Signing Up
You can get a MasterCard for free by signing up here
We are using a company named Payoneer, which provides MasterCard to users worldwide. You can use this card for various purposes including online (buy/sell products online) and electronic (withdraw through ATM) purposes.
While signing up, you will also be asked to upload a scanned copy of a national identity document (i.e. Passport/Citizenship). So, make sure you have it with you. Your application has to be then accepted by Payoneer (You need to be 18 years or older). Once accepted, the card will be shipped to you for free. Make sure to provide correct shipping details so that you can receive the card. It takes about a month to receive the card here in Nepal and i am unknown about other country .
After Receiving Card
Once you receive your card, activate it as follows:
Go to Payoneer
Click on 'My Account'
Enter the User ID and Password you chose when your card was ordered, to log in
Click on 'Activate your card'
Select your 4 digit PIN number and submit
You will receive an email confirmation for activation
US Payment Service
Now that you have activated your card, you need to apply for US payment service. US Payment Service is one of the services provided by Payoneer. If you apply for it, you will be provided with your own US Bank Account and if someone deposits money on that bank account, it will automatically get loaded into your MasterCard. However, not everyone can deposit money on your bank account. You can use US Payment Service for receiving money from only select companies and PayPal is one of them.
To activate your US Payment Service:
Login to your account and go to Services > US Payment Service.
At the end of the page, you should find a button that says something similar to Activate my US Payment Service . Click on it.
You will then receive details of your own US Bank Account.
Take note of the Bank Routing Number and Account Number. We will be needing it later on to withdraw money from our PayPal account.
Verify PayPal
In order to use a US bank account to withdraw money from PayPal, the country must be on this list
Choose a country from the table where it says Send. Receive. Withdraw (except India & Vietnam). Now create a PayPal account selecting that particular country as your country of residence.
DO NOT CREATE PAYPAL ACCOUNT SELECTING NEPAL AS YOUR COUNTRY! AND MAKE SURE TO USE YOUR REAL NAME!
Here's how you need to proceed in order to verify your PayPal.
Login to your PayPal.
Go to Profile > Update Bank Account.
Add a bank account.
Select Checking and enter the Routing Number and Account Number that you've received above, on US Payment Service.
Click on Continue.
PayPal will now make two small deposits on your bank account to confirm that it really exists and that it belongs to you. That deposited amount will be automatically loaded on your Payoneer MasterCard, and once it does, you will receive an email notification. You can then login to your Payoneer account and check the deposited amount. It might take up to a week for the amount to show up on your Payoneer interface, but most of the time, it shows up in two to three days.
Once the two amount show up on your Payoneer interface, go to PayPal > Profile > Update Bank Account. You will see a text that says Confirm Bank Account. Click on it and enter the exact amount you saw on your Payoneer account.
Congrats, your PayPal account is now verified!
Transfer From PayPal
Login to PayPal.
Go to Withdraw > Transfer to Bank Account.
Enter the amount to be withdrawn.
Click on Continue.
Your PayPal fund will now get transferred to your Bank account and then loaded onto your Payoneer MasterCard. It should show up on your Payoneer interface within a week.
Withdraw From MasterCard
Now that the fund has been loaded onto your MasterCard, simply go to a ATM and withdraw the money. I will recommend you to use ATMs of only two banks, though : either Nepal SBI Bank Ltd. or Standard Chartered Bank. See below for the reasons.
Fees Involved
Well, to be frank, the fees seem to be quite high (esp. for us). But, I think no matter how much it costs, it's always better to have the money right here in your hands rather than letting it pile up on your PayPal account, and not getting to use it here.
US Payment Service : US Payment Service charges 1% of the transfer amount. So, for example, if you transfer $100 from your PayPal to your bank account, only $99 will be loaded into your card.
ATM withdrawal : ATM withdrawal fee is quite high. Each time you make a withdrawal, you will be charged $3.15 + up to 3% currency conversion fee.
Annual card maintenance fee : Once you reach $29.95 on your Payoneer account, that amount is automatically deducted by Payoneer as an annual card maintenance fee. And yearly, at the same day and date, $29.95 will be deducted.
How to minimize the fees?
Do not use ATMs other than that of Nepal SBI Bank and Standard Chartered Bank. The reason is because other banks charge more money on top of the existing fee ($3.15 + 3%).
SBI Bank allows maximum withdrawal of Rs. 16,000 at a time, whereas Standard Chartered allows a maximum of Rs.10,000 withdrawal at a time. So, try not to withdraw small amount from ATM, instead make a habit to withdraw the maximum amount allowed (i.e 10,000 or 16,000). This will help minimize the fees.Do not make a balance inquiry from ATM. Every declined ATM withdrawal and balance inquiry costs you $1.
Payoneer charges annual card maintenance fee of $29.95. So, at the beginning of each year, empty your card i.e. either withdraw your money, or spend it online, but make sure there's nothing left there. Payoneer won't charge the fee if your card's empty.
PROS and CONS of the method
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