You can always withdraw your Payoneer balance to your bank account. However, it is much more convenient to transfer it to GCash since you can do a lot of transactions in GCash than your bank account.
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What is Payoneer?
Payoneer is a global payment platform where businesses, online sellers or freelancers can pay or get paid easily. I knew this platform few years ago but I have used it only this year since I started my freelancing career. You can signup with Payoneer now.
Why Withdraw Funds from Payoneer to GCash
Months ago, I have gotten used to withdrawing funds in Payoneer to my BPI account. It is great however I only found out a few days ago that it is now possible to transfer funds from Payoneer to GCash. And that is more convenient. Here’s why.
With GCash, you have virtually unlimited access to e-commerce and online transactions. You can do money transfer to other GCash accounts or interbank transfers like BDO, Unionbank, Metrobank, etc. These transactions are not supported with BPI or any other banks.
It is also worth noting that there is no minimum amount transfer fee and the conversion rate is pretty competitive to the current market price.
Log in to GCash
Tap “Cash In“
Under “My Linked Accounts“, tap “Payoneer“
Choose the currency that you want to withdraw. Make sure that you have an available balance.
Enter the amount that you want to withdraw. Tap “Next“
You will see the conversion value from foreign currency to Philippine Peso
Review the details and tap “Confirm“
Enter the 6-digit OTP sent to your GCash mobile number
You will now see the transaction confirmation and this is in fact real time transaction. Congrats! You have successfully cashed in from Payoneer to GCash!
Payoneer to GCash Transaction Fee
In my first transaction from Payoneer to GCash this May 2021, I transferred a total of $225. However, the net transfer is only $220.5 and the deduction is $4.5 (which is 2%) and I received Php10,542.10. Therefore I can confirm that there is indeed a transaction fee of 2% and the transfer is not really free as claimed before.
Payoneer to GCash Maximum Transfer Cap
As confirmed by William Yap of GCash, the maximum transfer cap from Payoneer to GCash is Php100,000 as stipulated by Bangko Sentral ng Pilipinas. Also, before you make any transactions, make sure that your verification level supports the amount that you will transfer.
Online funds transfer is getting easier and cheaper these days. This empowers online business owners and freelancers to go global as geographical barriers are no longer an issue.
While cryptocurrency are still making massive developments, payment platforms and e-Wallets can merge together to offer advanced solutions with competitive pricing for online merchants.
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Juan Investor is a personal finance and investing blog. We also cover a wide range of topics including e-commerce, entrepreneurship and cryptocurrency.