How to withdraw money from Payoneer: what to pay attention to when choosing a bank?

Ukrainian businesses are increasingly actively entering international markets, and the payment platform Payoneer has become an indispensable tool for working with clients from abroad. However, after transferring funds to the Payoneer platform, a natural question arises: How can money be economically and quickly withdrawn from Payoneer to an account in a Ukrainian bank?

Currently, most Ukrainian banks support incoming international transfers via SWIFT, and some have Payoneer integration configured. It makes it easy to withdraw money from Payoneer to foreign currency or hryvnia accounts of individual entrepreneurs, companies, and even individuals. It also greatly expands business opportunities. However, the terms of service, the speed of depositing funds, and the amount of commissions in different banks may differ significantly.

In this article, we will consider how to withdraw money from Payoneer in Ukraine, what types of accounts can be connected, which banks are suitable for this, and what to pay attention to when choosing a financial institution. 

How to withdraw money from Payoneer in Ukraine:  a short guide

The process of withdrawing funds from Payoneer to a Ukrainian bank is quite convenient and does not require complex technical integration — everything is implemented through the user’s personal account. But to avoid unnecessary costs or delays, understanding the sequence of actions and working nuances at each stage is worth understanding.

Here is a step-by-step guide on how to withdraw money from Payoneer to a bank account in Ukraine easily and correctly:

Create an account with Payoneer

To receive international payments, you must first register an account on the Payoneer platform. During the registration process, you will be asked to provide documents confirming your identity, type of activity, and status of a sole proprietorship or company. An account without identity verification is limited in functionality, so be sure to verify.

Add a bank account

In the “Settings” → “Bank accounts” section, you can add your account in hryvnia or another currency. Be sure to specify the details of an account opened in your name or a registered legal entity (LLC or individual entrepreneur). If you are adding a currency account, make sure the bank supports SWIFT payments — this is how the transfer from Payoneer happens.

Confirm details

After adding an account, Payoneer may initiate a test payment (e.g., 0.1 USD or EUR) to verify that the account actually exists. Before withdrawing money from Payoneer, you need to confirm the receipt of the amount and go through the final approval. This can take from a few hours to two business days.

Get paid by customers

When the account and account are active, you can provide Payoneer virtual account details for payment or issue invoices directly through the platform. Funds are credited to your Payoneer balance usually within 1-3 business days.

Initiate withdrawal of funds to a bank account

In the Payoneer account, go to the section “Withdraw funds” → “To a bank account”, select the desired account and currency. How to withdraw money from Payoneer  — in hryvnias, dollars, or euros (depending on which account you connected). If you output USD to a hryvnia account, the conversion will be automatic at the Payoneer rate (which may differ from the bank rate).

Wait for the funds to be deposited in the bank

After confirming the transfer, the funds are sent to your bank. Processing time depends on bank policy. For example:

• Monobank – usually several hours;
  
• PrivatBank — from several hours to one working day;
  
• PUMB — 1–2 days;
  
• Other banks — from 1 to 3 days, sometimes longer.

✅ Summary: If you think about how to withdraw money from Payoneer, choose a currency account, a convenient bank with a reasonable exchange rate, and transparent tariffs. Setting up the process once will save you time and significant money in the future.

What types of accounts can be connected to Payoneer?

Before withdrawing money from Payoneer, you need to determine which bank account you want to connect. It must be an account registered to you as an individual or legal entity at a bank that supports international transfers.

Payoneer allows you to add several types of accounts, each with advantages and nuances related to taxation, accounting, and fees.

Current currency account of individual entrepreneur

This is the most convenient and most popular option for those who are registered as an individual entrepreneur and decide to how to withdraw money from Payoneer. Such an account is opened in currency (USD, EUR) and allows payments to be received from foreign clients. All operations go through the individual entrepreneur accounting, so this option is suitable for:

• IT specialists;
  
• designers, translators, marketers;
  
• consultants, experts, contractors.

✅Importantly: crediting the individual entrepreneur’s foreign exchange income must be confirmed by a contract or a certificate of completed works. 

Current account of a legal entity (LLC)

Withdraw money from Payoneer to company accounts is also possible. For this, a corporate currency account of your company is added to Payoneer. This solution is suitable for businesses that work under foreign economic contracts, have several employees or receive regular payments from foreign partners.

Personal account of an individual

Payoneer also allows you to add an individual’s personal account. This can be convenient for beginners or those who do not yet have a registered business. Withdraw money from Payoneer on this account is possible, but it has its own risks:

• The tax office can consider income as income of an individual, which should be taxed.
  
• In the case of large amounts or regular transfers, the bank may request an explanation or confirmation of the origin of the funds.

This type of account is permissible only for one-time or small transfers – for example, test invoices, projects up to 400-500 dollars.

Card account 

Is it possible to withdraw money from Payoneer through a bank card? The card is really just an interface to your account. So:

• If it is a hryvnia card, Payoneer will convert the currency automatically at a rate that may differ from the bank rate.

• If the card is linked to a currency account, everything works;

Comparison chart of account types to connect to Payoneer

Account Type	Who Can Open	Currency	Advantages	Restrictions/Disclaimers
Individual entrepreneur current account	Individual / Entrepreneur	USD, EUR	Legal accounting, convenience, flexibility	An accountant and income documents are needed
Account of a legal entity	LTD	USD, EUR	Professional level, scalability	Complex reporting, more tax requirements
Personal account of an individual	A natural person	UAH, sometimes USD	Ease of connection	Tax Risks, Bank Enquiries
Card Account	All categories	UAH, USD	You can quickly connect	Limits on amounts, high commissions

Survey of banks: where you can go to withdraw money from Payoneer

Most Ukrainian banks have long integrated the ability to accept transfers from international payment platforms, particularly Payoneer. However, they are not all equally effective when it comes to withdrawing money from Payoneer to the account of the individual entrepreneur or the company. Enrollment time, fees, currency processing, technical support, and the functionality of online applications all significantly affect the daily convenience of work.

Withdraw money from Payoneer to Monobank 

Monobank has become one of the most popular choices among Ukrainian individual entrepreneurs and freelancers thanks to its convenient application and prompt work with currency payments. Transfers from Payoneer usually arrive within a few hours or the same day.

Advantages:

• fast payment processing;
  
• convenient mobile application with currency support;
  
• you can open an account online, without visiting a branch;
  
• customer-oriented support service.

Withdraw money from Payoneer to PrivatBank 

PrivatBank has the most significant number of business clients in Ukraine. It accepts transfers from Payoneer stably, although sometimes processing takes longer than at Monobank.

Advantages:

• a wide network of branches throughout the country;
  
• “Privat24 for Business” interface;
  
• experienced staff and stable technical support.
  

Withdraw money from Payoneer to the First Ukrainian International Bank 

FUIB also accepts transfers from Payoneer and has a good reputation among individual entrepreneurs.

Advantages:

• flexible tariff policy for individual entrepreneurs;
  
• possibility of service completely online;
  
• foreign currency accounts are opened quickly.

Withdraw money from Payoneer to other banks

Apart from the above, many other banks also support Payoneer payments, but each has its own nuances:

• longer processing of currency payments;
  
• a more complex system of opening a currency account;
  
• limited in-app or hotline support.

Before connecting an account with them to withdraw money from Payoneer, be sure to call technical support or contact the branch. Find out if the bank accepts transfers from Payoneer and what fees are charged.

What to pay attention to when choosing a bank

When choosing how to withdraw money from Payoneer, it is important to evaluate banks not only on the availability of technical integration with this platform, but also on practical aspects of service. Even if the bank supports Payoneer, it is not a fact that it will be convenient for your business.

Main criteria to consider

• Currency conversion rate. Compare not only the official rate of the NBU, but also the bank’s internal rate. A difference of a few pennies for large amounts can significantly affect income.
  
• Funding speed: This is critical for an active business.
  
• Fees for incoming SWIFT payments vary between banks. Some are fixed, while others are percentage or combined.
  
• The ability to open an account online will save you time.
  
• Quality of mobile application and interface. It is important that you can manage the account yourself, without contacting the branch.
  
• Availability of business support: the opportunity to receive advice or a certificate from the tax office.
  
• Reliability and reputation of the bank. It is especially important for transfers of large sums.

What should you pay attention to additionally?

• Does the bank provide certificates of receipt of funds for the tax office?
  
• Does it allow you to use the currency for other expenses (e.g., paying for foreign services)?
  
• What is the currency exchange rate and can you convert it through the app.
  
• What is the average duration of enrollment at withdrawing money from Payoneer?

✅ Visnovok:  Before the final choice of a bank, do your own little research, contact several banks for advice, read reviews of entrepreneurs in thematic communities about how to withdraw money from Payoneer through this bank.

What does the process look like withdrawing money from Payoneer to the bank?

Procedure for withdrawing money from Payoneer to a Ukrainian bank account:

• Login to Payoneer account
  Log in to your account through the web interface or mobile application.
  
• Go to the “Withdraw funds” menu
  Select the menu item → “To a bank account”. A transfer form will appear.
  
• Choice of account and currency
  If you have multiple accounts (for example, in USD and UAH), pay attention to the currency of the available balance and account compatibility.
  
• Entering the amount
  Enter the amount you want to withdraw from Payoneer. If there are not enough funds in the balance, the system will not allow you to continue. The minimum withdrawal amount is usually $50.
  
• Check detailsBefore withdrawing money from Payoneer, you will see:
  
  • the exact amount to be sent;
    
  • Payoneer commission (usually fixed);
    
  • Conversion rate (if the currency of the account and the transfer do not match).
    
• Transfer confirmation
  Click “Confirm” — and the transaction starts. You will receive an email confirmation with the status.

After that, the funds will be automatically sent to the bank, and Payoneer will email you a confirmation. Depending on the bank, you will receive the money in 1-3 working days.

Summary

How to withdraw money from Payoneer — a question important for everyone who works with international customers. A correctly chosen bank will help you save on commissions and speed up the receipt of payment. Almost all Ukrainian banks in Ukraine can also successfully accept and withdraw money from Payoneer.