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Review: Payoneer for online sellers

A multi-currency account to help your ecommerce business receive payments from overseas.

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Tim Falk
Updated
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  • Good for its straightforward sign-up process and being able to have accounts in multiple currencies.
  • Beware of disappointing exchange rates with its high margin on the exchange rate.

How does Payoneer work for marketplace sellers?

Payoneer offers a range of payment solutions for ecommerce businesses. When you open a Payoneer account, you can receive payment in eight different currencies – and from a range of ecommerce marketplaces – into one account. You can then monitor and manage all of your marketplace payments in one place, allowing you to track incoming and outgoing payments as well as withdraw funds to your local bank account.

If you sign up for Payoneer’s Global Payment Service, you can receive local currency payments from marketplaces in the following countries and regions:

  • United States (US dollars)
  • Europe (Euros)
  • United Kingdom (British pounds)
  • Australia (Australian dollars)
  • Japan (Japanese yen)
  • Canada (Canadian dollars)
  • Mexico (Mexican pesos)

This means that you’ll receive payments a lot faster as buyers will be paying you directly in their local currency. There will also be a lot less of your profits lost to fees and exchange rate mark-ups when converting your funds back to New Zealand dollars.

To accept payments using the Global Payment Service, you’ll need to do the following:

  1. Log into your Payoneer account and select the currency you want to receive.
  2. Payoneer will provide you with the details for a receiving account in that currency.
  3. Log into your ecommerce marketplace account and update your payment information with these details.
  4. When you receive or request a payment from the marketplace, it will be sent via local bank transfer to your Payoneer account.

If you’re selling on Amazon marketplaces around the world, you’ll also be able to take advantage of Payoneer’s Amazon Store Manager feature. This allows you to connect an unlimited number of online marketplaces to your Payoneer account, combine all your Amazon income information on one platform and track all your Amazon revenue and payments in a single place.

Store Manager is compatible with the following Amazon marketplaces:

  • Amazon.com
  • Amazon.ca
  • Amazon.com.mx
  • Amazon.fr
  • Amazon.de
  • Amazon.it
  • Amazon.es
  • Amazon.co.uk
  • Amazon.co.jp

Why should I use this instead of PayPal?

Many online sellers receive payment via PayPal and opt to use the platform to manage their international payments. However, managing your sales revenue and payments through PayPal does have a few disadvantages:

  • Payment fees apply. When you sell something and you receive payment via PayPal, a fee applies. This fee is 3.4% + a fixed fee for payments from within New Zealand and 3.4% + NZD$6.99 + a fixed fee for international payments.
  • Currency conversion fees apply. If you’re paid in a foreign currency that you want to convert into New Zealand dollars so you can withdraw the money to your linked bank account, PayPal’s conversion rate is 2.5% above its base exchange rate.
  • Poor exchange rates. If you want to send an international payment from your PayPal account, the exchange rates offered typically can’t match those offered by dedicated money transfer services.

By comparison, Payoneer’s fees and exchange rates could potentially help you save money when managing your international payments.

What are Payoneer’s fees?

When you enrol in the Global Payment Service, there are no fees for receiving payments in any currency except USD, which will attract a fee anywhere in the 0–1% range.

If you want to withdraw money from your Payoneer account, the fee you’ll pay varies depending on whether you’re withdrawing funds to a bank account in the same currency or a different currency:

  • If it’s the same currency, a $1.50 fee applies.
  • If you’re withdrawing to a bank account in a different currency, Payoneer adds a margin of up to 2% above the mid-market exchange rate.

Payoneer international payments review

How do I set up a Payoneer account for my ecommerce store?

You can register for a Payoneer account by completing the following steps.

In a nutshell

Pros

  • Expanding into major global markets. Payoneer offers accounts in multiple currencies, which can help your ecommerce business save money if you want to expand into major markets like the US, Europe and China.
  • Easy to set up and use. Payoneer’s sign-up process is straightforward and its online platform makes it simple to manage your account. There’s also a mobile app so you can manage your balances on the go.
  • Supports multiple currencies. The Global Payment System lets you receive payments in eight currencies – AUD, CAD, CNY, GBP, EUR, JPY, USD and MXN.
  • Access to funds. You can withdraw funds from your account via local bank transfer or by loading them onto a prepaid MasterCard linked to your account.

Cons

  • Does not support NZD. Payoneer’s Global Payment System does not include New Zealand dollars.
  • Disappointing exchange rates. Payoneer’s margin of 2% above the mid-market exchange rate is quite high.
  • Slow support. Payoneer offers multilingual customer support 24/7; however, some users have complained about slow response times from Payoneer’s support team.

How does Payoneer compare to other services?

If you want to see how Payoneer’s fees and features compare to those of its competitors, check out the table below.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CurrencyTransfer for online sellers
 GBP 5,000 1 - 2 days NZD 0.00 0.677 USD
6,770
 CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate. Use it to take your ecommerce business to the next level. Go to site Show details
OFX International Money Transfers for online sellers
 AUD 250 1 - 2 days NZD 15.00 0.678 USD
6,767
 Receive local bank account details for 6 currencies. Free account signup with 24/7 support. Go to site Show details
Wise (TransferWise) for online sellers
NZD 1 1 - 2 days NZD 80.00 0.68 USD
6,750
 Send or receive money with the real exchange rate and a multi-currency account. You can also get local bank account details in the UK, US, Europe, Canada and Australia. Go to site Show details
WorldFirst International Money Transfers for Online Sellers
 NZD 2,000 2 days NZD 0.00 0.678 USD
6,777
 Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive large funds with zero fees, including same-currency supplier payments. 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.

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