Payoneer international payment review April 2018 |

Review: Payoneer international payment services – April 2018

Send and receive worldwide payments.

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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.

Product NamePayoneer International Money Transfers
Min. Transfer AmountUSD 20
Max. Transfer AmountNo limit
Transfer Methods
Transfer Options
Transfer Speed
Minimum transfer time
3 - 5 days
Banking PartnerPayoneer
Customer Service
Chat, Email
Available CurrenciesAUD, 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%.

How much does Payoneer cost?

Opening a Payoneer account is free, and Payoneer offers different ways to send and receive money.

Receiving 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.

Withdrawing money

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?

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 support?

All transfers go through the Payoneer platform. You can send payments by:

  • Credit card
  • eCheck
  • 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 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

Sending money

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

To use Payoneer, you’ll need to sign up for an account.

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.

Benefits and drawbacks

Global services150 different currencies to and from 200+ countriesNot all countries served
Transfer optionsMake payments to any Payoneer user online and they can receive the funds within two hours; free to send and receive money through Make a PaymentNot all Payoneer users have access to Make a Payment
Pickup optionsWithdraw funds through a Payoneer debit card or local bank transfer; low fees if withdrawing in the same currencyNo scheduled payments; fees up to 2% above the mid-market rate if withdrawing in a different currency
FeesFree to sign up; low fees for withdrawing in the same currency2% fee above mid-market rate for withdrawing in a different currency
Exchange rates2% fee above the mid-market rate may be lower than many banksHigher than other money-transfer providers (forex, P2P transfers, etc.)
Maximum amountsNo limit for local bank transfers through Billing Service; high limit for Make a PaymentFor Billing Service, $2,000 maximum for credit card payments and $5,000 maximum for eCheck; $25,000 a day or $50,000 a month
ConvenientMake payments worldwide and to any Payoneer customerMay not have access to all payment features
Customer serviceTelephone (6 a.m.–6 p.m. EST Monday–Friday), live chat (6 a.m.–3:30 p.m. EST Monday–Friday), online messaging/emailTelephone and live chat not available 24/7

Compare Payoneer money transfers with other global brands

Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds overseas with our money transfer partners.

I want to send


Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1,000 1 day USD 0.00 0.811 EUR 4,055 Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for 100+ currencies.
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USD 1 Within an hour USD 3.99 0.811 EUR 4,053 Use promo code FINDER to send your first transfer at no fee to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details
USD 100 3 - 5 days USD 0.00 0.81 EUR 4,051 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site Show details
USD 1,000 1 day USD 0.00 0.807 EUR 4,036 Exclusive exchange rate discounts
No-maximum limit transfers with competitive exchange rates for 100+ currencies.
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USD 1 3 - 5 days USD 50.00 0.814 EUR
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details

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2 Responses

  1. Default Gravatar
    TriciaJanuary 26, 2018

    I am a non-resident of USA. I live in the Caribbean. Trinidad & Tobago to be exact. Can I sign up for a Payoneer account to receive payments from Amazon as a seller? And if so, which one of the accounts do I sign up for?

    • Staff
      RonMarch 11, 2018Staff

      Hello Tricia,

      Yes you may do so, kindly coordinate directly with Amazon if they do have payment options to Payoneer. If they do, you can utilize 2 payment options from Payoneer.

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

      You just simply need to sign up and utilize the payment options they have available depending on which is applicable for you. As well, you may directly contact Payoneer for further assistance.

      Hope this helps!

      All the best,


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