Payoneer is a payment service for marketplaces and business owners who want to pay their contract workers and for contract workers and freelancers who want to receive payments.
If you regularly pay out funds to freelancers or are a freelancer who needs a way to bill clients and receive payments, Payoneer might be right for you.
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.
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:
USD US dollars
GBP British pounds
JPY Japanese yen
AUD Australian dollars
CAD Canadian 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:
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.
Number of customers: Four million* users.
Reviews: Trustpilot gives Payoneer a score of 9.2* out of 10, based on over 6,100 reviews.
*According to Payoneer and Trustpilot on 4 March 2019.
Payoneer is licenced in Australia with ASIC (the Australian Securities and Investment Commission), which means it is required to have risk management systems in place as well as disclosure obligations.
Australian Securities and Investments Commission (ASIC)
Financial Transactions Reports Analysis Centre of Canada (FINTRAC)
Financial Crimes Enforcement Network (FinCEN)
Hong Kong Customs and Excise Department
The Monetary Authority of Singapore (MAS)
European Economic Area (includes UK)
Gibraltar Financial Services Commission (GFSC)
Kanto Local Finance Bureau
How does Payoneer make money?
Payoneer makes money off the percentage added onto the exchange rate as well as from the fees on certain services.
How to register an account
To use Payoneer, you’ll need to sign up for an account.
Enter your name, email address and date of birth. Click “Next.”
Enter and confirm a password, and choose a security question and answer. You’ll need one form of identification, either a driver’s licence or passport. After providing the number associated with that, click “Next.”
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.”
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.”
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.
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
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 US$20 to use the Billing Service or US$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.
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 US$2,000 on credit card payments and US$5,000 for eCheck payments.
Depending on the currency you are sending to your card, it will take anywhere from two hours to two business days.
Payoneer is for receiving payments, so you won’t be able to add funds to your Payoneer prepaid Mastercard using your bank account.
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.
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