When you start earning money online, the company that gave you the job will pay you via PayPal. What I mean is that they will send you the money to your Verified PayPal account. They will not send you the money through Moneygram or Western Union due to security reasons.
It is highly important that you:-
1 Understand that you cannot Withdraw Money from Paypal to your Kenyan Bank Directly.
2 Link your Payoneer MasterCard to your Payoneer Account and finally PayPal Account.
3 Transferring money from your Paypal account to your Payoneer MasterCard.
4 Withdrawing your money from Kenyan Banks that Accept Master Card.
1: Understand that you cannot Withdraw Money from Paypal to your Kenyan Bank Directly
Due to the fact that Kenya has not passed Anti-Fraud Laws, PayPal cannot enter into agreements with Kenyan Banks. Therefore, you must use another means of receiving the money from PayPal which is through using the Payoneer MasterCard.
Why do online companies insist that your PayPal account has to be verified? It’s because they do not know you. They can send the money to the wrong person or email address. Account Verification is the process of using your Kenyan Visa/Master card to show PayPal that you are a real person. Once you give your details of your local (Kenyan) ATM card to PayPal then PayPal will access your account number to see if you are real. Once PayPal sees that you are real then it sends you the code for verifying your account.
2: Link your Payoneer MasterCard to your Payoneer Account and finally PayPal Account
After registering for Payoneer online, they send you the Payoneer MasterCard for free via ordinary mail to your post office box in Kenya. After 1 month of waiting, you will receive the package that contains the instructions letter with your card. The next step is linking the card to your Payoneer Account.
The steps are:-
Step 1: Go to the Payoneer Website and click on ‘My Account’. See the Yellow Arrow.
Important: Login to Payoneer
Step 2: Enter your User Name and Password (set when you applied for the card) to log in.
Step 3: Click on activate your card.
Step 4: Select your 4 digit PIN number and submit.
Step 5: You will receive an email confirmation for activation.
Step 6: On the Services Menu select US Payment Service
Payoneer’s US Payment Service provides you with a US Account (Bank Name), Bank Routing Number and Your Account Number. These are the details you need to provide to your verified PayPal Account.
Step 7: Log into your Paypal account, go to the Profile Menu and select Add/Edit Bank Account.
Step 8: Fill in all the details from the Us Payment Service. Remember to select Checking on Account Type.
Step 9: Finnish the whole process and you have successfully linked your Payoneer Card to your Payoneer account and also PayPal account.
3: Transferring Money from your Paypal Account to your Payoneer MasterCard.
I will take an example to explain this practically. Let me say that there is an online company that wants to send you $10. They will ask for the name of your Verified PayPal Account so that they send you the money. After sending the money, PayPal will inform you by sending a message to your Email address that they have received the $10 from the online company and have debited your account.
The next step is transferring the $10 or $7 or whichever amount you wish to send to your Payoneer Account. On your PayPal account, select withdraw and click withdraw funds to your bank account.
After selecting withdraw, enter the amount you wish to remove and click continue. PayPal will send you an Email indicating that they are transferring the amount to your Payoneer Account. It usually takes 3 business working days to transfer the money.
After the 3rd day, Payoneer will send you an Email indicating that they have received the money from PayPal and they have loaded your money to your Payoneer Account. This means that your Payoneer Master Card contains the money.
4: Withdrawing your money from Kenyan Banks that Accept Master Card
Go to any of the following banks to withdraw your money. These banks accept master card; I&M Bank, Barclays, PesaPoint and CFC Standbic Bank Limited.
Conclusion
It is very important to know how to withdraw money online because this is the future of transacting business.
This has been Wilfred Imbukwa,
Signing Out.