Recommended Banks in Nepal for Payoneer MasterCard withdrawal

Banks_in_Nepal_for_Payoneer_MasterCard_withdrawalIf you freelance on websites like Elance, Odesk, Freelancer or similar online platforms, then you are probably
familiar with Payoneer services, which is one of the popular withdrawal options for online freelancers. Nowadays many Indian and Nepali freelancers have started working online and frequently use the Payoneer service for payment withdrawal and also for online transaction using the Payoneer MasterCard. However, this method has its advantage as well as disadvantages- Read: Withdrawal options for non-US freelancers. This post is for Nepali freelancers who have just signed up for Payoneer services but they are not sure which banks in Nepal allow withdrawing money using the Payoneer MasterCard in their ATMs and also what kind of fee do those banks charge for such transactions.

I have used/tested many banks in Nepal trying to find one that is best for MasterCard withdrawals. What I’ve found is that most banks carry extra fee of Rs 400 for withdrawal and on top of that they have very low withdrawal limit per ATM transaction, usually Rs 10,000 per transaction. Also, after withdrawing the amount you’ll find that the banks do not offer optimum exchange rates for MasterCard withdrawals like what you’d get from a USD wire transfer (SWIFT) the amount to your local bank. Or, maybe there is some hidden cost like currency conversion fee or something like that on MasterCard related ATM transactions. Also, note that Payoneer also charges you $3 for each ATM transaction. Below are some recommended Banks in Nepal for Payoneer MasterCard withdrawal that I use, and their withdrawal limits and processing fees, and I’ve also mentioned when to use each one of these banks:

Standard Chartered Bank

  • Max withdrawal per transaction: Rs 10,0000
  • Additional fee: none
  • When to use: Use SCB ATM when you have to withdraw Rs 10,000 or Rs 5000.
  • Some transactions:
    • Date: 4/24/2014
      • Amount Withdraw: Rs 5000
      • Amount Deducted from Payoneer: $56.23
    • Date: 9/20/2014
      • Amount Withdraw: Rs 10,000
      • Amount Deducted from Payoneer: $109.37

Nepal SBI bank Ltd:

  • Max withdrawal per transaction: Rs 16,000
  • Additional fee: Rs 400
  • When to use: Use Nepal SBI ATM when you have to withdraw between Rs 10000 to Rs 16,000
  • Some transactions:
    • Date: 6/28/2014
      • Amount Withdraw: Rs 16000
      • Amount Deducted from Payoneer: $180.48

NABIL Bank Ltd:

  • Max withdrawal per transaction: Rs 35000
  • Additional fee: Rs 400
  • When to use: Use NABIL bank ATM when you have to make large withdrawal
  • Some transactions:
    • Date: 8/1/2014
      • Amount Withdraw: Rs 35,000
      • Amount Deducted from Payoneer: $383.11

Latest Withdrawal  from Prabhu Bank (July 2015)

  • Max Withdrawal per ATM transaction: Not sure
  • Additional Fee: not sure
  • When to use: Use Prabhu ATM for Rs100k or $16k withdrawal
  • Date: July 12 2015
    • Amount withdrawn: Rs 10,000 | Deducted from Payoneer: $104.92
    • Amount withdrawn: Rs 16,000 | Deducted from Payoneer: $165.81

Other Banks

  • KIST Bank – Rs 10,000 max per ATM transaction, Rs 400 processing fee
  • Nepal Bangladesh Bank – Rs 10,000 max per ATM transaction, Rs 400 processing fee
  • Nepal Investment Bank Limited – Rs 10,000 max per ATM transaction, unknown processing fee

Note: The amount deducted from your Payoneer account varies according to the currency conversion rate at the time of withdrawal. If you withdraw at a time when you get more local currency for a dollar, less amount will be deducted from Payoneer. 

Hope this post has helped you figure out which banks to use for MasterCard withdrawal in Nepal. Personally, I use Wire Transfer for bulk cash withdrawal and Payoneer only for small transactions and for online purchases.

Do you work online?  Have you applied for your Payoneer MasterCard yet? The process is very easy. All you have to do is enter your name, address, phone number, and mailing address (postal code: Kathmandu 44600 and include PO Box number if you have one) where the card will arrive. You’ll also need to upload a scanned image of your passport, citizenship certificate or bank statement. If you’re mailing address is correct you should received is within three to four weeks and if want it faster you’ll have to pay for shipping services like FedEx or UPS. After receiving the card all you need to do is login to your Payoneer account and enter your card information but make sure that you have enough cash to be loaded to cover the activation fee. Use the link below and earn $25 after you upload $100 to your Payoneer account:

Also read: How to get Payoneer MasterCard Anywhere- Easy Sign Up Process

Sign Up for Payoneer and earn $25 reward


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  • Neosurk

    Do we have to have a USD account for wire transfer? Or do the Nepali banks accept USD incoming transfers in NPR accounts?

  • Shawn

    No, you don’t need a USD account to receive US dollars in your NPR account. You can send USD to your Nepali account here via SWIFT wire transfer, and then the bank will convert and deposit the USD into your NPR account. However, you will be charged a certain processing fee- most banks in Nepal charge about $5 for incoming wire transfers. The USD will take about 2-7 days to show up in your account here.

  • tmpx3

    can you transfer to a local bank from payoneer ? (or is it just atm withdrawls ?)

  • Shawn

    The Payoneer withdraw to bank account option is currently available in 80 countries. Australia, Hong Kong, Philippines, China, Thailand, Singapore, Japan, Canada, Norway, Greece, Germany etc are some of the supported countries. Nepal, India, Pakistan, Sri Lanka and Bangladesh are some of the unsupported countries. You can check here the list of supported countries for Payoneer bank account withdrawal: Payoneer Withdraw to Bank service

  • shawn

    I am confused that, if I want to withdraw all money, will it works? suppose I check balance first and it showed rs30,000, as you said Nabil bank allowed max rs35000, I’m referencing Nabil Bank as example. so after checking balance it should deduct $1 fee as per payoneer fee. and Nabil bank fee and forex commision etc. so how much I’m allowed to withdraw if I check balance first (which showed rs30,000)? and what will happen if I try to withdraw rs30,000? wll my payoneer card stick inside? or says invalid transaction or my card wll be blocked? please reply me with your expertise. I am new on this. My first transacton I did with NIBL was expensive and limit is only 10, 000, I withdrew 10,000 and transaction in payoneer shows total $108 almost.

  • Tony

    Hi Shawn,

    If you try to withdraw more than your current Payoneer balance, the ATM will say “insufficient fund” and then give you back your card. Here is how I make sure that the amount I withdrew won’t exceed my balance:

    Before you withdraw the cash from local ATMs, you can do a bunch of calculations at home. First, calculate the $ to be withdrawn based on the conversion rate. Let’s say you are going to withdraw Rs 10,000 and the exchange rate of the day is $1 = Rs 100, which means if you withdraw Rs 10k, $100 + fees will be deducted from your Payoneer account. Next, you will have to calculate the total fees (I use this formula): $3(payoneer fee)+4%(conversion fee: not sure if banks in Nepal charge this)+$4(ATM processing fee charged by some banks). So you should have at least $100 +$11= $111 in your Payoneer account. As a precaution, you can add $10 more in your account on top of the above above fees to make sure you have some amount left in your account after withdrawal.

    Let us know how it went and also the amount you withdrew vs the amount deducted from your Payoneer account, and the date when you did the transaction.
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