Have you been looking for a PayPal alternative in India, which imposes the same restrictions as PayPal but offer lesser transaction fees? Look no further than Payoneer. Payoneer which was once banned from India by RBI, is now back in action & have resumed their service for Indians.
With Payoneer, you can quickly receive payment from US or EU companies. Unlike other countries, you won’t be getting a Payoneer prepaid card. The amount that you will receive in your Payoneer account, will be directly deposited into your bank account within 24 hours.
Here are few important things to know about Payoneer service in India:
- Limit of INR 5,00,000 per single transaction
- Limit of INR 2,500,000 per calendar month
- If somebody will send you the payment which is over limit, the transaction will be reversed.
- Currency conversion charge of just 2%
Update: Below section is archived, as a news. Below section was written when Payoneer was banned.
Payoneer is one of the good alternatives to Paypal. Just like Paypal, Payoneer allows transferring the amount online from all over the world and the best part about Payoneer is that you can withdraw your money from ATMs with the help of Master Debit Card.
ut unfortunately RBI (Reserve Bank of India) instructed Payoneer to stop its services in India in next few hours and later the ATM service too. Earlier Paypal services were blocked in India and then withdrawn again, even Payoneer is saying that this is temporary block. Here is the mail sent by Payoneer to its customers:
Dear Valued Customer,
Due to instructions from the Indian local banking authorities, Payoneer Prepaid MasterCard cards will be blocked for local purchases (POS Purchase) made in India within the next few hours, and ATM transactions will probably be blocked soon after.
Your Payoneer card continues to be functional anywhere other than India (including transactions made online on global websites), and all funds in your account are secure.
Other payment companies have experienced similar restrictions in the past, and most have been temporary and have taken a few weeks to resolve the situation. Payoneer and MasterCard are working with local banking regulators to address the situation. Payoneer is also preparing alternative ways for you to continue to receive payouts, and expects you will be able to continue to receive your payments in the future. We apologize for the inconvenience and will keep you informed.
We have opened a special mailbox for you to communicate with our Customer Support. Please feel free to contact us at IndiaSupport@payoneer.com.
Sincerely, Payoneer Customer Support This is very disappointing for freelancers and even if you are a customer of Payoneer then either you can revert back your money from freelancing site. Many freelancing sites allows this option like Elance. Let’s hope that it is a temporary block and Payoneer resumes the services back soon. Meanwhile, stay with us for more updates.