Bank accounts - FAQ (2024)

1. Sign in to Payoneer.
2. From the main menu select Bank accounts.
3. Then select either Bank accounts for withdrawal or Recipient bank accounts.

1. Sign in to Payoneer.
2. From the main menu select Bank accounts.
3. Then select either Bank accounts for withdrawal or Recipient bank accounts.
4. Select the type of bank account you want to add:
   • To add a new bank account for withdrawal, select the Your accounts tab.
   • To add a new recipient bank account for paying recipients that are not Payoneer customers, select the Recipient accounts tab.
5. Select Add bank account.
6. Follow the on-screen instructions to add the bank account details.
   For Individual accounts: The account holder name must match the name on your Payoneer account.
   For Company accounts: The account holder name much match the company name on your Payoneer account.
   Note: If you are adding a recipient bank account, you will be asked to provide recipient contact details. Please ensure that this information is accurate, as incorrect information can delay Payoneer approval of the bank account.
7. Once you submit the details, we’ll review them. It usually takes up to 3 business days. Watch your email for confirmation that the bank account has been approved.

Note: If you signed up to Payoneer via one of our integrated partners and are receiving payments directly to the bank account you signed up with, you cannot change the account to which you receive your payments by adding a new bank account for withdrawal. To change the bank account to which you receive your partner payments, contact us.

Please note that the Withdraw to bank feature is subject to availability.

There are several reasons why we might need to verify your bank account details, including:

• to confirm that you have control/access to the bank account linked to your Payoneer account
• to ensure the security of your Payoneer account and minimize the risk of fraud and identity theft
• as part of our commitment to our marketplace partners, to ensure that our payment ecosystem does not contain bad actors
• as a part of our review process when requesting receiving accounts
• as part of our review process when requesting receiving accounts or as part of our periodic review process

In case we couldn’t verify your current bank account or your current bank account does not match the verification requirements for any reason, we will ask you to add another bank account.

When verifying your bank account details using micro-deposits, we send 2 small deposits to your bank account (these deposits are yours to keep). You'll receive an email from us letting you know that we sent the deposits. In can take up to 3 business days for the deposits to arrive. Look for the amounts in your bank statement, listed under Payoneer bank verification or Payoneer Inc. Once you see the amounts, please enter them in Verification Center, in your Payoneer account (the order in which you enter them doesn't matter). If the amounts you enter exactly match the amounts we deposited, your bank account will be instantly verified.

Note that if for any reason bank verification using micro-deposits does not succeed (for example, the deposits didn't arrive, incorrect amounts were entered too many times, etc.), we will offer you an alternative way to verify your bank account.

We strongly recommend that you verify the bank account we are asking you to verify. Asking us to verify a different bank account can delay the process as well as receipt of your payments.

In some cases, you may see an option in your account to verify another way and may be offered the option to verify a different bank account.

If for some reason you are unable to verify the bank account we are asking you to verify and do not have an option to verify a different bank account, contact us.

You should see the deposits in your bank account within 3 business days of the date specified in the email. The deposits should be listed as Payoneer bank verification or Payoneer Inc.

If you don't notice the deposits, please review your bank transactions as far back as the date specified in the email.

If we are unable to use micro-deposits to verify your bank account, we'll provide you with an alternative way to do it. Look for the sentence “Verify your bank account another way” in the Verify bank account using micro-deposits page in Verification Center and follow the on-screen instructions. Note that you cannot choose to verify your bank account another way immediately. Usually you need to wait until a few days after we sent the micro-deposits to your bank account.

Payoneer may choose to verify the bank account for withdrawal that you added to your Payoneer account using micro-deposits. For details see above.

On rare occasions, due to technical reasons, one of the two small deposits we send to your bank account may not arrive. In such cases, we'll provide you with an alternative way to verify your bank account. If this happens, we'll let you know.

Some services may require us to verify different bank account or different verification method than the one verified. In those cases we will ask you to verify a bank account again.

We ask for this information to ensure the security of your account and minimize the risk of fraud and identity theft, as well as provide you with smooth and uninterrupted payment services.

In general you can have up to three active bank accounts for withdrawal at a time. If you have reached your account number limit and would like to add a new bank account, you will need to first remove one of your active bank accounts.

You can add up to 500 recipient bank accounts, depending on eligibility. If you need to add more accounts, contact us.

1. Sign in to Payoneer.
2. From the main menu select Bank accounts.
3. Then select either Bank accounts for withdrawal or Recipient bank accounts.
4. Select the bank account you want to delete.
5. When the bank account details open, select Delete account in the bottom right corner.

Note: You cannot delete a bank account that is marked as Verifying or Verified. If you wish to delete a verified bank account and/or add a different verified bank account, contact us for assistance.

• You have a funding source connected to the bank account. Funding sources are companies you work with that are sending payments to this account. If you are working with a company that makes direct payments via Payoneer and they pay you to these bank details, you cannot remove this bank account. To see which companies pay to this bank account, please click here.
  If you want to change your bank details for this company, please contact us.
• There is a pending payment. Once the withdrawal has been transferred and you have received the payment, you will be able to remove this bank account.
• The bank account is pending review. Once the bank account has been approved, you will be able to delete this bank account.
• The bank account is marked as Verifying or Verified. If you wish to delete a verified bank account and/or add a different verified bank account, contact us for assistance.

In certain cases, depending on who you are receiving payments from and/or local financial regulations, you may be required to have at least one verified bank account.

Payoneer may use different methods to verify your bank account, such as requesting that you provide a bank statement or other document containing identifying details of your bank account, or via micro-deposits.

Note: You cannot delete a bank account that is marked as Verifying or Verified, unless you have multiple verified bank accounts. In such a case, you can delete any verified bank account except for the last one to be verified. If you only have a single verified bank account that you wish to delete and/or add a different verified bank account, contact us for assistance.

No, once you have submitted bank details they cannot be edited. If you need to update your banking details, please add a new bank account.

A bank account nickname is a personalized name you assign to a bank account. Once assigned, the nickname is used instead of “bank name + abbreviated account number” wherever your bank account is displayed in your Payoneer account (for example, in the Bank Accounts page, Withdraw page, etc.)

The nickname can contain up to 100 characters and can include letters, numbers and the following special characters: ! : * ? ' ( ) |

To add/edit a nickname:

1. Sign in to Payoneer.
2. From the main menu select Bank accounts.
3. Then select either Bank accounts for withdrawal or Recipient bank accounts.
4. Select the relevant bank account.
5. Click the edit icon in the Account nickname field, under the bank name. If you already set a nickname, it will appear here.
6. Enter the nickname. You can always come back to the bank account to edit the nickname.

1. Sign in to Payoneer.
2. From the main menu select Bank accounts.
3. Then select either Bank accounts for withdrawal or Recipient bank accounts.
4. Select the relevant bank account.
5. Select Funding sources.

Note: This only applies if you are receiving payments from Payoneer’s integrated partners who send direct payments to these bank details.

1. Select the bank account you want to withdraw to.
2. Click Withdraw.
3. Follow the on-screen instructions to make a withdrawal

*If you are based in India, payments received to your Payoneer account are automatically withdrawn to your local bank account within 24 hours.

You can find more information about withdrawing funds here: Withdraw to bank - FAQ.

1. Select the bank account you want to pay to.
2. Click Make a Payment.
3. Follow the on-screen instructions to make the payment.

You can find more information about making payments to recipients here: Using Payoneer to make payments.