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Payoneer
Fastest Transfer Speed
2 days
Minimum Transfer Amount
$20
Maximum Transfer Amount
$15,000

Our verdict

Send and receive worldwide payments through a variety of transfer and payment methods.

Having been on both sides of Payoneer's service, I think that paying through the service is easier than getting paid. Paying international freelancers through Payoneer, in my case a writer in Slovenia, was fairly painless and uncomplicated. I didn't know at the time that I'd eventually get paid through Payoneer, so I created an account to make payments instead of a hybrid to both make and receive payments.

Overall, Payoneer's fees were reasonable for the convenience it offered and the lack of sending limits was a perk I never had to worry about. The most annoying thing was having to deal with customer service by telephone — I'm more of a live-chat type of person. Payoneer accomplished what they promised by letting me send and receive international payments, and I would use it again in the future if needed.

Pros

  • Payments to and from 200+ countries
  • Make payments to any Payoneer user
  • Free to sign up

In this guide

  • Our verdict
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  • Ask a question

With Payoneer, freelancers can bill their clients and accept payments in more currencies, while businesses can pay overseas suppliers or send mass payments to contract workers. As an added perk, Payoneer offers 24/7 customer support by phone from a multi-lingual customer care team.

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.

Why should I consider Payoneer?

When paying someone else

  • Pay remote employees, global contractors and freelancers with automatic payments or based on project completion
  • Pay overseas suppliers for goods
  • Pay VAT with the click of a button

When getting paid

  • Accept international payments and transfer them to your bank account for low fees
  • Connect your Payoneer account to major freelancing hubs like Upwork, Fiverr and businesses like Airbnb

What to watch out for

When paying someone else

  • Setting up a payment account can be time consuming and may require you to contact customer service
  • Fees include transfer fees, account inactivity fees and more

When getting paid

  • Fees for receiving and withdrawing money can eat into your freelance earnings
  • Exchange rates could be stronger

Payoneer’s exchange rates and fees

The fees and exchange rates charged by Payoneer vary depending on whether you’re the payer or payee. In short, payers can pass some of the fees onto the payee, but all Payoneer-to-Payoneer transfers are free.

Payoneer exchange rates

When exchanging currencies through Payoneer you’ll always pay up to 2% above the mid-market rate. This cost will be paid by the payer if the payee doesn’t have a Payoneer account and the money is being sent directly to a foreign bank account. Or, if your freelancer has a Payoneer account and you transfer a major currency to them, they’ll pay the 2% exchange rate when transferring the money to their bank account if currency conversion is needed.

It is possible to manage currencies with Payoneer, as the platform allows you to transfer money between Payoneer wallet balances in major currencies for 0.5% of the transfer.

Payoneer fees

The best way to avoid Payoneer fees is to pay or be paid in your local currency and through a Payoneer-to-Payoneer transfer. If you can avoid currency conversion and paying with a credit card you’ll save some money.

Payoneer fees to get paid

Type of transferCost
From another Payoneer accountFree (USD, EUR, GBP, JPY)
Global Payment ServiceFree (USD, EUR, GBP, JPY, AUD, CAD, MXN)
Directly from customer3% for credit card, 1% for ACH bank debit (USD only)
Marketplace and networksFees set by individual marketplaces and networks

Payoneer fees to pay out

Type of paymentCost
ACH bank debit1%
Local bank transfer1%
Credit card3%
From Payoneer balanceFree between Payoneer accounts, else up to 2%

Note: Additional and alternative fees may apply, including a flat fee of $1.50 (€1.50/£1.50) when making a payment to a same-currency bank account from your Payoneer balance.

Other fees

ServiceFee typeFee
Payoneer account feeAnnual, based on inactivityComplete one transaction per 12 months or pay a $29.95 fee
Payoneer Prepaid MasterCardAnnual fee$29.95
Card replacement$12.95
PurchasesFree
Currency conversionUp to 3.5%
ATM withdrawal$3.15 per transaction
ATM decline fee$1 per transaction
ATM balance inquiry fee$1 per inquiry

How long does a Payoneer money transfer take?

Paying and getting paid through Payoneer hardly ever takes more than a full business week:

  • Global bank transfer: 2-5 business days after receiving confirmation email.
  • Local bank withdrawal: 2-5 business days after receiving confirmation email.

Transfers within the US typically take between 2 and 3 business days, but allow up to 5 business days before contacting customer support with questions.

What currencies can I send with Payoneer?

Payoneer can be used in more than 200 countries worldwide, but the currencies it supports are a bit limited when it comes to accepting and making payments. Payoneer’s supported currencies include:

  • USD US dollar
  • EUR Euro
  • GBP Pound sterling
  • JPY Japanese yen
  • AUD Australian dollar
  • CAD Canadian dollar
  • MXN Mexican peso

Explore other business payment services

Is Payoneer safe to use?

Payoneer is a fully regulated US company that has been in operation since 2005. Payoneer protects your money and transfers in a variety of ways:

  • Data protection. Payoneer encrypts all transactions to prevent hackers from stealing data.
  • Email notifications. Whenever you update your account or any unusual activity is performed on your account you’ll receive an email notification about it.
  • Regulations. Money Service Business (US), E-money license (EU), Money Service Operator (Hong Kong), Fund Transfer Service Provider (Japan).

Overall, Payoneer is only as safe as you allow it to be. If you click on suspicious links in emails, share your password, access your Payoneer account through public Wi-Fi or act in other digitally unsafe ways your Payoneer account could be compromised.

What Payoneer’s reviews say

Ratings accurate as of July 22, 2020

Trustpilot score4.5 out of 5, based on 19,334 customer reviews
Merchant Maverick4 out of 5, staff reviewed
BBB ratingB
Finder3.25 out of 5, staff reviewed
Sitejabber4.5 out of 5, based on 5,556 customer reviews

One of the biggest complaints that online reviewers have of Payoneer is that its fees could be lower and its exchange rates could be stronger. When we first reviewed this product in 2018, its TrustScore with Trustpilot was a very low 1.7 out of 10. Many reviewers at the time complained about the poor customer support, and some even claimed their accounts were frozen and they were unable to withdraw their funds.

Trustpilot now rates Payoneer at 4.5 out of 5 stars, with over 19,000 reviews — and although Payoneer now has fairly positive reviews overall, be sure to compare your options before signing up.

What payment methods does Payoneer accept?

When making payments through Payoneer you’ll have four options to choose from:

  • ACH bank debit. Payoneer accepts ACH bank debits for payments made from the United States. ACH bank debit payments typically have a max limit of $15,000 and can cost up to 1% of the transaction total in fees.
  • Local bank transfer. Similar to a bank wire transfer, Payoneer’s local bank transfer payment option lets you make payments to overseas recipients by sending money to a US-based bank account. The recipient can then access that bank account through Payoneer to withdraw the money. Typical max limits are $100,000, and fees can cost up to 1% of the total transaction.
  • Credit and debit card. Visa, American Express and Mastercard credit and debit cards are accepted by Payoneer, but fees are higher than other options at 3% of the total transfer. Maximum payment limits for credit and debit cards are typically $15,000.
  • Payoneer balance. You can make payments on Payoneer using an existing Payoneer balance, but you’ll need sufficient funds in your balance to cover the entire cost of the payment. Maximum payment limits when paying by Payoneer balance are $15,000, and there is no fee when paying this way.

What types of services does Payoneer offer?

Payoneer is primarily used to send and receive payments internationally, specifically for businesses looking to pay foreign employees, contract workers and freelancers. In short, Payoneer has features for both people trying to make payments and people trying to get paid:

To pay out:

  • Mass payout services. Payoneer helps marketplaces like Upwork and Airbnb send payments to freelancers and contractors.
  • Batch payments. Make batch payments that pay multiple contractors at once.
  • Recurring payment. Schedule payments ahead of time, ideal for salaried employees.

To get paid:

  • Billing service. Request payment from your clients in a variety of currencies.
  • Maintain a local bank account. Hold bank accounts in a few major countries to make getting paid easier.
  • Prepaid Mastercard. Access your Payoneer balance on the go using your Payoneer Mastercard.

Payoneer-to-Payoneer transfer

Of all the ways to pay and get paid on Payoneer, the Payoneer-to-Payoneer transfer is the cheapest and fastest way to move money on the platform. Payoneer-to-Payoneer transfers don’t have any fees and are typically sent within a few hours. Keep in mind that if you send a Payoneer-to-Payoneer transfer to someone who doesn’t have a Payoneer account yet, their transaction has a fee unless they sign up for an account.

What do I need to send money online through Payoneer?

To sign up for a Payoneer account and start sending or receiving money, you’ll need to provide:

  • Your name, address, phone number and email address
  • Your date of birth
  • Your Social Security number
  • A unique account password and memorable security question
  • Your bank’s name, your account number and the routing number

How to make your first transfer with Payoneer

Making your first payment through Payoneer may seem tricky – here’s the easiest way:

  1. Log in to your Payoneer account or create one.
  2. Under the Pay tab, click Make a Payment.
  3. Enter your recipient’s Payoneer email address if they have one. If they don’t, enter their bank account information.
  4. Enter the amount you want to send, select the type of transfer you want to make and include any relevant notes, like an invoice number, for the transfer.
  5. Select or enter your payment information – your bank account should be available if you entered it when creating your account.
  6. Click Make a Payment to send the payment.

Blue icon of forms

Our experience with signing up

I first signed up to make payments on Payoneer a few years ago, but to write this review I signed up again as a freelancer. Overall the process is somewhat annoying, and verification takes longer than I would have liked because Payoneer is less of a money transfer service and more of an international invoicing service.

  • Did I have to interact with customer service? Yes. I use a digital bank (Aspiration) and Payoneer had trouble verifying that my account was real.
  • How long did it take? Overall the process took about four days, three of which I spent waiting for Payoneer to approve my account.
  • What was unexpected? Payoneer’s signup process isn’t super intuitive, so be prepared to slog through many forms and verifications to get your account rolling. Because you’ll probably be using the service for a long time, do yourself a favor and set aside an hour when signing up so you don’t get stressed out.

Is there a Payoneer app?

Payoneer app homescreen

Yes, Payoneer has an app on both Google Play and the App Store. The app makes it possible to do the following:

  • Log in using biometrics. Both face and fingerprint recognition can be used to log in.
  • Check payment status on the go. Access all of your Payoneer account information, including payment statuses and snapshots, through your phone.
  • Securely access your account. Payoneer’s app uses the same level of encryption as the Payoneer website.
Ratings accurate as of October 2020
Google Play
3.7 out of 5, based on 20,659 customer ratings
Apple App Store3.2 out of 157 customer ratings

More on the best money transfer apps

How does Payoneer compare to other services?

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Airwallex
Airwallex
Within minutes
$0
After spending $15k in your first 90 days, receive a one-time $500 bonus that will automatically be credited to your account on any FX conversion.
Airwallex can help you make business payments to 150+ countries in 60+ currencies.
Wise (TransferWise)
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Cash App
Within minutes
From $0
With this peer-to-peer payment app make payments to your friends and family with no transfer fees within the US or from the US to the UK or EU.
Instarem
24 hours
From 0%
New Instarem customers will get a special FX rate and zero-fees on their first transfer.
Instarem offers offers rewards on every transaction.
MoneyGram
Within minutes
From $0
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
Western Union
Within minutes
From $0
Enjoy $0 fee on your first online transfer. Western Union makes money from currency exchange. Not valid on credit cards or sends to Cuba.
Western Union sends money online to friends and family in 200+ countries and territories around the world.
OFX International Money Transfers (Business)
24 hours
$0
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
CurrencyTransfer for Business
24 hours
$0
Increase business efficiency with zero transaction fees and same-day transfers.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Xe Money Transfer for Business
24 hours
$0
Save your time and money with Xe Money Transfer for business.
Currencies Direct (business)
24 hours
$0
Minimizes costs of international transactions and offers custom solutions for business clients. Currencies Direct may call you to confirm your transfer, so be prepared for a phone call shortly after initiating a transfer.
Xe
Within minutes
$3
Xe has fast transfers with low fees and a range of foreign currency tools.
CurrencyTransfer
24 hours
$0
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Currencies Direct
24 hours
$0
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates. Currencies Direct may call you to confirm your transfer, so be prepared for a phone call shortly after initiating a transfer.
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Bottom line

Payoneer certainly has its benefits and drawbacks. The company makes it easy to make payments to freelancers and to receive payments from clients, but compared to traditional online international money transfer providers, the fees are on the higher side. Be sure to shop around and compare other products before committing to Payoneer’s fee structure.

Frequently asked questions

Who is the Global Payment Service for?

Global Payment Service is for companies and online marketplaces that make mass payouts. If you’re a freelancer or contractor, use Payoneer’s Billing Service and Make a Payment.

Can I use Payoneer for international money transfers?

Yes, but Payoneer isn’t built for personal international money transfers.

The biggest difficulty is that you can’t load money into your Payoneer account. You can only get funds into your account through payments from Payoneer-approved businesses.

Furthermore, not all Payoneer members have access to the Make a Payment service, which lets members transfer funds to others. You need to actively receive payments to enable this service.

Is Payoneer better than PayPal?

It depends on your circumstances. Both Payoneer and PayPal have fees and exchange rates to consider, and although Payoneer’s transfers tend to have lower fees and slightly stronger exchange rates, its slightly smaller network may be a problem for global businesses.

Are Payoneer accounts free?

Creating an account is free, but you’ll probably pay fees to send and receive money.

How can I avoid Payoneer fees?

Accept Payoneer-to-Payoneer transfers in your local currency, when possible, which will eliminate the currency conversion fee and the transfer fee. However, it isn’t always possible to avoid all fees, so study the fee table closely before sending money.

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.

Methodology

Our team analyzes money transfer providers offering services in the US – from big names to digital upstarts. We rank rates and fees, speed, services and user experience for:

  • Wise
  • Xe
  • OFX
  • WorldRemit
  • Currencies Direct
  • Western Union
  • RIA Money Transfer
  • MoneyGram
  • Remitly
  • Payoneer
  • Remit2India
  • Xoom
  • PayPal

Learn the details of our methodology and scoring.

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