Payoneer Review

Payoneer Review

Payoneer is a renowned company that offers financial services. They have been in operation since 2005 and have gained traction over the years. Payoneer usually provides its clients with working capital and doubles up as an online money transfer and digital payment platform. In this review, I’ll be exploring everything you need to know about Payoneer including its features, how it works, whether or not it’s legit and safe to use along with the pros and cons.

Payoneer has come a long way since its inception. Read on to find out more!

Payoneer is a certified global MasterCard Service Provider. There are many different businesses that use Payoneer actively for mass payouts across the globe including Amazon, Google, Airbnb and Fiverr among others. Payoneer focuses on ensuring companies not only receive payments but also pay each other with ease both locally and internationally.

However, Payoneer is neither a merchant account provider nor an all-in-one service provider like Square, Stripe or PayPal. This means that it doesn’t offer any point-of-sale payments and payment options for online payments especially for companies.

Payoneer is specially designed for processing payments and it thrives in this sector. However, there are other solutions that can still come in handy. For instance, you can check out resourceful WooCommerce Payoneer payment gateway plugins.

Payoneer Review

Payoneer supports many different currencies in more than 200 countries globally. The platform allows its users to send money both internationally and domestically and withdraw money using a debit card. Plus, you can receive money for free with Payoneer although you might need to pay in some cases especially when transferring funds to a non-Payoneer account holder. United States customers can use E-check payments.

Payoneer also has a mobile app. In addition, the platform allows you to pay other account holders using Payoneer billing service. What’s more, you can use Payoneer to receive your Amazon affiliate payments.

Payoneer account dashboard example.

The prepaid MasterCard, on the other hand, will help you accomplish fund transfers. Currently, Visa option is not available on the platform. You can use your Payoneer debit card to make transactions and other eCommerce purchases.

Payoneer makes receiving money a lot easier. It allows you to withdraw a maximum oof up to $2500 daily at different ATM locations around the world. On average, foreign exchange fees is relatively low since its estimated at 1% for every transaction.

In addition, Payoneer has a dedicated and trustworthy customer support team and provides extensive knowledge base for its customers. You can reach the support staff by phone, email or through live chat. What’s more, they have offices around the globe. Payoneer also allows you to withdraw money from your account at any time and transfer it to a different bank account.

You can use the account balance in your Payoneer account to make an online or in-store purchase. It also allows you to withdraw money from your Payoneer account at different ATM locations across the globe. A Payoneer account usually comes with a prepaid debit card that costs $29.95 per year except it’s optional.

As earlier mentioned, Payoneer has a mobile app for both iOS and android devices. However, you can only use the app to manage the funds in your account and not make payments.

Where Payoneer is Available

Anyone can have a Payoneer account. However, the prepaid debit MasterCard service is not available for India residents. All Payoneer account holders can send money to their bank accounts thanks to the Global Bank Transfer service.

How Does Money Transfer Work?

Companies, sellers and freelancers can receive payments easily both internationally and locally since Payoneer offers different payment solutions. You can receive money in over 100 currencies in more than 200 countries across the world. These payments can be made from many different multi-national marketplaces safely, affordably and quickly and transfer the funds to your bank account.

Payoneer allows you to receive local bank transfers from different business in United States, EU, Mexico, United Kingdom, Japan, Canada and Australia right into your online account. It’s almost the same as receiving bank transfer funds since a Payoneer account works just like a standard local bank account. In this case, you only need to provide the relevant information of the client’s bank account and you’ll receive payments regardless of where you are in the world.

In addition, Payoneer allows you to transfer funds from your account to your local bank account in your country. In this case, the transaction is conducted in the local currency. Payoneer also provides a Make a Payment service that you can use to pay suppliers, contractors and other team members. All these people will receive their payments with or without Payoneer accounts.

Remember, Payoneer account holders can make payments at no extra cost. However, you’ll be required to pay a small fee to send money to users without a Payoneer bank account.

Available Card Options

Payoneer usually provides both physical and virtual cards. You can use the cards with different currencies supported by your Payoneer bank account. What’s more, you can also use these cards online, ATMs, retail outlets and anywhere else that electronically accepts MasterCard.

To be eligible for the card, you’ll need to have received at least $100 in payments within six months. Payments from PayPal, Skrill and other different e-wallets are not counted including those made directly in the network.

Customers with Russian billing or shipping address are not eligible for Payoneer cards owing to the recent changes in regulation. If you qualify, you’ll see the “order card” option on your Payoneer account menu. You can order for a Payoneer card during the process of application or once you complete the application.

You can only link one Payoneer card to a currency. Plus, the Payoneer card works just like your regular MasterCard. You can use the card to buy goods and services as long as it accepts MasterCard. It allows you to withdraw money from ATMs, make purchases from both physical and online stores.

Available Currencies

Payoneer typically supports having relevant local bank account information in different currencies including GBP, AUD, CNH, JPY, CAD, EUR and USD. You can receive these currencies through Payoneer’s Global Payment Service.

JPY from different companies based in Japan transferred through Zengin, USD from United States companies transferred through ACH, GBP from different companies based in the United Kingdom transferred through FPS and BACS and EUR from different companies based in Europe transferred through SEPA.

Exchange Rates

A currency conversion fee will be applied if the currency in your Payoneer account is not the same as the currency for that particular transaction. For instance, if you have USD in your Payoneer bank account and you want to pay for something in the UK, the bank will automatically convert the currency. This means that you are bound to be charged in GBP.

You can also convert currencies from your Payoneer account.

The conversion rates of the currencies usually depend on the rates of the MasterCard when you use your Payoneer card to make a purchase when withdrawing funds from the ATM. You can see an estimate of your conversion fees on the MasterCard Currency Conversion tool. Payoneer usually adds an average of up to 3.5% currency conversion charge.

Costs and Fees

Payoneer has listed most of their fees on their website. This means that you can check the fees with ease. Here’s a highlight of some of their most popular fees depending on the United States rates:

Receiving Funds

  • Via networks and marketplaces that usually pay with Payoneer – the fees tend to vary based on the company.
  • A Payoneer account holder can transfer funds to your bank account at no extra cost
  • You can receive payments in USD, CAD, AUD, EUR, MXN, JPY and GBP for free through receiving accounts.
  • There’s an additional 1% fee charged for receiving funds from customers by ACH debit and an extra 3% for the fund transfers made by credit card to you.

Sending Funds

  • An additional 3% fee to send funds by credit card
  • An additional 1% fee to transfer funds via ACH debit card
  • An additional 1% fee to send funds through local bank transfer
  • Sending money to Payoneer account holders for free
  • A maximum of up to 2% fee applied for fund transfers made from Payoneer accounts to the receiver’s account.
  • Using the USD, GBP or EUR in the Payoneer account for payments in the same country as per your Payoneer profile listings is in a country where the payment currency is the local currency. Alternatively, the currency should be same as that in your bank account balance will incur a 1.50 USD, EUR or GBP fee.

Withdrawing Funds

  • You’ll be charged a 1.50 GBP, EUR or USD standard withdrawal fee when you withdraw money from your Payoneer account to a local bank account with similar currency.
  • Take note of the country in the billing address. Those who wish to withdraw GBP in EUR or UK in Europe with a EU or UK billing address can go about the entire process at no extra cost. An additional 2% fee will be applied for transactions made by Payoneer account holders withdrawing USD to a bank account in the United States with a UK or EU billing address.
  • Your bank account currency should be the same as the official currency of the country. For instance, you can make withdrawals in the United States using a USD account. On the flip side, you can’t use the same account to withdraw funds in Germany.

Other Fees

Any Payoneer account holder will be charged $29.95 for keeping their account open without making any transactions with either the card or account within a year.

Fees for the Payoneer Prepaid Card

  • A maximum of up to 3.5% conversion fee will be applied in EUR, GBP or USD as appropriate
  • Buying items online and in physical stores is free. You might have to pay a cross-border fee for international purchases.
  • 95 USD/24.95 EUR/ 24.95 GBP annual fee
  • 95USD/9.95 EUR/9.95 GBP card replacement fees
  • 95 GBP/ 2.50 EUR/ 3.15 USD ATM withdrawal fees per transaction
  • 65 GBP/0.80 EUR/1.00 USD ATM decline fees per transaction
  • 65 GBP/0.80 EUR/1.00 USD ATM balance inquiry fees per transaction

Payoneer Business Account

If you are looking to make international transactions, Payoneer got you covered as it helps make the process a lot easier. Paying overseas expenses is equally affordable along with billing clients in different nations, receiving payments in different currencies and selling products internationally among others.

You can also establish your own local currency account in European countries, United Kingdom and the US. You’ll be able to receive payments as you normally would with regular bank accounts. Local receiving bank accounts, on the other hand, operate just like their traditional counterparts.

You can get local bank account details in several currencies just like having bank account in physical bank.

Customers and marketplaces across the globe can pay in different currencies including SGD, USD, EUR, GBP, JPY, CNH, AUD, MXN and CAD through local bank fund transfers.

Any payment in USD received by the local bank transfer accrues a fee that ranges from 0 to 1%. However, you can receive payments in different currencies for free.

Payoneer uses applicable market rates for all their conversions. They usually deduct 0.5% fee automatically from the transferred funds. This means that you don’t have to estimate the amount of money you’ll receive for every transaction. The platform allows you to request payments from clients anywhere in the world by raising an invoice with a click of a button.

In addition, you can allow your customers to pay online using viable payment options. You can send payment requests to international companies as well. For example, if you are a freelancer, you can ask a client to pay for your web development services once you’re done working on their website.

Is Payoneer a Legitimate Company?

Payoneer’s compliance record speaks for itself since the platform is fully regulated in different jurisdictions and operates globally. So, yes! Payoneer is not only safe to use but also a trustworthy and legitimate company.

Payoneer helps ensure foreign eCommerce platforms for sellers connect. International companies can receive payments at relatively lower rates and not rely on foreign online seller money transfer system. Their main focus is to provide a highly effective and equally efficient payment system for non-personal transactions and companies alike.

Payoneer is best suited for transactions that are usually made by companies, professionals, freelancers and product and services marketplace. A flat rate of 2% fee is applied for money conversions above the mid-market rate.

Payoneer offers different payment services that international transactions, freelancers, companies, online marketplaces stand to benefit from. Clients can send and receive payments from business organizations and individuals in different countries. The status of the beneficiary account and your account will determine the currency exchange service.

In addition, Payoneer makes commercial transactions a lot easier. This means that companies can use direct currency conversations and payment solutions to pay employees and freelancers.

Is Payoneer Safe to Use?

Payoneer is as legit as it is safe to use. It’s a US company fully registered as a US Money Service Business – MSB. As earlier mentioned, it’s a legitimate company based in the US, fully regulated and have been in operation since 2005. What’s more, they are certified at a Payment Card Industry (PCI) Level 1 Data Security Standard which means they uphold their systems and networks with high level security.

Payoneer complies with network security and higher system standards as compared to its counterparts offering the same services. Their core obligation is to protect the funds of their clients along with preventing money laundering. They’ve also added firewalls to help prevent any hacking and tampering attempts.

Payoneer have virus protection programs on access points to keep everything secure. It updates the protocols regularly to improve the platform and avoid losing data in case of fire, theft or accidents. What’s more, the IT department conducts compulsory and comprehensive PCI audits annually.

The sophisticated anti-hacking techniques and firewalls are usually activated for each Payoneer transaction. This helps eliminate hacking, identity theft, fraud, phishing and other potential actions that are equally harmful. Customers get email notifications informing them of any transactions and account changes. They can also manage their accounts effectively through email notification alerts of suspicious or unusual transactions.

You might want to explore Chime as a viable alternative to Payoneer if you are based in the United States. Chime review will give you an overview of the platform.

Payoneer Pros and Cons

Just like other platforms in the eCommerce world, Payoneer also comes with a fair share of pros and cons. Let’s dive right in, shall we?


  • They have a great customer support
  • It’s easy to use
  • Speedy processing of payments across the globe
  • It’s available in many different countries
  • Opening a Payoneer account is easy
  • It offers free payments between Payoneer accounts
  • It supports multiple currencies
  • You can receive payments anywhere in the world
  • Payoneer provides a debit card


  • The exchange rates are relatively high
  • It’s not a supported payment option and this can affect eCommerce operations
  • Limited transactions
  • Various fees


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.