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Review: Payoneer international payment services –

Both businesses and freelancers can take advantage of Payoneer to send money overseas.

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Our Verdict

Payoneer is great if you’re a freelancer or run a business as you can send money to global suppliers or remote workers as well as accept payments in local currencies.

Payoneer-to-Payoneer transfers are fee-free but setting up a transfer is not as simple as other services make it and you may need assistance from customer service. Payoneer adds a 2% markup to exchange rates and charges a number of fees that can make your transfer less appealing. Plus, if you don’t make a transfer at least every 12 months, you’ll be charged an annual inactivity fee.

Learn more about:

What can I do with Payoneer?

  • Receive payments. You can send a payment request and receive payment to your Payoneer account. You can withdraw your funds at an ATM or transfer them directly to your bank account, which comes with a fee.
  • Make payments. You can send and receive payments between Payoneer accounts free of charge.
  • Send mass payments. You can make mass payments to your freelancers.
  • Automated payments. You can set up automated payments.
  • Escrow payments. You can make secure B2B transactions with Payoneer’s escrow payments.

Payoneer exchange rates and fees

While using Payoneer, you may be paid in one currency and withdraw the funds in another currency. In that case, you’ll pay a currency conversion fee of up to 2% above the mid-market rate.

Opening an account is free, but the fees vary depending on what service you’re after.

Make a Payment

Through ‘Make a Payment’, making and receiving payments as a Payoneer customer is free.

Global Payment Service

If you enroll in the Global Payment Service, Payoneer will give you receiving accounts for the following currencies:

  • CAD Canadian dollars
  • USD US dollars
  • EUR Euros
  • GBP British pounds
  • JPY Japanese yen
  • AUD Australian dollars
  • CNY Chinese yuan
This means businesses in these countries can pay you as if you had a local bank account. There are no fees to receive money in any of the above currencies except for US dollars, which can be anywhere between 0-1%.
Receive payments from customers

When you use the Billing Service to receive payments, you’ll pay different fees for payments made by credit card or eCheck.

  • Via credit card (all currencies): 3% fee
  • Via eCheck (USD): 1% fee
Marketplaces and networks

Marketplaces like Fiverr, Upwork and Airbnb set their own fees for withdrawing payments. You can find these rates on the platform where you work.

You’ll pay a different fee depending on whether you’re withdrawing the funds in the same currency or in a different currency.
  • Withdrawing money from your Payoneer account to a bank account in a different currency will cost you up to 2% above the mid-market rate.
  • If you’re moving money into your bank account in the same currency, you’ll pay $1.50 for the transaction.

If you’re a high earner, you may have lower fees.

What types of transfers does Payoneer accept?

You can send payments using the following methods:

  • Credit card
  • eCheck
  • Local bank transfer

Usually, the payee will receive the payment in their Payoneer account in under two hours. To withdraw funds from your Payoneer account, you can use the following:

  • Prepaid Mastercard from Payoneer
  • Local bank transfer

All these transactions will be processed online as Payoneer doesn’t have any physical branches.

Is Payoneer safe to use?

  • Security and regulation: Payoneer is regulated and compliant with multiple financial regulators around the world.
  • Established: 2005.
  • Number of customers: Four million* users.
  • Reviews: Trustpilot gives Payoneer a score of 9.2* out of 10, based on over 3,500 reviews.
*According to Payoneer and Trustpilot on 26 October 2018.

Payoneer is licenced in Canada with FINTRAC ( the Financial Transactions and Reports Analysis Center of Canada), which means they are required to have risk management systems in place as well as disclosure obligations.

How does Payoneer make money?

Payoneer makes money off the percentage added onto the exchange rate as well as off the fees on certain services.

How to register an account

To use Payoneer, you’ll need to sign up for an account.

  • To make a payment, have your recipient’s Payoneer email address on hand and transfer funds within your account limits. Your transfer will be complete within two hours. To check on your transfer, click “Payments History” under the “Account Activity” tab.

    What is Payoneer’s background?

    Founded in 2005, Payoneer is a money-transfer system partnered with Mastercard and other companies that employ freelancers. This makes it a popular choice for businesses that often use contractors.

    Payoneer’s headquarters are in New York City in the US, but it has spread to over a dozen offices around the world. It currently supports over 200 countries and 150 currencies, with customer service available 24/7.

    In a nutshell

    • Convenient pickup methods. With simple and quick bank transfers and the Payoneer Mastercard, Payoneer provides convenient, easy-to-understand ways to access your funds.
    • International acceptance. Payoneer supports sending and receiving funds to and from more than 200 countries.
    • Low domestic rates. It’s free to send and receive funds using Payoneer’s ‘Make a Payment’. For international transfers, you’ll pay a bit more.
    • Low minimum transfer amount. You only need to transfer $20 to use the Billing Service or $50 to use ‘Make a Payment’.
    • Limited international transfers. Payoneer isn’t meant for international transfers that aren’t the result of making a purchase or billing for a service. You can’t load funds onto your Payoneer Mastercard and withdrawing funds across currencies carries fees.
    • High exchange rates. Payoneer takes an average cut of 2% above mid-market rates when converting currencies, which can be lower than some banks but is generally higher than other online services.
    • Limited access to Make a Payment. Not all Payoneer account holders can use ‘Make a Payment’. Typically, you’ll first need to receive funds from one of Payoneer’s partners or through Payoneer’s Global Payment Service.
    • Fees for receiving and withdrawing money. You may need to pay a fee for receiving money to your Payoneer account and for withdrawing money. Many money transfer services charge only for receiving or sending money, not both.
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    How does Payoneer compare to other providers?

    Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
    Name Product Offer Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
    Wise (TransferWise)
    24 hours
    From 0.43%
    Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
    Xe Money Transfers
    Within minutes
    Xe has fast transfers with low fees and a range of foreign currency tools.
    Within minutes
    From $0
    Use code HELLO to get $20 off on first two transfers on a min transfer of $250. Valid until November 30, 2023.
    Instarem offers zero transfer fees on all transfers.
    Within minutes
    From $0
    Send money in CAD to Africa on this blockchain and P2P powered provider.
    Finder Award
    Within minutes
    From $0
    Special offers like free transfers and better exchange rates available for new customers.
    Remitly has quick, affordable transfers around the world, with both express and economy options.
    Finder Award
    Within minutes
    From $4.99
    For a limited time, get $0 fees on your first money transfer from Canada. Conditions apply.
    MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
    Xe Money Transfers
    Within minutes
    Xe has fast transfers with low fees and a range of foreign currency tools.
    Finder Award
    24 hours
    Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
    OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.

    Frequently asked questions

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    Written by

    Rosie Russell

    Rosie was a writer at Finder, specialising in international money transfers. See full profile

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