Many foreign trade professionals use PayPal for receiving payments (PayPal Registration and Integration Tutorial for Foreign Trade Website Payments), but PayPal currently cannot directly withdraw funds to domestic bank cards, so we can use a third-party service to achieve this. Naiba uses the Payoneer service and shares it with everyone.
Payoneer Introduction
Payoneer, like PayPal, is a third-party payment solutions company. It provides cross-border e-commerce collection services designed for global entrepreneurs, cross-border business enterprises, and professionals. Founded in 2005 and headquartered in New York, USA, it is an institution authorized by Mastercard International to issue cards. It holds an MSB (Money Service Business) license issued by the U.S. Financial Crimes Enforcement Network and a European E-money license, with operations in over 210 countries worldwide.
Using Payoneer to Receive PayPal Payments
Because PayPal balances currently do not support direct withdrawal to domestic bank cards, while Payoneer supports applying for a virtual U.S. bank card account, which can then be used to withdraw funds to a domestic bank card, we can withdraw PayPal balances as shown below.
Transfer PayPal balance to Payoneer's U.S. card, then convert it to RMB and withdraw to a domestic bank card.
Payoneer Registration Tutorial
First, click the link below to register for Payoneer. After registration,when you withdraw over $1000, both you and I can receive a $25 reward.。
This is an invitation reward; registering directly on the official website does not offer this.
1. After opening the website, you can switch to Chinese language in the upper right corner, then click the register button to begin. (Before registration, there is an identity selection asking if you are engaged in cross-border e-commerce, foreign trade B2B, or other overseas merchants. Choose according to your actual situation.)
2. Fill in the real information from your ID card, then proceed to the next step.
3. Fill in account and security information.
4. Fill in your bank card details and submit the registration application.
Store URL: If you have a store on platforms like Amazon or Shopify, simply enter the store address.
If you don't have one, you can leave it blank for now. When withdrawing funds, you will be asked to submit supplementary information. As long as you can prove the legal source of the funds, it's fine.
5. Wait for account review.
After completing registration, keep an eye on your email and log in to the Payoneer backend. If you need to submit documents, it will be displayed, just follow the instructions.
Apply for a Community Federal Savings Bank Account
By default, after your Payoneer account is approved, you will receive accounts from 3 countries. However, to link PayPal, we need to apply for an account fromCommunity Federal Savings Bank.
The method to apply for a Community Federal Savings Bank account is very simple, with two convenient ways:
- Call Payoneer customer service at 400-841-6666, available Monday to Friday, with Cantonese service (Chinese should also be supported; they have followed up with Naiba).
- Consult Payoneer's official QQ: 800184846, Chinese customer service.
Simply tell them you need to apply for a Community Federal Savings Bank account, and it will basically be opened upon application.
Link the Community Federal Savings Bank Account to PayPal
Next, go to your PayPal account, click on 'Wallet' at the top, then select 'Link a bank account'.
On the 'Link a bank account' screen that appears, select the bottom option ['Link a bank account in the U.S. or Hong Kong SAR, China'], then choose a U.S. bank account.
On the account selection screen that appears, choose 'Checking'.
Bank CodeEnter the routing ABA information for your Federal Community Savings Bank account.Routing ABA Information。
The account number is the number of your Federal Community Savings Bank account.
After filling in the information, click the 'Link Your Bank Account' button.
Usually, the binding will be successful. If your binding fails, you need to manually find 'Contact Us' in PayPal's help section, call them, and tell them you are unable to link a US bank account. However, do not mention it's from Payoneer, as they are competitors.
Withdraw from PayPal to Payoneer
Once the Federal Community Savings Bank account is successfully linked, you can proceed with withdrawal operations in PayPal.
First, in the wallet interface, select 'Transfer', then in the new interface, choose 'Withdraw to Bank Card Account'.
Select 'Withdraw' from PayPal, then choose 'Withdraw to Your Bank Account'.
After clicking the 'Next Page' button, an interface to enter the transfer amount will appear. Enter the amount you wish to withdraw, then click 'Next Page'. A transfer confirmation page will appear. Each withdrawal incurs a $35 fee, so consider how often you want to withdraw. (Of course, using Naiba's referral link for withdrawal will return $25 to your Payoneer account.)
After requesting a withdrawal from PayPal, wait for one business day; the funds will usually arrive in your Payoneer account.
However, if you haven't filled in your store address before, you will need to submit verification documents, as shown in the image below:
At this point, you only need to submit the corresponding documents. Once the documents are approved, you will see the arrived USD in your Payoneer balance.
Withdraw from Payoneer to a Domestic Bank Card
Select the withdrawal operation from the Payoneer website. (As of February 2023, the interface has changed; Naiba will update the images next time there's an opportunity.)
Select which bank card you want to withdraw to, then click the 'View' button.
After clicking the 'View' button, you will see a detailed breakdown of the amount to be received. Payoneer will automatically convert it to RMB based on the day's exchange rate and withdraw it to your bank card, usually arriving within 1-3 business days.
Payoneer Frequently Asked Questions
Q: How does Payoneer charge fees?
A: Payoneer registration is free. Withdrawing from PayPal to Payoneer incurs a $35 fee from PayPal. If you need to withdraw your Payoneer balance to a bank card, the fee is capped at 1.2%. Online payments and transfers within Payoneer are free.
Q: What is the difference between a Payoneer personal account and a company account?
A: The difference between Payoneer personal and company accounts is only nominal. Which account you register depends on whether the platform you are joining mandates a company account.
Q: Can one person apply for multiple Payoneer accounts?
A: Yes, you can register with different email addresses. One person can register up to 5 Payoneer accounts.
Q: When does the $25 reward for registering through an invitation link arrive?
A: After registering through Naiba'sinvitation link, as long as your Payoneer account reaches $1000, $25 will automatically be returned to you; no separate application is needed.
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