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 in your bank account.
Payoneer is a global payment platform where businesses, online sellers, or freelancers can pay or get paid easily. I knew this platform a 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 transfers to other GCash accounts or interbank transfers like BDO, Unionbank, Metrobank, etc. These transactions are not supported by 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 with 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 a 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 $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 a transaction fee of 2% and the transfer is not free as claimed before.
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 making any transactions, ensure that your verification level supports the amount you will transfer.
Online fund 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 cryptocurrencies are still making massive developments, payment platforms and e-Wallets can merge to offer advanced solutions with competitive pricing for online merchants.
Hi there! I'm Daveril Dabuco, the man behind Juan Investor, one of the top personal finance blogs in the Philippines. I’m passionate about investing and digital marketing. When I’m not blogging, I’m either tinkering with my clients’ Facebook ads or beachbumming. You can read more about me.
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