How to check your Payoneer Mastercard balance on an ATM

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Posted by Felix Okoli on Friday November 7, 2014 at 8:42:25:

Although you can view your account balance by simply logging into your Payoneer account on the web, you will not really be able to know how much it is worth in your local currency most especially if your currency is not in US dollars.

By default, the funds in my Payoneer Mastercard account is held in US dollars since it was issued by a bank in the USA but when it comes to making withdrawals, I have to do that by means of using a local ATM in Nigeria and the currency I can withdraw in is the Nigerian Naira. This means that one of the things I have to first of all do is check how much money I really have in Naira is to check my account balance. This is because most ATMs in Nigeria only make payouts in Naira.

You might already know how much US dollars you have in your Payoneer account but you also need to know much do you really have in your local currency.

Well, in Nigeria, you can easily do this by using a Mastercad supported ATM but you should also note that it's also going to cost you $1 for doing so.

I recently checked my Payonener Mastercard balance using an ATM in Nigeria and the results were in Naira. Since I had earlier checked my account balance online and noticed that I had $478.83 to my credit. I decided to also check it's worth in Nigerian Naira and when I did, the value was about NGN81,400. That means that an exchange rate of about N170 was used for me which is not really a bad rate if you ask me given that the rate used by Google search is about the same.

If I wanted to withdraw money from that ATM in Naira using my Payoneer Mastercard, I would also have to consider a fee of $3.15 which I first of all have to remove from the balance before knowing how much I want to withdraw.

So, let's assume you have $500 in your Payoneer Mastercard account and want to withdraw money from a Nigerian ATM, you need to first deduct $3.15 and then convert the balance in USD to Nigerian Naira in order to know how much you can actually withdraw.

Mathematically, Amount available for withdrawal will be =>

(Payoneer Balance - 3.15)*Exchange Rate in Naira.

So, let's assume that the exchange race is N170 and you have $500 in your account, it means that you will be able to withdraw at most 84464.5.

Mathematically; Amount withdraw-able = (500 - 3.15)*170 = N84,464.5

So, this means I can withdraw about N80k to N84k and leave some small balance in my account

How to check your Payoneer balance using a local ATM
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- Slot in your Payoneer Mastercard into the ATM with the card numbers facing upwards and the first numbers in front

- Enter your 4 digit PIN(You shouldn't forget this)

- Select the account as Savings

- Select inquiry

- Wait for the results

- The available funds in your Payoneer account will be displayed in the local currency e.g. Naira.

It is that easy.

Comments:
Re: How to check your Payoneer Mastercard balance on an ATM Posted by shephy on Friday June 24, 2016 at 11:38:2:

I got payment by domestic wire transfer and haven't reflected on my payoneer prepaid MasterCard. How do i go with it?

Re: How to check your Payoneer Mastercard balance on an ATM Posted by Felix Okoli on Friday June 24, 2016 at 11:38:2:

Give it some time. It may take some time before reflecting. If not, you can always contact payoneer and lay your complaints