To transfer funds from Payoneer to UnionBank, Filipino freelancers can expect a seamless process with low fees and a transfer timeline of 2-3 business days. The main keyword here is "Payoneer to UnionBank," which offers Filipino freelancers an efficient way to access their international earnings through local banking services.
Quick Facts
| Aspect | Details |
|---|---|
| Fees | 1.5% per transaction |
| Processing time | 2-3 business days |
| Minimum withdrawal | $50 |
| Supported banks | UnionBank, BDO, BPI, and more |
Step-by-Step Process
1. **Sign up for Payoneer**: If you haven't already, create a Payoneer account. As a Filipino freelancer, this will be your gateway to receiving international payments effortlessly.2. **Link your UnionBank account**: Go to the "Bank Accounts" section in Payoneer and add your UnionBank details. Ensure accuracy to avoid delays.
3. **Receive payments into Payoneer**: When clients pay you, the funds will first go into your Payoneer account. This serves as your global wallet.
4. **Initiate a withdrawal**: Once you have funds in your Payoneer account, select the option to transfer to a bank. Choose your linked UnionBank account.
5. **Confirm transfer details**: Double-check the amount, currency, and fees. Payoneer usually converts USD to PHP at competitive rates.
6. **Complete the withdrawal**: Submit your request. You’ll receive a confirmation email from Payoneer.
7. **Wait for funds to arrive**: Within 2-3 business days, the money should reflect in your UnionBank account. This is typically faster than other international transfer methods.
Fees Breakdown (Philippines 2026)
- **Transaction fee**: Payoneer charges 1.5% of the transaction value when you transfer funds to your UnionBank account. - **Conversion fee**: Currency conversion is done at competitive rates, usually slightly above the mid-market rate. - **UnionBank fees**: UnionBank itself may charge a small receiving fee, often around P150, which is less than a Grab ride across Manila.Best Banks to Use
Choosing the right bank can make a difference in your freelancing journey: - **BDO**: Offers extensive branch and ATM networks. However, it might have higher receiving fees compared to UnionBank. - **BPI**: Known for good customer service and a solid online banking platform. - **UnionBank**: Offers a smooth integration with digital platforms like Payoneer, making it ideal for tech-savvy freelancers. - **GCash/Maya**: While these e-wallets provide convenience, they typically involve additional steps for larger withdrawals.Common Problems
- **Verification issues**: Ensure all your Payoneer account details match your UnionBank records to avoid verification problems. - **Transfer delays**: Although rare, funds may sometimes take longer than expected. Contact Payoneer's customer support if this happens. - **Currency conversion discrepancies**: Always check the conversion rates before proceeding with a transfer, as they can affect your final amount.Frequently Asked Questions
How do I ensure my Payoneer account is properly linked to UnionBank?
Double-check all your bank account details in Payoneer. They must match exactly with your UnionBank records to prevent any delays or verification issues.
What should I do if my funds are delayed?
First, verify all your transaction details in Payoneer. If everything appears correct, contact Payoneer support for assistance. Delays are rare but can occur.
Are there any hidden fees I should know about?
Payoneer is transparent about its fees, but always check for any potential fees charged by UnionBank upon receiving the funds.
Can I use GCash or Maya for withdrawals?
Yes, you can transfer funds from Payoneer to GCash or Maya, but this usually involves additional steps and fees compared to direct bank withdrawals.
Is Payoneer safe for receiving payments?
Absolutely, Payoneer is a reputable platform used by millions of freelancers worldwide. It offers robust security measures to protect your funds.
My Recommendation
In my 6 years of freelancing, I've found Payoneer to be an invaluable tool for managing international payments. Its ease of use and competitive fees make it a top choice for Filipino freelancers looking to keep more of their hard-earned money. For those just starting, I recommend opening a UnionBank account due to its seamless integration with Payoneer and its user-friendly online services.Start Receiving International Payments
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