Using payoneer in the Philippines
I just received my payoneer card today and I read the accompanying materials thru and thru. Anyone, especially providers in the Philippines are welcomed to reply to this post. I just have several clarifications.
1. In the payoneer card terms and condtions, in Fees, section 9, it states that the loading fee is 3.5% of the load amount. When I applied for this card, I read here in oDesk that the loading fee is just $2.00 (http://www.odesk.com/help/help/billing_and_payment/manage_payments/choosing_method). Which is which?
2. I understand that withdrawing funds from an ATM will entail a withdrawal fee by oDesk. In the schedule, it is $2.15 which is just fine. There could be an additional/unspecified charge by the local ATM. Will anyone from the Philippines tell me which ATM bank charges the least for payoneer?
3. Which ATM bank in the Philippines dispenses US$ instead of Philippine peso? Letting the bank convert my earnings from US$ to Php is not adviseable considering that the banks have very low exchange rates as compared with the Forex shops in Metro Manila.
I would appreciate any feedback from our kababayans. Thanks.
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rrollon 95 posts - Philippines - Joined Apr 02 2007
Hi,
Teodolfo L., so you're from Parañaque,
1. loading fee is $2.00, (you'll have to wait for 2 business days before money is available for withdrawal) if you need the money asap, just add $3.00 (it will come not more than 2 hours)
2. i withdraw at BDO, however, I have not that much time in comparing exchange rates, and I noticed a -$0.90 deduction if we
check for our account balance. Please take note of the $2.00
monthly maintenance fee for our payoneer account.
3. I haven't also found any ATMs that dispense at that currency.
Its also worth noting that if we check our balance at the ATM, we'll see the available amount is in $, not converted to peso.
So far, I haven't got any problems in withdrawing money...
Anyways, good luck..
Ronald R.
tlavandero 73 posts - Philippines - Joined Nov 08 2007
for no.1, do you mean i pay $5 and it will be out in 2 hours or is it $3?
thanks
rrollon 95 posts - Philippines - Joined Apr 02 2007
example, we withdrawed and place the money to payoneer, thats
$2.00, then theres an email confirmation and a choice there
that says, if we want to get the money asap, just add $3.00.
to sum it up, it would be like this:
2 business days = $2.00
w/in 2 hours = $5.00
tlavandero 73 posts - Philippines - Joined Nov 08 2007
thanks ronald. btw, how much is the per withdrawal limit for BDO? if it is only P4000, fees add up especially if you are getting big amount.
rrollon 95 posts - Philippines - Joined Apr 02 2007
yes every withdrawal has a fee,
there are instances that BDO ATM machines only release 4K,
there are some BDO ATMs go with 10K
(tried it at SM North & San Lazaro)
tlavandero 73 posts - Philippines - Joined Nov 08 2007
A BDO bank in Betterliving, Paranaque can dispense 20k in one withdrawal. I guess you just have to find the BDO branch where you can withdraw larger amount.
BTW, I made a withdrawal from BPI once. I was charge $7 for that one withdrawal. Still BDO is the better of the two. I don't know about the other banks.
mmiguel 153 posts - Philippines - Joined Dec 27 2007
Just curious... How long did you have to wait until you received your card? Mine was approved on Jan 15 and I have yet to receive it.
In my desperation, I tried Moneybookers only to realize that apart from charging higher fees, I would have to wait 7 days!
*sigh*
rrollon 95 posts - Philippines - Joined Apr 02 2007
Oh In my case, that was 14 business days, from the time of
approval. Just wait, it will surely come..
Ronald R.
mmiguel 153 posts - Philippines - Joined Dec 27 2007
Still no card.
tcunanan 15 posts - Philippines - Joined Nov 28 2007
Any provider in Cebu who withdrew their money already? How much is the local ATM fee? I'm considering BDO but may consider PSBank, BPI or HSBC - depending on your replies.
I mailed their contact centers already and have yet to receive their replies.
Please correct me if I'm wrong..
$5 - oDesk to Payoneer and money is available within 3 hours.
$2.15 - Payoneer withdrawal fee (per transaction)
$?? pr Php?? - Local ATM withdrawal fee for dollar accounts
tcunanan 15 posts - Philippines - Joined Nov 28 2007
I mailed their contact centers already and have yet to receive their replies.
Please correct me if I'm wrong..
$5 - oDesk to Payoneer and money is available within 3 hours.
$2.15 - Payoneer withdrawal fee (per transaction)
$?? pr Php?? - Local ATM withdrawal fee for dollar accounts
Here's my first experience. $63.40 was loaded on my card and since that appeared as my avail balance I converted it (1 = 40) and tried to withdraw Php 2500 - insufficient. Tried Php 2300 - insufficient. Tried Php 2000 - insufficient.
So I checked online and it still says $63.40 wtf? I know there has to be deductions for failed attempt.
So I went back to the BDO atm. Inquired balance - Php 18++. Tried Php 1800 - insufficient. Tried Php 1700 - insufficient. Tried Php 1500 - OK. Remaining credit Php 117.xx
So in the end. All i got out of my $65.40 was $36 approx. Isn't that amazing?
Help oDesk! Help Payoneer! We deserve a better system than this.
jcvillanueva 3 posts - Philippines - Joined Jul 17 2008
I still have to withdraw using my Payoneer card. But an inquiry through a BPI ATM showed a direct conversion to peso. I think this would be better than having to convert the amount yourself before withdrawing.
If you still have problems with Payoneer, I suggest you shift to Paypal, link it to your bank account and withdraw with zero problemo ... except for the longer wait. when oDesk funds clear on Wednesday, you can withdraw on Saturday.
tcunanan 15 posts - Philippines - Joined Nov 28 2007
For BDO - ECPI ATMs only. (make sure the ATM carries the Mastercard logo)
1: Insert card
2: Enter PIN then OK
3: Balance Inquiry then choose either "Checking" or "Current"
4: Withdraw a lower amount that what is shown.
5: Always ask for and keep the receipt.
tlavandero 73 posts - Philippines - Joined Nov 08 2007
Guys search for paypal payment in the Philippines, it allows transfer to local bank atm, then yo can witdhraw using your local bank. The charges I believe will be minimal.
The only drawback is from paypal transferring to the bank takes around 7 days. But this is definitely cheaper than having payoneer.
Based on what I read, here are the charges:
Payoneer to Paypal - $1
Paypal to Local Bank - free for Php7000 and above
Actual ATM withdrawal - subject to local ATM charges
I just don't know about the foreign exchange fee as mentioned in paypal website. It depends on the local bank. I haven't tried it yet.
Some people here may share if they have experience withdrawing thru Paypal.
Btw, here is the website discussing paypal withdrawal.
http://pages.ebay.ph/bankwithdrawal/
tcunanan 15 posts - Philippines - Joined Nov 28 2007
mlevinson
When you withdraw using Payoneer, you are using the MasterCard network, not the exchange rate of your local bank. The Visa/MasterCard network provides the lowest possible exchange rate you can get. This is why our comparison makes Payoneer appear cheaper, and most of the evidence we have collected suggests that in most countries, Payoneer is cheapest for individuals.
Once you get very high amounts, then the fees for withdrawing in $200 to $300 increments can add up, although in many countries (notably Eastern Europe) we have seen people able to withdraw up to $1,000 at a time, in which case a couple of dollars for ATM fee is trivial.
I'd love it if you some of you would post your actual experiences from start to finish:
- Date of withdraw (to calculate official exchange rate that day)
- Amount withdrawn from oDesk
- Amount withdrawn from local ATM (in local currency)
- Fee charged by your local ATM
- Amount deducted from your Payoneer account in dollars
Michael
oDesk
tcunanan 15 posts - Philippines - Joined Nov 28 2007
Thanks Mike. Here you go:
- Date of withdraw 3/4/2008 (US - shown in Payoneer) or 3/5/2008 (Philippines)
- Amount withdrawn from oDesk - $65.40
- Amount withdrawn from local ATM (in local currency) - Php 1,500.00
- Fee charged by your local ATM - none
- Amount deducted from your Payoneer account in dollars
Activation fee - $9.95
Load fee - $ 2.00
Immediate Load fee - $3.00
Monthly fee - $3.00
Insufficient funds - $0.90
Insufficient funds - $0.90
Insufficient funds - $0.90
Insufficient funds - $0.90
Insufficient funds - $0.90
ATM Withdrawal - $40.05
--------------------
Read somewhere that Mastercard uses xe.com for exchange rate.
--------------------
Hope this helps.
Tim
mlevinson
Fast response!
Notes/Questions:
On 3/4 the exchange rate wasa 40.8745 (I use http://www.oanda.com/convert/fxhistory) for historical rates. So 1500 pesos = $36.70
(1) Let's separate out the activation fee since it's a one-time thing
(2) You withdrew $65.40 after the $2.00 load fee? That is, $67.40 was deducted from your oDesk account for a net load of $65.40?
(3) You then paid a $3.00 expedite fee
(4) Why did you get insufficient funds? Seems like you should have had plenty of money. What did you do to overcome the insufficient funds?
(5) By "ATM Withdrawal" you mean how much was deducted from your Payoneer account (by checking online)?
Michael
oDesk
tlavandero 73 posts - Philippines - Joined Nov 08 2007
Here's mne.
- Date of withdraw 3/4/2008 (US - shown in Payoneer) or 3/5/2008 (Philippines)
- Amount withdrawn from Payoneer - $355.89
- Amount withdrawn from local ATM (in local currency) - Php 14,000.00
- Fee charged by your local ATM - none
tcunanan 15 posts - Philippines - Joined Nov 28 2007
(2) You withdrew $65.40 after the $2.00 load fee? That is, $67.40 was deducted from your oDesk account for a net load of $65.40?
My bad, net load is $63.40
(3) Why did you get insufficient funds? Seems like you should have had
plenty of money. What did you do to overcome the insufficient funds?
Here's my first experience. $63.40 was loaded on my card and since
that appeared as my avail balance I converted it (1 = 40) and tried to
withdraw Php 2500 - insufficient. Tried Php 2300 - insufficient. Tried
Php 2000 - insufficient.
So I checked online and it still says $63.40 wtf? I know there has to be deductions for failed attempt.
So I went back to the BDO atm. Inquired balance - Php 18++. Tried
Php 1800 - insufficient. Tried Php 1700 - insufficient. Tried Php 1500
- OK. Remaining credit Php 117.xx
(5) By "ATM Withdrawal" you mean how much was deducted from your Payoneer account (by checking online)?
ATM withdrawal is what shows in payoneer.com. I guess thats the transaction where I successfully withdrew Php 1500
mandinocheng 12 posts - Philippines - Joined May 15 2008
i have some questions regarding this. how much do you usually withdraw in an atm, say BDO? ive been investigating rather than to test the ATM, i really dont have to mess with money as i value it to get a new internet connection. well as I can observe, i have listed here the computations: it seems that you get the insufficiency because of the amount that you withdrew is actually more than what is inside the card. here are the computations: (also, i need this verified.)
some texts edited:
- Date of withdraw 3/4/2008 (US - shown in Payoneer) or 3/5/2008 (Philippines): 1USD=PHP 41.61 : typical credit card interbank exchange FOREX: ave. 2 days.
- Amount withdrawn from oDesk - $65.40 (net: 63.40)
- Amount withdrawn from local ATM (in local currency) - Php 1,500.00 ($36.04 : exchange rate applied)
- Fee charged by your local ATM - none
- Amount deducted from your Payoneer account in dollars
initial balance: 65.40
Activation fee - $9.95
balance: 55.45
Immediate Load fee - $3.00
balance: 52.45
Monthly fee - $3.00
balance: 49.45
Insufficient funds - $0.90
Insufficient funds - $0.90
Insufficient funds - $0.90
Insufficient funds - $0.90
Insufficient funds - $0.90
balance: 44.95
ATM Withdrawal - $40.05 + mastercard deduction of $2.15
balance: $2.75
the final balance is all that is remaining after all the transactions. please confirs if this is correct. if there will be other charges like local bank surcharges, the amount that was said to be withdrawn will still be insufficient.
guys, i really need your help. i will be getting anothter internet connection to pay for the up front internet connection charge. hehehe
please confirm. thank you very much. help will be so appreciated!
gbaltazar 637 posts - Philippines - Joined Aug 16 2007
i have some questions regarding this. how much do you usually withdraw in an atm, say BDO?.........
Please check my very long reply for this post... Hello Pinoy Newbies at Hindi Newbies! on page 6 - in case you're following this!
Gem
Gem
Which is the best method to withdraw funds out from oDesk? Philippine Payment Methods
tcunanan 15 posts - Philippines - Joined Nov 28 2007
available amount EQUALS oDesk load LESS immediate load fee LESS withdrawal fee
withdraw amount EQUALS available amount TIMES (local ATM currency exchange LESS 3%)
Please let me know if this works. I already withdrew mine before I knew this.
tcunanan 15 posts - Philippines - Joined Nov 28 2007
I registered to Paypal seeing $1 transfer fee (oDesk to Paypal).
I was planning to transfer funds to Paypal then transfer it to HSBC credit card. Why? I'm after using my HSBC for bonus points
CONS
The cost is cheaper than Payoneer ($5 only - Paypal to HSBC) compared to ($6.15 - immediate load + ATM withdrawal).
PROS
If you really need the money, Payoneer is the way to go, only 2 hours (sometimes faster) from oDesk to Payoneer compared to 5-7 business days from oDesk to Paypal to HSBC.
dmartel 352 posts
I registered to Paypal seeing $1 transfer fee (oDesk to Paypal).
I was planning to transfer funds to Paypal then transfer it to HSBC credit card. Why? I'm after using my HSBC for bonus points
CONS
The cost is cheaper than Payoneer ($5 only - Paypal to HSBC) compared to ($6.15 - immediate load + ATM withdrawal).
PROS
If you really need the money, Payoneer is the way to go, only 2 hours (sometimes faster) from oDesk to Payoneer compared to 5-7 business days from oDesk to Paypal to HSBC.
Because I'm curious I also tried Payoneer and PayPal. I loved the fact that Payoneer gave me the option to load immediately or not (I chose to because I wanted to see how it worked).
This week I made 3 transfers: (1) Payoneer - hit my account 30 mins after transfer (2) PayPal - hit my account literally seconds after the transfer (3) bank account - took 2 days to hit account.
Both Payoneer and Paypal hit within very short periods of time. I do not know that I will continue to use all three now that I have the paypal debit card, but it's nice to know it's an option!
mmangona 1 post - Philippines - Joined Oct 05 2008
Hi guys, hope you can solve my problem?
Try ko kasi verify yung PayPal ko pero wala laman yung Payoneer ko, as in ZERO balance.
i want to know papano ma load or malagyan ng amount yung PAYONEER, para ma verify yung PayPal ko thanks.
myrareyes 8 posts - Philippines - Joined Jun 18 2009
Additional comment/question on using the Payoneer card.
I got mine (Payoneer) but I haven't activated my card yet.
Do you need to load it first before you activate your card or is it just ok to activate it first then you load the card? Because if the activation fee and maintaining balance is the reason I'm asking this.
Please help me on this one too.
mamontos 1 post - Philippines - Joined Jul 20 2009
based from my experience, my deduction is only $3 and not $5. And BDO sucks in partnership with the payoneer card. Most of their(BDO) ATM machines do not recognize Payoneer Debit Card, even just for swiping. My solution: based from my experience, withdraw from the machines of BPI and PNB. And also, you should leave at least 500php($11)if you are planning to withdraw or just inquire on your balance on the ATMs.
pcledera 51 posts - Philippines - Joined Feb 19 2009
Hi Guys,
Been using payoneer card for all my withdrawals at our local BPI branch for 6 months now and here's my experience (just withdrawn today).
* Php317.49 BPI ATM withdrawal fee for every Php10,000 fast cash.
* Php252.78 BPI ATM withdrawal fee for a Php 7,000 withdrawal.
Note: My local BPI ATM only allows a maximum of Php10,000 per withdrawal.
So these means that the corresponding withdrawal fee from BPI ATM depends on how much you withdraw per transaction as per my experience. I tried once to use it on our local BDO, PNB and Metrobank ATM's but it was not recognized even though it has a Mastercard logo.
Odesk charges you $2 per withdrawal to payoneer card and deposited to your account after 2 days at 11am (Philippine time) or for additional $2.50 you receive it within 2 hours (in my experience it was deposited to my account within 20 minutes).
BTW, before making any withdrawal transactions from any ATM, log in to your payoneer account to check if your hard earned money are there (it's in dollars). If it is there, then you can do balance inquiry first ( I usually check it using savings account and it is in Pesos) so you will know how much should be left (e.g. you have 10,400 pesos in your account leave at least 350 pesos for bank charges if you want to withdraw the Php10,000) before doing the transaction.
I hope I made it clear enough! Kung hindi gagamitin ko tagalog na lang next time.
Happy spending!
sona_pallabi 1 post - India - Joined Jul 17 2009
Hallo guys,
I have lost me payoneer master card and reported them abuout this..And they blocked my card..After that,said you will get your card,just send us soem details about you..I send all the details they asked for..But still not getting the card,its already 2 months passed..Even they are not responding to mail when the new card will come..Although my card balance is $1.89...I know they will charge again $9.95 for activation again..Plz help me guys..How Can I get the new card..I need it soon..
Your help will be unforgetable....Thanks.