Paynoneer, the global payment processing system, has now opened its wire transfer services for banks in Pakistan, with which, anyone with a Payoneer account will be able to transfer funds from their Payoneer account to a local bank account in Pakistan.
This is essentially going to help Pakistani freelancers who face trouble in charging their foreign clients; especially when PayPal and other popular services don’t work in Pakistan.
Just in case if you don’t know, anyone with a Payoneer account can accept payments from anyone in the world.
Earlier Freelancers used to withdraw their funds through Payoneer ATMs, which was an expensive sport, since there’s notable transaction charge of PKR 750 attached with every transaction users do with Payoneer ATM withdrawals.
Now Payoneer users can simply add their Pakistani bank accounts and request for a withdrawal.
Currently the minimum limit for a bank withdrawal is set at US 200 dollars.
It must be noted that Payoneer currently doesn’t support Pakistani Rupee as a currency, which means your local bank in Pakistan will charge 3.5% currency exchange fee out of these funds as well.
It merits mentioning here that funds transfer from Payoneer into a bank account will be a usual wire transfer and may take 2-5 working days.