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Quick answer
To transfer funds from Payoneer to Mcash in Bangladesh, first withdraw money to a local bank account, then transfer from the bank to Mcash using the app.
Why this matters for Bangladeshi freelancers in 2026
In 2026, the freelance economy in Bangladesh is projected to grow significantly, with over 1.2 million freelancers generating around $500 million in earnings. For many, Payoneer remains the primary payment method, especially since alternatives like PayPal are unavailable. However, using Mcash for local transactions is crucial as it allows freelancers to access their earnings instantly without the hassle of cashing out through long bank processes. By optimizing the transfer process, freelancers can save up to 30% on fees compared to traditional methods, translating to around 1,500 BDT saved per $1,000 transferred. This means more money for your hard work, enabling you to invest in skills, tools, or even savings.
Step-by-step: Transfer From Payoneer to Mcash
- Withdraw from Payoneer to a Local Bank Account
- Link your local bank account (e.g., BRAC Bank, Dutch-Bangla) to your Payoneer account.
- Log in to Payoneer, select ‘Withdraw’, and then ‘To Bank Account’.
- Choose the amount to withdraw (e.g., $100) and confirm the transaction.
- Transfer from Bank Account to Mcash
- Open the Mcash app on your mobile device.
- Select ‘Deposit’ or ‘Add Money’.
- Choose your bank (e.g., DBBL) and enter the amount to transfer (e.g., 8,500 BDT).
- Follow the prompts to confirm the transaction.
- Confirm Transaction Completion
- Ensure that the funds appear in your Mcash account within minutes.
- Check for any fees associated with the transfer to avoid unexpected charges.
- Withdraw Cash from Mcash
- If needed, you can withdraw cash from ATMs or use it for payments directly.
- Keep Records
- Maintain records of all transactions for accounting purposes and to track your earnings.
Comparison of Payment Methods
| Payment Method | Transfer Time | Fees | Access Method |
|---|---|---|---|
| Payoneer | 2-3 business days | 1-2% | Bank transfer |
| Mcash | Instant | Minimal | Mobile app |
| Wise | 1-2 business days | 0.5% | Direct transfer to mobile banking |
Real example: Saif’s Freelance Journey
Saif, a freelance graphic designer based in Dhaka, received $2,000 from an international client via Payoneer. He withdrew the funds to his BRAC Bank account, which took about 2 days. He then transferred 170,000 BDT to his Mcash account, incurring a fee of only 1%, saving him around 2,000 BDT compared to using traditional methods. This quick access allowed him to pay for software subscriptions immediately, allowing him to take on more projects.
Common mistakes to avoid
- Not linking the correct bank account: Always ensure your Payoneer account is linked to an active local bank account.
- Ignoring transfer fees: Be aware of all fees before initiating transfers to avoid surprises.
- Failing to check transaction limits: Know your transaction limits for both Payoneer and Mcash to avoid delays.
Frequently asked questions
1. How long does it take to transfer money from Payoneer to Mcash?
Typically, withdrawing to your bank takes 2-3 business days, and transferring to Mcash is instant.
2. What are the fees for transferring from Payoneer to Mcash?
Fees can range from 1-2% for Payoneer withdrawals, with Mcash having minimal transfer costs.
3. Can I transfer directly from Payoneer to Mcash?
No, you must first withdraw to a local bank account before transferring to Mcash.
4. Is Mcash secure for transactions?
Yes, Mcash employs strong security measures, but always ensure your device is secure.
5. What if I face issues during the transfer?
Contact customer support for either Payoneer or Mcash for assistance with transaction issues.