Understanding Payoneer and Revolut
Payoneer is a financial services company that provides online money transfer and digital payment services. It allows individuals and businesses to send and receive payments globally, using multiple currencies and payment methods. Payoneer offers a range of services, including cross-border payments, mass payouts, and e-commerce payments. It also provides users with a prepaid Mastercard that can be used for online and offline transactions.
Revolut, on the other hand, is a digital banking alternative that offers a range of financial services, including currency exchange, money transfers, and card payments. It allows users to hold and exchange multiple currencies, as well as spend money abroad without incurring any hidden fees. Revolut also provides users with a prepaid Mastercard that can be used for online and offline transactions.
Both Payoneer and Revolut offer convenient and cost-effective ways to transfer money internationally. However, it is important to note that Payoneer charges a fee for its services, while Revolut offers free transfers within certain limits. Additionally, Payoneer only allows transfers to bank accounts, while Revolut allows transfers to both bank accounts and other Revolut users.
Overall, Payoneer and Revolut are both great options for individuals and businesses looking to transfer money internationally. However, it is important to compare their fees and services to determine which one is the best fit for your needs.
Setting Up Your Payoneer Account
To transfer money from Payoneer to Revolut, you need to have a Payoneer account. If you don’t have one already, you can sign up for a Payoneer account for free. Here are the steps to get started:
- Go to the Payoneer website and click on “Sign Up” at the top right corner of the page.
- Fill in your personal information, including your name, email address, and date of birth.
- Provide your contact information, including your phone number and address.
- Create a username and password for your Payoneer account.
- Choose your security questions and answers.
- Provide your government-issued ID, such as a passport or driver’s license, and a photo of yourself.
- Wait for Payoneer to review your application and approve your account.
Once your Payoneer account is set up, you can link it to your Revolut account and transfer money between the two accounts. It’s important to note that Payoneer charges fees for certain transactions, so be sure to check the fees and rates before making any transfers. Additionally, make sure to verify your Payoneer account to avoid any delays or issues with your transfers.
Setting Up Your Revolut Account
To transfer money from Payoneer to Revolut, you first need to set up a Revolut account. Follow these steps to set up your account:
- Download the Revolut app from the App Store or Google Play Store.
- Sign up for an account by providing your personal information, such as your name and email address.
- Verify your identity by providing a photo of your government-issued ID and a selfie.
- Once your account is verified, you can add money to your Revolut account via bank transfer.
To add money to your Revolut account via bank transfer, follow these steps:
- Go to the Home Screen in the app.
- Tap “+ Add Money”.
- Select the currency in which you want to receive money.
- Press “Change” and scroll down to select “Regular Bank Transfer”.
- Use your unique local account details if you transfer from a UK bank account via Faster Payment, CHAPs or BACs, otherwise please use your unique IBAN found under the SWIFT tab.
Once you have added money to your Revolut account, you can transfer it to your Payoneer account. Stay tuned for the next section to learn how to do it.
Linking Your Payoneer Account to Revolut
To link your Payoneer account to Revolut, you will need to follow a few simple steps. First, ensure that you have a verified Payoneer account and a Revolut account. Once you have these accounts, follow these steps:
- In your Revolut account, click on “Top Up” and then “Bank Transfer”.
- In the pop-up window, you will see a reference number, beneficiary, IBAN, BIC, bank, and beneficiary address. Take note of these details.
- In your Payoneer account, go to the “Withdraw” page and fill in the required details including the bank name, account name, account number, and sort code.
- Enter the details you noted down from your Revolut account in the corresponding fields in the Payoneer withdrawal form.
- Submit the withdrawal request and wait for the funds to be transferred to your Revolut account.
It’s important to note that the process of linking your Payoneer account to Revolut may vary depending on your location and other factors. If you encounter any issues or have any questions, you can contact the support teams of both Payoneer and Revolut for assistance.
Transferring Money from Payoneer to Revolut
Initiating the Transfer
To transfer money from Payoneer to Revolut, you need to have a Payoneer account and a Revolut account. Once you have both accounts, you can initiate the transfer by following these steps:
- Log in to your Payoneer account and select the “Withdraw” option from the main menu.
- Choose “To Bank Account” as your withdrawal method.
- Enter the required details such as bank name, account name, account number, and sort code. Make sure to double-check the details before submitting the form.
- Payoneer will then process your withdrawal request and transfer the funds to your Revolut account.
Confirming the Transfer
After initiating the transfer, you need to confirm that the funds have been received in your Revolut account. Here’s how:
- Log in to your Revolut account and select the “Payments” tab.
- Choose the “Bank Transfer” option and select your Payoneer account as the source of funds.
- Enter the amount you transferred and click “Confirm” to complete the transaction.
- Revolut will then process the transfer and credit the funds to your account.
It’s important to note that the transfer may take a few days to complete, depending on the processing times of both Payoneer and Revolut. Additionally, there may be fees associated with the transfer, so make sure to check the terms and conditions of both platforms before initiating the transfer.
Monitoring Your Transfer
Tracking the Transfer
Once you have initiated the transfer of funds from Payoneer to Revolut, you may want to track the progress of the transfer. You can do this by logging into your Payoneer account and checking the status of the transfer. The status will show whether the transfer is still in progress or has been completed.
You can also check the status of the transfer in your Revolut account. The funds should appear in your account once the transfer has been completed.
Receiving Confirmation
Once the transfer has been completed, you will receive a confirmation from both Payoneer and Revolut. Payoneer will send you an email confirming that the transfer has been completed. Revolut will also send you a notification in your app confirming that the funds have been received.
It is important to keep track of these confirmations to ensure that the transfer has been completed successfully. If you do not receive a confirmation from either Payoneer or Revolut, you should contact their customer support teams for assistance.
In summary, tracking and monitoring your transfer is an important step in ensuring that your funds are transferred successfully from Payoneer to Revolut. By checking the status of the transfer and keeping track of the confirmation emails, you can be sure that your funds have been received in your Revolut account.
Troubleshooting Common Issues
Transfer Delayed
If your transfer from Payoneer to Revolut is delayed, it could be due to several reasons. Firstly, check if you have provided the correct account details for both Payoneer and Revolut. Double-check the IBAN number, account holder name, and bank name. If you have entered incorrect details, the transfer will be delayed or may fail.
Another reason for transfer delay could be due to the time zone difference between the countries. Payoneer processes the transfer during their business hours, which may not be the same as Revolut’s business hours. In such cases, the transfer may take longer than expected.
Transfer Failed
If your transfer from Payoneer to Revolut has failed, it could be due to a few reasons. Firstly, check if you have sufficient funds in your Payoneer account to cover the transfer amount, including fees. If you don’t have enough funds, the transfer will fail.
Another reason for transfer failure could be due to incorrect account details. Check if you have provided the correct IBAN number, account holder name, and bank name for both Payoneer and Revolut. If the details are incorrect, the transfer will fail.
Lastly, if your account has been flagged for suspicious activity, the transfer may fail. In such cases, contact Payoneer or Revolut customer support to resolve the issue.
In conclusion, troubleshooting common issues while transferring money from Payoneer to Revolut requires double-checking account details, ensuring sufficient funds, and contacting customer support if required.
Security Measures for Money Transfer
When transferring money between Payoneer and Revolut, it is important to take security measures to protect your accounts and funds. Here are some tips to secure your Payoneer and Revolut accounts:
Securing Your Payoneer Account
- Use a strong and unique password for your Payoneer account.
- Enable two-factor authentication (2FA) to add an extra layer of security to your account.
- Keep your account information confidential and do not share it with anyone.
- Regularly check your account activity and report any suspicious activity to Payoneer immediately.
- Be cautious of phishing emails or messages that may attempt to steal your login credentials or personal information.
Securing Your Revolut Account
- Use a strong and unique password for your Revolut account.
- Enable 2FA to add an extra layer of security to your account.
- Keep your account information confidential and do not share it with anyone.
- Regularly check your account activity and report any suspicious activity to Revolut immediately.
- Be cautious of phishing emails or messages that may attempt to steal your login credentials or personal information.
By following these security measures, you can help protect your Payoneer and Revolut accounts from unauthorized access and keep your funds safe during money transfers.
