Payoneer to Security Bank 2026 (philippines Guide)

Quick Facts

Step-by-Step Process

In my 6 years of freelancing, transferring funds from Payoneer to a local bank like Security Bank has proven to be a critical skill. Here's how you can do it:

1. Create a Payoneer account if you haven't already. It's a straightforward process; just ensure you have a valid ID and a bank account ready for verification.
2. Log in to your Payoneer account and navigate to the "Bank Accounts" section under "Settings."
3. Click on "Add Bank Account" and select "Philippines" as your country.
4. Enter your Security Bank account details. Make sure to double-check the account number and branch code to avoid errors.
5. Once your bank account is linked, initiate a withdrawal by selecting "Withdraw to Bank Account" from the Payoneer homepage.
6. Enter the amount you wish to transfer and confirm the details. Payoneer will display the fees and conversion rates for your review.
7. Confirm the transaction. You will receive a confirmation email, and the funds should be in your Security Bank account within 2-3 business days.

As of January 2026, this method has been reliable for many freelancers I know, including myself, providing a seamless way to access international payments.

Fees Breakdown (Philippines 2026)

Understanding the fees is crucial for managing your earnings effectively. Here's a detailed breakdown:

• Payoneer charges a 1% fee on each transaction. For a $500 withdrawal, this equates to $5, or approximately P280—less than a Grab ride across Manila.
• Currency conversion fees apply if your clients pay in USD. Payoneer typically offers competitive rates, but it's always good to compare.
• Security Bank may charge an additional processing fee. It's best to confirm with your local branch as fees can vary.

These fees are relatively low compared to some alternative methods, like wire transfers, which can cost upwards of $25 per transaction.

Best Banks to Use

Choosing the right bank can make a significant difference in your freelancing finances. Here's a comparison of some popular options:

BDO

BDO is known for its extensive branch network and reliable service. However, they have higher fees for international transactions, which can eat into your earnings.

BPI

BPI offers competitive fees and a user-friendly online platform. Many freelancers prefer BPI for its efficient service and reasonable rates.

UnionBank

UnionBank is a favorite among tech-savvy freelancers. Their app is top-notch, and they offer lower fees for digital transactions.

GCash/Maya

For those who prefer mobile solutions, GCash and Maya offer seamless integration with Payoneer. These platforms are great for freelancers who frequently use digital wallets.

In my experience, UnionBank and BPI are particularly freelancer-friendly due to their balance of low fees and quality service.

Common Problems

Despite the efficiency of using Payoneer, you might encounter some challenges:

Verification Issues

Ensure all your information matches exactly with your bank records to avoid verification problems. This includes your name, address, and account details.

Transfer Delays

Occasionally, transfers may take longer than expected. Contact Payoneer support if your funds haven't arrived after 5 business days.

Solutions

• Double-check all entered information before submitting a transaction.
• Keep your contact details up-to-date with Payoneer and your bank.
• Reach out to customer support promptly if issues arise.

My Recommendation

In my experience, using Payoneer to receive international payments is both convenient and cost-effective. Its integration with local banks like Security Bank makes it an excellent choice for freelancers in the Philippines. I've personally saved time and money by avoiding higher fees associated with other methods.

For those starting their freelancing journey, I recommend setting up your Payoneer account today. Not only does it simplify the payment process, but you also get a $25 bonus on your first $1000 transferred, which is a nice boost especially when you're starting out.

Adjust your strategy based on your needs, and always keep an eye on fee structures and exchange rates to maximize your earnings. Remember, keeping more of your hard-earned money is just as important as earning it.