Most of your banks should support international debit/credit card services like MasterCard. However, some banks might have different fees and withdrawal limits. Here are some of the tips to choose the best bank to withdraw cash using Payoneer MasterCard:
- Processing fees: Choose a bank that doesn’t charge additional fees for withdrawal because many banks charge about $5 (Rs 400 to Rs 500) as processing fee when you withdraw cash from their ATMs with a Payoneer MasterCard. You can imagine how expensive it gets when you have to make multiple withdrawals. In addition Payoneer will also charge you $3 for each ATM transaction via your MasterCard.
- Conversion rates: Most banks have more or less similar exchange rate. However, go to the bank’s website and check the rates for that date and also check for additional fees for Mastercard processing. If you find a bank that offers both good exchange rate and doesn’t charge any fee, then you can use that bank.
- Withdrawal limit: Banks have different limits as to how much you can withdraw per ATM transaction. Some banks have higher ATM withdrawal limit, meaning you can withdraw bulk cash at once. Other banks have very low withdrawal limit, which means if you wanted to withdraw large amount you’d have to perform multiple ATM transactions thereby incurring multiple withdrawal fee. However, you will also have to check for the additional fees before choosing an ATM. Some banks have low ATM withdrawal limit but charge no additional fees but some banks have higher withdrawal limit but carry a processing fee for MasterCards. Thus, if you have small amount of cash (say $100), use the bank which has low withdrawal limit but charges small or no fee. If you have to make a bulk withdrawal it makes sense to go for a bank with higher ATM withdrawal limit even if there’s a processing fee involved.
Based on the above info do your own research and list your local banks for your specific purpose- Small withdrawals VS Large withdrawals. If you have any other suggestions for choosing the right bank for Payoneer Mastercard withdrawal please mention them in the comments.
Also Read: Bank ATMs in Nepal for MasterCard withdrawal
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