This step-by-step guide shows you the exact process for Payoneer withdrawal to any Nepali bank, including fees & timing.
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However, moving funds from your Payoneer balance directly into your local Nepali bank account (like Nabil, Himalayan, or Standard Chartered) often feels complicated. This comprehensive guide simplifies the entire process.
We will walk you through the precise steps for linking your Nepali bank, initiating a withdrawal, and clearly breaking down the fees and timeline, ensuring you get your hard-earned money quickly and safely.
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Prerequisites – Before You Start
Before you initiate any transfer, ensure your accounts are set up correctly, and you have all the necessary information at hand. A small error in this stage can lead to major delays.
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Requirements Checklist
- A Fully Verified Payoneer Account: Your account must be approved and active to initiate withdrawals. If you are new, make sure you have submitted all required ID and address verification documents.
- A Local Bank Account: This account must be in your name (or your company's name, if a business account). The name on the bank account must exactly match the name on your Payoneer profile.
- Essential Bank Details:
- Bank Name (e.g., Nabil Bank Limited)
- Account Holder Name (Full name as per bank records)
- Account Number
- SWIFT/BIC Code: This is crucial for international transfers. You can find this code on your bank's website or by contacting your bank manager. (Example: Nabil Bank's SWIFT code is NARBNPKA).
Essential Verification Steps
If you are adding a new bank account, Payoneer will typically require a brief approval period (often 1-3 business days) to confirm the details. Do this before you need the money urgently.Also Read: How to Make Money with AI[adsense-inside-post-2]
Step-by-Step Guide to Linking Your Nepali Bank
Linking your Nepali bank is a one-time process. Once approved, withdrawals become much faster.- Log into Payoneer: Access your account via the website or the Payoneer mobile app.
- Navigate to Settings: In the main menu, go to Settings → Bank Accounts.
- Add a Bank Account: Click the + Add Bank Account button.
- Enter Account Type and Country:
- Select Personal or Company (whichever matches your Payoneer account).
- Select Nepal as the Country.
- Select Personal or Company (whichever matches your Payoneer account).
- Select your preferred withdrawal currency, which will be NPR (Nepalese Rupee) for conversion transfers, or USD if your bank supports a USD FCD account. (For most users, NPR is the correct choice).
- Input Bank Details: Carefully enter the following:
- Bank Name (Select from the dropdown menu)
- SWIFT Code
- Account Number
- Review and Confirm: Tick the boxes to confirm the details are correct and that you own the account. You will likely need to enter your password or a two-factor authentication code to finalize the submission.
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Wait for the approval email from Payoneer. Once approved, you are ready to withdraw!Also Read: Best Platform to Sell Your Skills Online
The Withdrawal Process
With your bank account linked and approved, transferring funds is simple and fast.Initiating the Transfer
- Go to the Withdrawal Menu: From your Payoneer dashboard, click Withdraw → To Bank Account.
- Select Source Balance: Choose the currency you want to withdraw from (e.g., USD, EUR).
- Choose Destination Bank: Select your linked Nepali bank account.
- Enter the Amount: Input the amount you wish to withdraw.
- Review the Summary: This is the most important step! Before hitting 'Confirm,' Payoneer will display the full withdrawal summary:
- The amount in the source currency (e.g., $500 USD).
- The Exchange Rate used for the conversion to NPR.
- The Withdrawal Fee charged by Payoneer.
- The Final Amount in NPR you will receive in your bank account.
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Understanding the Fees and Exchange Rate
| Fee / Rate Component | Detail for Nepal Withdrawal (USD to NPR) |
|---|---|
| Payoneer Withdrawal Fee | The currency conversion fee is usually up to USD 3 plus an exchange rate markup, or up to 2 percent of the withdrawn amount. The exact fee is shown on the confirmation screen before you complete the withdrawal. |
| Exchange Rate Markup | Payoneer applies a competitive exchange rate that includes a markup, historically around 1.85 percent for NPR transfers. This rate is often better than standard bank exchange rates. |
| Local Bank Fees | In most cases, Nepali banks do not charge an extra fee for this type of transfer. However, some banks may deduct a small landing or processing fee when receiving international funds. |
Timeline and Troubleshooting
How Long Does the Transfer Take?
For most successful transfers from Payoneer to a Nepali bank account:- Standard Time: 3 to 5 business days (excluding weekends and Nepali public holidays).
- First Withdrawal: The very first transfer can sometimes take an extra 1-2 days due to mandatory security checks by both Payoneer and the receiving bank.
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Common Withdrawal Issues in Nepal
| Issue | Cause | Solution |
|---|---|---|
| Name Mismatch | The name on your bank account does not exactly match the name on your Payoneer profile, such as using initials or a shortened version. | Contact Payoneer support to correct your profile name, or use a bank account where the name fully matches your Payoneer account. |
| SWIFT Code Error | An incorrect or outdated SWIFT or BIC code was entered during the withdrawal request. | Confirm the correct SWIFT code directly with your bank and update it in Payoneer. Transfers with invalid codes are automatically rejected. |
| High Value Holds | The withdrawal amount exceeds daily or weekly limits set by your bank or Nepal Rastra Bank regulations. | Withdraw the money in smaller amounts, or contact your bank to confirm the maximum allowed limit for international transfers. |
| Money Sent, Not Received | Payoneer shows the transaction as completed, but the funds do not appear in your bank account even after five working days. | Download the Payment Confirmation Receipt from Payoneer and share it with your bank so they can trace the transfer using reference details. |
Frequently Asked Questions (FAQ)
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- What is the typical fee for Payoneer withdrawal to a Nepali bank?
- Payoneer charges a fee that is either a fixed amount or a percentage/markup on the exchange rate (historically up to 2% or 1.85% markup). This fee is always clearly displayed on the withdrawal confirmation screen before you authorize the transfer.
- How long does a Payoneer transfer take to reflect in a Nepali bank account?
- Standard transfers usually take 3 to 5 business days. The very first withdrawal may take slightly longer (up to 7 days) due to necessary bank verification and security checks.
- Does Payoneer use the official interbank exchange rate for NPR?
- Payoneer uses a competitive commercial rate that includes a small margin (markup) above the mid-market rate to cover service costs. This is typically more favorable than traditional bank wire transfer rates.
- Is there a maximum amount I can withdraw to my Nepali bank?
- Payoneer itself does not impose a low limit, but Nepali banks and the Nepal Rastra Bank (NRB) may have limits on the maximum foreign currency amount that can be converted and credited to a local account per transaction or per month. If withdrawing a large sum, check with your bank first.
Conclusion
With this guide, the complex process of moving international earnings to Nepal is now straightforward. By ensuring your bank details are accurate and being mindful of the fees and timelines, you can access your hard-earned money efficiently.
The ability to easily withdraw funds is the final step in a successful online earning career. Now that your funds are accessible, it's time to grow your income even further!
The ability to easily withdraw funds is the final step in a successful online earning career. Now that your funds are accessible, it's time to grow your income even further!
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