In today’s digital world, online money transfers and payments are becoming increasingly common. Services like Payoneer and PayPal facilitate easy transfer of funds across borders using the internet. Linking your Payoneer account with PayPal combines the benefits of both services, enabling convenient online payments and money transfers.
We’ll start by understanding what Payoneer and PayPal are. Then, we’ll go through the steps to link the two accounts so you can seamlessly receive and transfer funds online.
What is Payoneer?
Payoneer is an American financial services company founded in 2005 to provide online money transfer and digital payment services globally. It is headquartered in New York City with offices around the world.
Some key facts about Payoneer:
- Enables customers to receive and transfer funds from over 200 countries and territories.
- Provides services like online payments, working capital, and risk management.
- Has partnered with major marketplaces like Airbnb, Amazon, Google, and Upwork.
- Backed by reputed investors like Wellington Management, Nyca Partners, and Susquehanna Growth Equity.
In a nutshell, Payoneer empowers freelancers, remote workers, and companies of all sizes to scale globally by facilitating easy, low-cost payments and money transfers worldwide.
What is PayPal?
PayPal is an American company operating a worldwide online payment system. It supports online money transfers and serves as an electronic alternative to traditional payment methods like checks and money orders.
Here are some key aspects of PayPal:
- Provides services for online vendors, auction sites, and commercial users like payment processing and charging transaction fees.
- Has over 426 million active registered accounts globally as of 2021.
- Supports online money transfers in over 200 markets enabling payments in 100 currencies.
- Acquired Xoom Corporation in 2015 expanding digital money transfers to over 130 countries.
In summary, PayPal is a global leader in digital payments and money transfers, providing online businesses and individuals with simple and secure ways of sending and receiving money.
How to Link Payoneer with PayPal?
Linking your Payoneer account with PayPal enables you to withdraw funds from Payoneer directly to PayPal. It also eliminates fees for fund transfers between the two services.
Follow these steps to link your Payoneer account with PayPal:
- Log in to your PayPal account at www.paypal.com
- Click on the “Link a bank” option on the Account Summary page
- Enter the account number and routing number from your Payoneer account
- To find these: Login to your Payoneer account > Click “Receive Money” > Select US Payment Service. Your account number and routing number will be displayed.
- PayPal will make two small deposits into your Payoneer account. Check these deposits in 2-3 working days on your Payoneer transaction history.
- Once you receive the deposits, log back into PayPal and enter the deposit amounts to verify your account.
That’s it! Your Payoneer account is now linked to your PayPal account. You can now conveniently withdraw funds from Payoneer to PayPal without any fees.
Linking Payoneer and PayPal combines the strengths of both platforms, enabling easy online money transfers and payments. Linking the two accounts eliminates transfer fees between them. You also get the power of PayPal’s payment processing capabilities for your Payoneer funds. So go ahead, follow the steps above, and link your accounts today to move and manage money seamlessly online!