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Payoneer international payment services – June 2021

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

This product is not currently available via Finder. Visit the provider's website directly, or compare other options.

Quick verdict

Good for
  • Online sellers who want to avoid high transfer fees
  • Businesses who want to manage their online payments in one place
  • Large range of countries and currencies
Not so great for
  • International transfers that aren’t part of purchasing or billing for a service
  • Exchange rates
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.

Make a Payment

Through Make a Payment, making and receiving payments as a Payoneer customer is free.

Global Payment Service

If you enrol 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 up to 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:

  • 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?

  • Security and regulation: Payoneer is regulated and compliant with multiple financial regulators around the world.
  • Established: 2005.
  • Number of customers: Four million* users.
  • Reviews: Trustpilot gives Payoneer a score of 9.2* out of 10, based on over 3,500 reviews.
*According to Payoneer and Trustpilot on 26 October 2018.

Payoneer is not registered in New Zealand. However, it is licensed in Australia with ASIC (the Australian Securities and Investment Commission), which means they are required to have risk management systems in place as well as disclosure obligations.

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.

  • 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, but the company 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 pick-up 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.
    • 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 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
    AUD 250 1 - 2 days NZD 0.00 0.691 USD
    OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies. Go to site Show details
    NZD 250 1 day NZD 0.00 0.691 USD
    Send guarantees to match any competitor’s exchange rate. T&Cs apply.
    Send has fee-free transfers in 30+ currencies to over 200 countries.
    Go to site Show details
    NZD 0 Same day NZD 0.00 0.69 USD
    XE has fast transfers with competitive rates and a range of foreign currency tools. Go to site Show details
    NZD 2,000 2 days NZD 0.00 0.691 USD
    Exclusive offer: Discounted exchange rates for all Finder customers.
    WorldFirst sends 60+ currencies at competitive rates. If you find a better eligible quote, WorldFirst will beat it.
    Go to site Show details
    NZD 250 1 day NZD 0.00 0.691 USD
    TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
    TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
    Go to site Show details
    NZD 1 Within an hour NZD 3.99 0.69 USD
    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
    NZD 1 1 - 2 days NZD 80.00 0.694 USD
    Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
    NZD 5 1 - 2 days EUR 3.00 0.688 USD
    Special offer: Zero fees on your first 10 transfers.
    CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
    Go to site Show details
    NZD 10,000 1 - 2 days NZD 0.00 0.688 USD
    CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace. 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.

    Frequently asked questions

    Our review of Payoneer’s online seller product

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