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Payoneer Review: Pros and Cons, Rates, Opening an Account & More

February 12, 2023

Yuval Tal established the financial services firm Payoneer in 2005, and it has its main office in New York. It offers a range of services, including digital payments, working capital for clients, and online money transfers. As of 2019, the business employs over 1,200 people and serves more than 4 million clients. Let's move on to the next section to learn how Payoneer functions.

For company owners who wish to send and receive transactions without a merchant account, Payoneer is an option. Although it doesn't have a POS system like payment solutions like Stripe, it's still a great choice for freelancers and small enterprises.

Businesses may make payment requests to clients through Payoneer, who operates as a type of middleman, so they can pay in a variety of ways.

What is Payoneer?


Since its founding in 2005, Payoneer has advanced significantly, going from a $2 million seed investment to a 2019 valuation of over $1 billion. To target the B2B transactions sector, the business purchased Armor Payments, an online escrow provider, in March 2016.

In August 2016, the company added an automated tax form service to its bulk payment product. Additionally, it added quick working capital access to its Capital Advance service for e-commerce online sellers like Amazon and Walmart in the middle of 2019. Additionally, it announced its merger with FTAC Olympus Acquisition Corp. (FTOCU) in February 2021, and on June 28, 2021, it listed on NASDAQ.

Payoneer has been used for large-scale payouts globally by global operating corporations including Amazon, Google, Airbnb, Rakuten, Walmart, Wish.com, and freelancing marketplaces like Fiverr and Upwork. It provides cross-border wire transfers, reloadable debit card services, and online payments in more than 150 local currencies across 200 countries.

Let's examine some of its benefits and drawbacks.

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Open A Payoneer Account

Pros


  • It uses 150 local currencies and operates in almost 200 countries.
  • Make fee-free transfers to other Payoneer accounts and 1%-fee bank account transactions at low cost.
  • Free to create - Create your account right now without spending any money.
  • Pay overseas clients in their preferred currencies by sending payments internationally.
  • It allows free transfers among Payoneer accounts.
  • It offers the option for customized invoices and permits requests for payments from specific clients.
  • The Payoneer customer care system is comprehensive and offers phone, email, and live chat service.

Cons


  • Transaction fees for cards are very expensive.
  • It is not a supported payment option and presents a challenge for online sales.
  • For overseas transactions, a 2% currency conversion fee is further applied. Additionally, there is an annual cost to use Mastercard.
  • No POS system or payment gateway - The inability to accept payments is hampered by a lack of POS and payment gateway.
  • Not appropriate for big enterprises Due to its lack of sophisticated payment functionality, Payoneer is best suited for small enterprises and independent contractors.
  • It can only be used to handle payments from company accounts; it cannot be used to accept money or payments from personal accounts.


Review of Payoneer: An overview


Here is a brief description of the payment service provider so you can quickly understand Payoneer:



Set up fee
  • $0.
  • $29.95 annual fee if your account isn’t active for 12 months.¹
Monthly fee
  • $0
Customer service
  • Letter
  • Phone
  • Email
  • Chat
  • Fax
  • ‘Contact Us’ form
  • Payoneer tries to resolve customer concerns within 3 business days.
Trustpilot rating
  • 4.3 out of 5 from more than 45,000 users.²
Great for
  • Low-cost transfers, and small businesses or freelancers that don’t require a POS system.

Payoneer security


A legitimate US business, Payoneer is listed as a US Money Service Business (MSB). It has been in business since 2005 and has achieved PCI Degree 1 Data Security Standard certification, indicating that they must maintain a high level of security for its networks and systems. In order to comply with regulations and enhance the security of its platform and consumers, it is furthermore registered with the US Financial Crimes Enforcement Network (FinCEN) and submits Suspicious Activity Reports (SARs) on a regular basis.

To protect the transactions against phishing, theft, and fraud assaults, advanced anti-hacking tools and firewalls are used. Additionally, it emails customers to notify them of company and account changes, and it promptly alerts them to any suspicious transactions.

Features of Payoneer


A variety of options are available through Payoneer to simplify the sending and receiving of payments. On the company and consumer ends, it simplifies transactions and streamlines operations.

Sending money


If money is placed into their Payoneer account, you may send money instantaneously and for no fee with Payoneer.

You can transfer the money in batches of up to 200 payments at once if you want to deposit it into bank accounts. Bank accounts often get payments within a day.

You may rapidly settle business service bills from Amazon Transparency and Amazon advertising and make payments in more than 200 countries and territories.

Request payments


By issuing an invoice, you can ask your client to pay you with Payoneer. Following that, you will get their payments immediately into your bank account through your Payoneer account. Clients may easily be asked for money via Payoneer, and they can do it in the currency of their choice.

Three payment options are available to clients:

  • Credit card
  • Local bank transfer
  • Payoneer account


With Payoneer, you can also keep track of your payments and send out reminders.

Open A Payoneer Account

Global Payment Service


Payoneer enables you to accept local bank transfers to your Payoneer account directly from foreign businesses with offices in the US, EU, UK, Japan, Canada, Mexico, and Australia. After that, you can transfer the funds to a bank account in your nation.

Receive payments in multiple currencies


Users of Payoneer may currently accept payments in nine different currencies using the following account details:

  • Routing number and account number in US dollars
  • Sort code, account number, and IBAN for British Pounds
  • SWIFT/BIC and IBAN for the euro
  • Account number and BSB code for Australian dollars
  • Institutional, transportation, and account numbers for Canadian dollars
  • Singapore Dollar: Account number, bank name, and code
  • Japanese Yen: Account number, branch code, and bank code
  • Routing and account numbers for Hong Kong dollars
  • Emirate of the Arabs IBAN and Bank Name for Dirham


Customers can pay you in their home currencies if you have local accounts in these 9 currencies. International wiring costs can also be reduced.

Payoneer debit card


You may use the Payoneer Commercial Mastercard® to cover your out-of-country business expenditures if you have a Payoneer account.

The main characteristics of Payoneer Mastercard are summarized as follows:

  • Fee-Free Purchases - Use the debit card to make fee-free purchases in supported currencies, including USD, EUR, GBP, and CAD.
  • High Spending Limit - There is no monthly limits on the debit card's daily spending limit, which may reach 200,000 USD.
  • Pay Anywhere – The card is recognized by all merchants who accept Mastercard® payments worldwide.


You may decide if you want a real or virtual card, and each has somewhat different benefits:

Mobile app


Users of Payoneer's mobile app can do the following actions:

  • In more than 150 countries, you may withdraw money and deposit it into a local bank account.
  • Manage payments - Monitor balances and transaction status
  • Make payments - Ask for and send money.
  • View cards - Check your card balances and alter security options.


Pay the VAT


Businesses may use monies in their Payoneer accounts to pay the VAT authorities in the UK and the EU for free using Payoneer. Send Payoneer all the necessary information, including the amount, VAT number, country, and Payoneer account ID, and they will take care of processing the payment in advance of the deadline.

Store Manager Facility


The Store Manager feature of ts aids in handling payments of several stores across numerous markets, promoting worldwide development.

Commissions & Fees


Payoneer charges vary depending on the service, as shown below:

Receiving Funds


From another Payoneer client: Receiving funds from the Payoneer balance of another customer is free.
Through receiving accounts: The charge for receiving payments in local currencies like EUR, GBP, and others is zero, but the price for receiving payments in USD is 0–1%.
 

Receipts for Payment Requests: In Payoneer, the fee for receiving money from customers using credit cards is 3%; the price for getting money using a US ACH Bank debit is 1%.
 

Directly from marketplaces and networks: Payoneer's integrated partners, such as Fiverr, Upwork, Airbnb, etc., charge different fees for their services. As a result, you should contact the relevant platform to inquire about fees.

Withdrawal of Funds


Depending on the currency withdrawn, there is a set charge of $1.50, €1.50, or £1.50 for each withdrawal to a local bank account in the same currency.
 

The Payoneer bank withdrawal charge is 2% more than the going rate at the time of the transaction to a local bank account in another currency. The bank or payment processor may also add on additional fees.

Making Payments


The payment method affects how much Payoneer clients are charged for their services. For instance, there is a 1% cost for local bank transfers and ACH bank debits, while there is a 3% fee for credit card payments. The provider may pay the fee or the recipient may be charged. The fee is automatically levied to EEA receivers.

Annual Account Fee


A $29.95 yearly fee must be paid if the Payoneer account is open for a full year without any transactions. Active accounts are never charged any fees.

Payoneer Fees at a glance

 

FeatureFees
Get paid
  • From Payoneer customers: free
  • Directly by clients: 3% credit card fee and 1% ACH bank debit fee
  • Directly by networks and marketplaces: Fees determined by networks and marketplaces
  • From receiving accounts: Free with EUR, GBP, and others. 0-1% with USD
Pay others
  • To Payoneer customers: Free
  • To non-Payoneer customers: Up to 2% of transaction sum
  • Fixed fee of 1.50 applies (USD, EUR, and GBP) when sending funds to a bank account which:
  • Uses the same currency as your account
  • Is located in a country where the payment currency is the same as local currency
  • Is located in the same country as your Payoneer profile
Use funds
  • Payoneer Commercial Mastercard®:
  • Card registration and delivery: $0
  • Annual card fee for first card: $29
  • Transactions in same country and other supported countries: $0
  • Transactions with currency conversion: up to 3.5%
  • Transactions with cross-border fees: up to 1.8%
  • ATM withdrawal: $3.15
  • ATM balance inquiry: $1
  • Funds Withdrawal:
  • Withdrawal to local currency from Payoneer balance with different currency: up to 2% of transaction sum
  • Withdraws to local currency from same Payoneer balance currency: $1.50
  • Withdrawals to non-local currency: Up to 2% of transaction sum
Currency management
  • 0.5% fee for moving funds between different currencies

Open A Payoneer Account

Opening an Account


The steps are as follows to open or sign up for a Payoneer account:

  • On the Payoneer website, click Register, then input the information required to identify your identification (e.g., freelancer, online vendor, etc.). Select Register from the drop-down menu that appears under "I'm looking for." Enter your name, email, birthdate, and contact information (such as your address and phone number) after choosing your company type.
  • Enter the same code on the verification code after clicking on Send Code.
  • Next, provide the security information using your username as your email address. Next, enter the password and select and respond to a security question.
  • Enter the remaining ID information, including the ID type, ID number, and expiration date, and then enter the captcha code below.
  • Enter your bank account information after that, check the boxes to indicate that you agree to the terms and conditions and the price and fees, and then click submit.
  • Next, click the link emailed to your registered email to confirm your email.
  • When you connect into your Payoneer account once the account application has been accepted, two additional security questions will be displayed as a precaution.
  • Next, Payoneer will take up to two days to verify your identification and run credit checks.
  • Payment requests and send-outs can be made after the account has been authorized.


You can transfer money from Payoneer in the currency you choose or another currency to the additional local bank account. For the former, the charge is set, but for the latter, it is 2% more than the going rate. Payoneer does not offer a cash deposit facility.

How to send money with Payoneer


The methods listed below can be used to send money to people using Payoneer:

  • Click Pay>Make a Payment after signing into your Payoneer account.
  • Enter the recipient's email address.
  • Then, enter the payment information, including the amount to be paid, the Payoneer currency balance or card from which it will be made, and the purpose of the payment.
  • To update any pertinent information you want to modify, click Review.
  • Click "Pay Now" after checking the confirmation box.


Take this as a case study. Let's say you live in France, have EUR on your Payoneer account, and want to send USD to a person in the USA. In order to make a transfer in this instance, you must first convert your EUR to USD. Within minutes, the converted amount will appear in your USD balance once a 0.50% charge has been taken. Following that, you can send USD from your USD balance in your Payoneer account to the USA receiver.

In addition, if the recipient has a Payoneer account, a conversion fee of 2% is applied to the transfer of funds to their bank account. If the recipient does not have a Payoneer account, you are still responsible for the 2% conversion cost. After receiving the email of confirmation, the transfer is completed in 2 to 5 business days.

How to get a Payoneer card


You may link any of your Payoneer's currency balances to a real or virtual card known as a Payoneer debit card. The card may be used everywhere Mastercard is accepted, including shops, ATMs, and online.

In order to be eligible to apply for the Payoneer prepaid Mastercard, a new customer must have received payments totaling at least $100 in the previous six months, excluding payments made through in-network vendors and e-wallets like Paypal or Skrill. So, after completing the application procedure, a qualified customer may submit an application from his online account.

The annual fee for the Payoneer card is $24.95. All payments not made in the card's currency are subject to a flat cost of 3.5%.

Payoneer Customer Support


Payoneer provides phone, email, and live chat help during regular business hours, Monday through Friday. Payoneer claims on its website that they endeavor to address issues in 3 business days, regardless of the form of communication you select. However, the customer support should be more interactive, instead of sending some template based, robotic answers. Payoneer customer care should open chat service too.

Alternatives to Payoneer


There are seven choices that could be more suitable for your company:

  • Wise
  • PayPal
  • Xoom
  • Neteller
  • Skrill
  • Payza
  • World First
  • Entropay


Final thought


Since its founding, Payoneer has grown internationally and paved the path for other payment services. It provides free transfers between Payoneer accounts and the option to send clients personalized invoices. In addition, a Store Manager feature is available for managing payments across many stores. You may evaluate and contrast its features and services with those of its rivals.

Open A Payoneer Account

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