It has always been inconvenient to withdraw Paypal balances to domestic banks. The official method has always been wire transfer. Unfortunately, the handling fee is too expensive. Regardless of whether it is successful or not, Paypal charges a handling fee of US$35 for a single wire transfer to the country. In China, different banks may charge additional fees.
For example, when using Paypal to wire transfer to Bank of China, in addition to deducting a handling fee of US$35, the bank also charges a handling fee of US$12. This means that a withdrawal of US$1,000 will only receive US$953 in the end. Of course, there are also banks that do not charge handling fees. For example, if you used Everbright Bank’s Paypal wire transfer before, only US$35 was deducted.
If the handling fee can be reduced by increasing the single Paypal withdrawal limit, then the other two "thresholds" are the biggest problems with Paypal withdrawals to domestic banks: One is 50,000 The issue of US dollar foreign exchange quota; second, the wire transfer time is too long, and the bank has problems with recording it.
For a variety of reasons, I chose to use Lianlian Pay to withdraw cash. I introduced it in detail in this article: Five Things to Note on PayPal Continuous Withdrawal. Unfortunately, Lianlian Pay’s business was terminated on July 1, 2018. After being reminded by friends in the past few days, you can now use Payoneer to withdraw your Paypal USD balance.
This article will share the entire process of using Payoneer to withdraw Paypal dollars to Guofeng Bank. More about website construction and how to obtain income from website construction, the following may give you some tips:
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1. Comparison of handling fees and duration of Paypal withdrawal methods
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- HTTPS://wuwuwu.PayPal.com
- HTTPS://wuwuwu. crawlingyoneer.com/
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The cash withdrawal methods currently supported by Paypal are mainly wire transfers and checks. Wire transfers are divided into wire transfers to domestic banks, wire transfers to U.S. banks, and wire transfers to Hong Kong banks. The arrival times and handling fees of different withdrawal methods are shown in the figure below: (click to enlarge)
4.2 Domestic withdrawal of large amounts: bank transfer
Payoneer can withdraw money directly to domestic banks without occupying your personal annual foreign exchange quota. Currently, there is a 1.2% handling fee for US dollar withdrawals to domestic banks, but you can also contact customer service to request a lower rate.
PS: Updated on December 21, 2018. Thanks to the enthusiastic friend "Xiaoyu" for the reminder. The handling fee of Anpaiying is capped at 1.5%. It supports withdrawals to Chinese bank cards and does not occupy the foreign exchange quota prescribed by the state because it passes the internal exchange rate. After the conversion, you can make payments in RMB directly, and you can apply for a lower rate. Currently, to open an account, you must collect $40 before you can apply for a p-card. If the amount is large, you must provide a valid and legal source of revenue before you can withdraw money.
4.3 The most economical way to withdraw domestic cash: online payment
Payoneer funds will charge a certain fee for depositing and withdrawing funds to domestic banks. If your balance in Payoneer is relatively small, it is recommended to directly bind Payoneer to Taobao, and then use Payoneer to pay when shopping on Taobao.
5. Summary
Using Payoneer to withdraw your Paypal balance, on the one hand, you can save handling fees, shorten the withdrawal time, and once the subsequent Paypal balance withdrawal is successfully bound, it will basically arrive within one day; on the other hand, Payoneer can withdraw cash, spend, transfer, etc., which greatly improves the Paypal balance utilization efficiency.
It should be pointed out that Paypal will charge a certain fee for withdrawing cash using Payoneer, which is generally 1% for deposits and 2% for transfers. Friends who often withdraw cash suggest that you directly contact Payoneer’s customer service to request a lower fee for deposits and transfers. Generally speaking, It is much more convenient than Paypal wire transfer.