Update (February 3, 2020):
Payoneer currently supports local bank withdrawal in Nepal. Supported currencies are: NPR, USD and EUR.
Good news for freelancers in Nepal who are working from home! Now you can withdraw your Payoneer balance directly to your local bank accounts.
As a result of their collaboration with HomeSend, a leading global payment network, Payoneer has made the ‘withdraw to bank’ option available for Nepalese users as well.
Previously, Payoneer’s local bank transfer service was not available in the country, which is why users had no choice but to use local ATM machines to withdraw funds. However, the biggest disadvantage was that local ATM machines charged very high fees — as much as $4 per withdrawal.
But now, the new feature completely eradicates these problems as users can now withdraw with very less fee.
There are currently 43 banks where you can withdraw, including Nabil Bank, Global IME, Prabhu Bank, and NIC Asia.
In order to make a withdrawal, first you need to apply, by following the next steps:
- Login to your Payoneer account
- On the top navigation menu, click ‘Withdraw’ > ‘To Bank Account’
- Click ‘Add a bank account’
- Fill up your bank details correctly. Wait for a couple of days and your application should get approved.
- Follow step 2 to withdraw your funds.
Payoneer has been the best alternative for freelancers since widely used online payment service PayPal is not available in Nepal.
Back in 2015, Skrill added an option to withdraw funds directly to eSewa, the country’s leading mobile wallet and online payment service.
How to Apply for Payoneer?
If you don’t have an account yet, you can apply for one here. Upon approval, you will receive a MasterCard and a bank account in the United States. It’s also important to note that once you activate your card, Payoneer charges an annual fee of $29.95 for general maintenance.
You can use Payoneer card to make online purchases as majority of e-commerce sites accepts MasterCard as the payment option.