Review: Payoneer international payment services – June 2023

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.

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?

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.

• Where is Payoneer regulated?

  Country	Regulated by
  Canada	Financial Transactions Reports Analysis Centre of Canada (FINTRAC)
  Australia	Australian Securities and Investments Commission (ASIC)
  United States	Financial Crimes Enforcement Network (FinCEN)
  Hong Kong	Hong Kong Customs and Excise Department
  Singapore	The Monetary Authority of Singapore (MAS)
  European Economic Area (includes UK)	Gibraltar Financial Services Commission (GFSC)
  Japan	Kanto Local Finance Bureau

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.

• Step 1: Go to Payoneer’s website and click “Sign Up”

  

• Step 2: Choose whether you are creating an account for personal or professional use

  Enter your name, email address and date of birth. Click “Next.”

  

• Step 3: Enter your address and phone number. Click “Next”

  

• Step 4: Your Payoneer username will be the email address that you entered in Step 2

  Enter and confirm a password, and choose a security question and answer. You’ll need one form of identification, either a driver’s licence, passport or national ID. After providing the number associated with that, click “Next.”

  

• Step 5: Enter information for the account that will receive your clients’ payments

  You will need to include the currency of your bank account, your account number, the routing number and the name of your bank.

  Agree to Payoneer’s terms of service and click “Next.”

  

• Step 6: Check your email for a link asking you to confirm your Payoneer account

  Once you click the link, you will be redirected back to Payoneer’s site, where you will need to choose an additional two security questions. Click “Submit.”

  

• Step 7: Payoneer will run a credit check to determine if you qualify for the Payoneer prepaid Mastercard

  This can take up to two business days. If you’re approved, you will receive an email update that your account has been fully unlocked. You should receive your Payoneer prepaid Mastercard shortly after this.

• Step 8: Receive your prepaid Mastercard and start making payments

  Once approved, you can begin sending and requesting payments through Payoneer.

  To confirm when your Payoneer prepaid Mastercard will arrive, click the green “Click Here” button next to the “Application Status” bar.
  

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

Pros

• 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’.

Cons

• 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.
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Name	Product		Filter Values	Fastest Transfer Speed	Fees (Pay by Bank Transfer)
Wise (TransferWise) - Under 10k Finder Award				24 hours	From 0.41%	Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.	Go to site View details		loading Fetching your data...
Simplii Financial				Within minutes	$0	Up to $300 off your first Global Money Transfer with our code GMTEVENT depending on the amount you send. For cash pickups instead, earn $50 using code CASH. Limits and regulations apply. Send money without fees and at competitive exchange rates to 130+ countries.	Go to site View details		loading Fetching your data...
Simplii Financial				Within minutes	$0	Up to $300 off your first Global Money Transfer with our code GMTEVENT depending on the amount you send. For cash pickups instead, earn $50 using code CASH. Limits and regulations apply. Send money without fees and at competitive exchange rates to 130+ countries.	Go to site View details		loading Fetching your data...
Remitly 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.	Go to site View details		loading Fetching your data...
Africhange				Within minutes	From $0	Send money in CAD to Africa on this blockchain and P2P powered provider.	Go to site View details		loading Fetching your data...
Instarem				Within minutes	From $0	Use code FINDER to get CAD 20 off on first two transfers on a min transfer of CAD 250 Instarem offers zero transfer fees on all transfers.	Go to site View details		loading Fetching your data...
OFX Finder Award				24 hours	$0	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.	Go to site View details		loading Fetching your data...
OFX Finder Award				24 hours	$0	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.	Go to site View details		loading Fetching your data...
WorldRemit				Within minutes	From $0	Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.	Go to site View details		loading Fetching your data...
CurrencyTransfer				24 hours	$0	CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.	Go to site View details		loading Fetching your data...
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Frequently asked questions

• What kind of transfer limits does Payoneer have?

  Payoneer does not have any limitations on local bank transfers and has high limits on ‘Make a Payment’ that vary by user. However, billing services have a limit of $2,000 on credit card payments and $5,000 for eCheck payments.

• How long will it take for my sent/requested money to reach my card or recipient?

  Depending on the currency you are sending to your card, it will take anywhere from two hours to two business days.

• How can I load money onto my Payoneer card?

  Payoneer is for receiving payments, so you won’t be able to add funds to your Payoneer prepaid Mastercard using your bank account.

• Payoneer’s Make a Payment isn’t an option in my account. Why?

  Unfortunately, not all members of Payoneer have immediate access to ‘Make a Payment’. You must receive at least one payment from a Payoneer-approved business before this option becomes available.