Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Review: Payoneer international payment services

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

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.

Pay and get paid with Payoneer

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. And Payoneer offers 24/7 customer support from a multi-lingual customer care team.

With Payoneer you can:

  • Receive payments. Send a payment request and get paid in 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. Send and receive payments between Payoneer accounts free of charge.
  • Send mass payments. Make mass payments to your freelancers.
  • Automated payments. Set up automated payments.
  • Escrow payments. 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. In some countries, that fee may be 2.75%.

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:

  • USD US dollars
  • EUR Euros
  • 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 services does Payoneer offer?

Payoneer offers three different payment services.

  • Mass Payout Services. Payoneer helps marketplaces like Upwork and Airbnb send payments to freelancers and contractors.
  • Billing Service. If you’re a business owner or a freelancer, you can request payment from your clients.
  • Make a Payment. Send money to any other Payoneer account. You need to actively receive payments before you can access Make a Payment.

When you pay someone through Payoneer, the funds go into their online Payoneer account. After that, the payee has options for withdrawal:

  • A prepaid Mastercard from Payoneer
  • Local bank transfer in more than 200 countries. Payoneer calls this the Global Payment Service.
  • Payoneer’s Make a Payment to send currency to other Payoneer accounts. For example, a manager can receive payment for a job, then pay employees from the same account.

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.

Pros and cons of Payoneer

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 — many more than with other providers.
  • 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 is not intended to support international transfers that aren’t a part of purchasing or billing for a service. You cannot 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.

How does Payoneer compare to other services?

Our table below shows you the exchange rate and fees of other money transfer specialists.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1 Same day MYR 3.99 0.224 USD
2,240
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
USD 60 1 day MYR 0.00 0.226 USD
2,260
Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees. Go to site Show details
USD 1 1 day MYR 100.00 0.227 USD
2,246
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
USD 200 1 day MYR 50.00 0.226 USD
2,248
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details
USD 120 1 - 2 days MYR 5.00 0.225 USD
2,249
Malaysia-based MoneyMatch offers competitive exchange rates for overseas money transfers from MYR to more than 70 countries. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

How to register for a Payoneer account in Malaysia

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.

    Bottom line

    Payoneer 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.

    Frequently asked questions

    More guides on Finder

    Ask an Expert

    You are about to post a question on finder.com:

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • finder.com is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

    By submitting your comment or question, you agree to our Privacy Policy and Terms.

    Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
    Go to site