Friday, June 7, 2013

Easy Payments with Payoneer’s U.S. Virtual Bank Account

So I’ve been getting my Clickbank commissions through wire transfer for some time, until I found out that Payoneer now allows us to open a U.S. virtual bank account to receive payments.

Well, this was good news for me, as Clickbank doesn’t allow direct deposit for my country. With wire transfer Clickbank cuts $35 for each wire, but direct deposit is cheaper as it has no fee, except for the 1% loading fee from Payoneer.

Therefore if your commission is $1,000, with wire transfer CB will cut $35 so you’ll get $965. But with direct deposit using U.S. Payment Service, Payoneer will only take 1% * $1,000 = $10 so you’ll get $990.
But of course this case would be different if you earn $3,500 and above :D

Without further ado, I applied for a free Payoneer debit MasterCard, and it finally arrived safely at my doorstep about a few weeks ago. I then activated my card, then applied for a U.S. virtual bank account (U.S. Payment Service).

They will send you an invitation to register for a U.S. Payment Service once you have activated your card.
When  my application was approved and active, I then changed my payment method in my CB account into direct deposit. Payoneer gave me a bank routing number and account number for this.

My first direct deposit was this morning, and it worked perfectly. Here’s the screenshot:

I’m quite happy today :-)

So if you don’t have a U.S. bank account, and you’re living outside of the U.S (Indonesia, Pakistan, Philippines, India, Bangladesh, Singapore, etc…) like me then Payoneer’s U.S. Payment Service can be the perfect option.

But before you get your free debit card, maybe you should carefully consider their fees:

1. Annual card account maintenance: $29.95 (no activation fee anymore, but there’s only a flat annual fee)
2. 1% of each payment you receive (for any amount you get)
3. $3.15 per ATM withdrawal (When a transaction is made as a foreign transaction or is requested in a currency other than USD, charges of up to 3% may be assessed above all charges assessed by MasterCard for the transaction.)

Payoneer used to charge $20 annually for a U.S.Payment Service and some monthly card maintenance fees, but now not anymore. So there’s nothing to worry about.

I guess the fees are worth it.

I can now receive payments faster, withdraw my money from any ATM with MasterCard log, and shop online with the debit card. Credit card sucks….lol.

You can also use it to verify your PayPal account, once you’ve loaded the card. If it has zero balance, PayPal will decline your card.
Oh, if you want some free money, you can sign up here. Once you’ve loaded your card with at least $100,

Payoneer will give you a $25 bonus. I’ve just earned this myself :)

free 25 dollars

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