, matching the currency |
| WIthdraw in local currency from a Payoneer balance of the same currency (total calendar month over 50,000 USD, GBP, EUR) | 0.5% of withdrawal amount |
| Withdraw in non-local currency | Up to 3% of transaction |
There may also be other fees charged at the time of withdrawal.
Learn More:
Payoneer vs. Paxum: Which is right for you?
Sources:
- Payoneer - Withdraw Funds
- PayPal - Account Linking
- Payoneer - Manage Currencies
- PayPal - Fees
- Payoneer - Pricing
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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