I am so happy to receive something in the mail today (yes, snail mail still exists). It’s the Payoneer credit card that I applied for online about a month ago. The reason? As I begin my quest to become a freelancer, I am currently slowly building my online profile in freelance marketplaces such as odesk.com, elance.com, etc. At the same time, I also starting to work on my system of accepting payments from potential clients. I know this is quite overwhelming at first (it is for me), so you have clear your mind and follow the steps below or listen to the podcast episode. I am doing this experiment not just for me, but for you, so you avoid the unnecessary steps and follow the right ones. Now, the goal is to be able to accept payments from clients via a U.S. Bank account or PayPal account and then convert those payments into Philippine Pesos.
Option 1: Client -> US Bank Account -> Payoneer MasterCard -> Moolah (Cash)
Option 2: Client -> PayPal -> Philippine Credit Card or Payoneer MasterCard -> Moolah (Cash)
For this episode, we talk about Option 1, how to accept payments from clients or companies who prefer to send payment to a U.S. bank account and does not prefer PayPal. Examples of companies like these are Amazon.com, Google for AdSense earnings and even some U.S. clients you will meet via your website or referrals from other freelancers. Meanwhile, here are the steps on how to open, link to your USD Bank Account and withdraw the funds to your Peso Bank Account and receive cold cash.
1. Go to this link to register.
2. You will receive an email confirmation in 1-2 weeks if your application has been approved. 3. If your application has been approved, the Payoneer MasterCard will be delivered via snail (regular) mail. I received mine after 4 weeks.
5. Then, you withdraw the money from your US bank account mentioned above to your Philippine bank account. It takes about 2-3 banking days according to Payoneer. Further, the fee to transfer to your local bank is $2.99 per transfer. Click the link below for more details about fees: http://blog.payoneer.com/local-bank-transfer-service-now-available-to-the-philippines/comment-page-1/
6. Withdraw the money from your Philippine bank account.
Alternatively, if you want to get your cash immediately, you may skip Steps 4 and 5 above. You don’t need to transfer money from your US bank account to your Philippine bank account because you can actually withdraw the money directly from your Payoneer Prepaid MasterCard. Payoneer charges USD3.15 per transcation (plus other ATM charges depending on the ATM that you use).
Lastly, it is important to note that the Payoneer Prepaid MasterCard is not free. It has an anuual fee of USD29.95. I actually don’t know how and when I will be charged for this because I haven’t been notified about it. I shall update this blogpost once it happens.
For more details about Payoneer fees, please visit this link. https://payouts.payoneer.com/Partners/Default/Fees.aspx?
So there you have it, the steps on how to encash your freelance earning using Payoneer. Next week, I shall talk about Option 2, how to encash payments using PayPal.
Have your tried using Payoneer? Please share with us your reviews in the Comment Box below.
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* Payoneer links above are affiliate links.
Photo credit for poster: TaxCredit.net