Review: Payoneer international payment services
Send and receive worldwide payments.
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User experience: 3.0 / 5.0
Payoneer is a payment service that serves marketplace and business owners who want to pay their contract workers, and 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.
Min. Transfer Amount
Max. Transfer Amount
3 - 5 days
|Product Name||Payoneer International Money Transfers|
|Min. Transfer Amount||USD 20|
|Max. Transfer Amount||No limit|
|Transfer Methods||Online, Bank Account to Bank Account|
Minimum transfer time
|3 - 5 days|
|Customer Service||Chat, Email|
|Available Currencies||AUD, CAD, CNY, EUR, GBP, INR, JPY, USD|
- Payments to and from 200+ countries
- Make payments to any Payoneer user
- Free to sign up
- Not all countries served
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
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%.
Calculate your transfer with Payoneer
Choose your currency and desired transfer amount. Exchange rates change frequently, so visit Payoneer’s site to get a final quote.
How much does Payoneer cost?
Opening a Payoneer account is free, and Payoneer offers different ways to send and receive money.
Make a Payment
Through Make a Payment, making and receiving payments as a Payoneer customer is free.
Global Payment Service
If you’re enrolled in the Global Payment Service, Payoneer will give you receiving accounts for U.S. dollars (USD), euros (EUR), British pounds (GBP) and Japanese yens (JPY). This way, you can receive different currencies.
- For EUR, GBP and JPY: Free to receive money
- For USD: 1% fee
Receive payments from customers
When you use the Billing Service to receive payments, you’ll pay different fees for payment 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. Find rates on the platform you work with.
You’ll pay a different fee depending on whether you’re withdrawing the funds in the same currency or 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 are a high earner, you may have lower fees.
What types of services does Payoneer offer?
- 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 support?
All transfers go through the Payoneer platform. You can send payments by:
- Credit card
- Local bank transfers
Your payee will receive your payment in their Payoneer account. The transfer should take no more than two hours. Recipients can withdraw funds by:
- Prepaid Mastercard from Payoneer
- Local bank transfer
Payoneer doesn’t offer physical branches. All transactions are processed online.
Pros and cons of Payoneer
- 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. Transfer at least $20 for Billing Service or $50 for Make a Payment
- 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 2% cut 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 both receiving money in your Payoneer account and withdrawing money. Many money transfer services charge only for receiving or sending money, not both.
How does Payoneer compare to other services?
How do I send and receive money through Payoneer?
Before you can send or receive money, you’ll need to register for an account.
What do I need to begin using Payoneer?
To apply for a Payoneer Prepaid Mastercard, you will need:
- 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
To send money to another Payoneer user, you need access to Make a Payment. Typically, Payoneer will only give you access if you’re already receiving payments through its partners or its Global Payment Service.
To make a payment:
- Log in to your Payoneer account.
- Under the “Pay” tab, click “Make a Payment.”
- Enter your recipient’s Payoneer email address, the amount you want to transfer, the type of transfer you’re making and relevant notes.
- Click “Make a Payment” button.
You can see your recent payments by clicking “Payments History” under the “Account Activity” tab.
Steps to creating an account with Payoneer
- Go to Payoneer’s website and click “Sign Up.”
- Choose whether you are creating an account for personal or professional use. Enter your name, email address and date of birth. Click “Next.”
- Enter your address and phone number. Click “Next.”
- Your Payoneer username will be the email address that you entered in Step 2.Enter and confirm a password, and choose a security question and answer. Enter your Social Security number. Click “Next.”
- Enter information for the account you’ll receive your clients’ payments to.Including the currency of your bank account, your account number and routing number and the name of your bank. Agree to Payoneer’s terms of service and click “Next.”
- Check your email for a link asking you to confirm your Payoneer account.Once you click the link, you will be redirected back to Payoneer’s site. You will be asked to choose an additional two security questions. Click “Submit.”
- Payoneer will run a credit check to determine if you qualify for use of the Payoneer Prepaid Mastercard.This will take up to two business days. If you’re approved, you will soon receive an email update that your account has been fully unlocked. You should receive your Payoneer Prepaid Mastercard shortly.
- Receive your Prepaid Mastercard and start making payments.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.Have your recipient’s Payoneer email address on hand, and then 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 do customers say?
Payoneer has been accredited with the Better Business Bureau since 2008 and gets an B+ rating from the organization. When we first reviewed this product in 2018, its TrustScore with TrustPilot was a very low 1.7 out of 10. Many reviewers 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 15,000 reviews — the majority of which, over 9,000, were written in 2019.
Customer service options include online messaging, live chat and telephone. You can reach Payoneer’s customer service at 800-251-2521 from Sunday at 8pm to Friday at 8pm EST.
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.
Benefits and drawbacks
|Global services||150 different currencies to and from 200+ countries||Not all countries served|
|Transfer options||Make payments to any Payoneer user online and they can receive the funds within two hours; free to send and receive money through Make a Payment||Not all Payoneer users have access to Make a Payment|
|Pickup options||Withdraw funds through a Payoneer debit card or local bank transfer; low fees if withdrawing in the same currency||No scheduled payments; fees up to 2% above the mid-market rate if withdrawing in a different currency|
|Fees||Free to sign up; low fees for withdrawing in the same currency||2% fee above mid-market rate for withdrawing in a different currency|
|Exchange rates||2% fee above the mid-market rate may be lower than many banks||Higher than other money-transfer providers (forex, P2P transfers, etc.)|
|Maximum amounts||No limit for local bank transfers through Billing Service; high limit for Make a Payment||For Billing Service, $2,000 maximum for credit card payments and $5,000 maximum for eCheck; $25,000 a day or $50,000 a month|
|Convenient||Make payments worldwide and to any Payoneer customer||May not have access to all payment features|
|Customer service||Telephone (6 a.m.–6 p.m. EST Monday–Friday), live chat (6 a.m.–3:30 p.m. EST Monday–Friday), online messaging/email||Telephone and live chat not available 24/7|