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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. As an added perk, Payoneer offers 24/7 customer support by phone from a multi-lingual customer care team.
2 days
Fastest Transfer Speed
$20
Minimum Transfer Amount
$15,000
Maximum Transfer Amount
Payoneer is great if you’re a freelancer or run a business as you can send money to global suppliers or remote workers as well as accept payments in local currencies.
Payoneer-to-Payoneer transfers are fee-free but setting up a transfer is not as simple as other services make it and you may need assistance from customer service. Payoneer adds a 2% markup to exchange rates and charges a number of fees that can make your transfer less appealing. Plus, if you don’t make a transfer at least every 12 months, you’ll be charged an annual inactivity fee.
When paying someone else
When getting paid
When paying someone else
When getting paid
The fees and exchange rates charged by Payoneer vary depending on whether you’re the payer or payee. In short, payers can pass some of the fees onto the payee, but all Payoneer-to-Payoneer transfers are free.
When exchanging currencies through Payoneer you’ll always pay up to 2% above the mid-market rate. This cost will be paid by the payer if the payee doesn’t have a Payoneer account and the money is being sent directly to a foreign bank account. Or, if your freelancer has a Payoneer account and you transfer a major currency to them, they’ll pay the 2% exchange rate when transferring the money to their bank account if currency conversion is needed.
It is possible to manage currencies with Payoneer, as the platform allows you to transfer money between Payoneer wallet balances in major currencies for 0.5% of the transfer.
The best way to avoid Payoneer fees is to pay or be paid in your local currency and through a Payoneer-to-Payoneer transfer. If you can avoid currency conversion and paying with a credit card you’ll save some money.
Payoneer fees to get paid
Type of transfer | Cost |
---|---|
From another Payoneer account | Free (USD, EUR, GBP, JPY) |
Global Payment Service | Free (USD, EUR, GBP, JPY, AUD, CAD, MXN) |
Directly from customer | 3% for credit card, 1% for ACH bank debit (USD only) |
Marketplace and networks | Fees set by individual marketplaces and networks |
Payoneer fees to pay out
Type of payment | Cost |
---|---|
ACH bank debit | 1% |
Local bank transfer | 1% |
Credit card | 3% |
From Payoneer balance | Free between Payoneer accounts, else up to 2% |
Note: Additional and alternative fees may apply, including a flat fee of $1.50 (€1.50/£1.50) when making a payment to a same-currency bank account from your Payoneer balance.
Other fees
Service | Fee type | Fee |
---|---|---|
Payoneer account fee | Annual, based on inactivity | Complete one transaction per 12 months or pay a $29.95 fee |
Payoneer Prepaid MasterCard | Annual fee | $29.95 |
Card replacement | $12.95 | |
Purchases | Free | |
Currency conversion | Up to 3.5% | |
ATM withdrawal | $3.15 per transaction | |
ATM decline fee | $1 per transaction | |
ATM balance inquiry fee | $1 per inquiry |
Paying and getting paid through Payoneer hardly ever takes more than a full business week:
Transfers within the US typically take between 2 and 3 business days, but allow up to 5 business days before contacting customer support with questions.
Payoneer can be used in more than 200 countries worldwide, but the currencies it supports are a bit limited when it comes to accepting and making payments. Payoneer’s supported currencies include:
Explore other business payment services
Payoneer is a fully regulated US company that has been in operation since 2005. Payoneer protects your money and transfers in a variety of ways:
Overall, Payoneer is only as safe as you allow it to be. If you click on suspicious links in emails, share your password, access your Payoneer account through public Wi-Fi or act in other digitally unsafe ways your Payoneer account could be compromised.
Ratings accurate as of July 22, 2020
Trustpilot score | 4.5 out of 5, based on 19,334 customer reviews |
Merchant Maverick | 4 out of 5, staff reviewed |
BBB rating | B |
Finder | 3.25 out of 5, staff reviewed |
Sitejabber | 4.5 out of 5, based on 5,556 customer reviews |
One of the biggest complaints that online reviewers have of Payoneer is that its fees could be lower and its exchange rates could be stronger. When we first reviewed this product in 2018, its TrustScore with Trustpilot was a very low 1.7 out of 10. Many reviewers at the time 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 19,000 reviews — and although Payoneer now has fairly positive reviews overall, be sure to compare your options before signing up.
When making payments through Payoneer you’ll have four options to choose from:
Payoneer is primarily used to send and receive payments internationally, specifically for businesses looking to pay foreign employees, contract workers and freelancers. In short, Payoneer has features for both people trying to make payments and people trying to get paid:
Of all the ways to pay and get paid on Payoneer, the Payoneer-to-Payoneer transfer is the cheapest and fastest way to move money on the platform. Payoneer-to-Payoneer transfers don’t have any fees and are typically sent within a few hours. Keep in mind that if you send a Payoneer-to-Payoneer transfer to someone who doesn’t have a Payoneer account yet, their transaction has a fee unless they sign up for an account.
To sign up for a Payoneer account and start sending or receiving money, you’ll need to provide:
Making your first payment through Payoneer may seem tricky – here’s the easiest way:
I first signed up to make payments on Payoneer a few years ago, but to write this review I signed up again as a freelancer. Overall the process is somewhat annoying, and verification takes longer than I would have liked because Payoneer is less of a money transfer service and more of an international invoicing service.
Yes, Payoneer has an app on both Google Play and the App Store. The app makes it possible to do the following:
Ratings accurate as of October 2020 | |
---|---|
Google Play | 3.7 out of 5, based on 20,659 customer ratings |
Apple App Store | 3.2 out of 157 customer ratings |
More on the best money transfer apps
Payoneer certainly 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. Be sure to shop around and compare other products before committing to Payoneer’s fee structure.
Global Payment Service is for companies and online marketplaces that make mass payouts. If you’re a freelancer or contractor, use Payoneer’s Billing Service and Make a Payment.
Yes, but Payoneer isn’t built for personal international money transfers.
The biggest difficulty is that you can’t load money into your Payoneer account. You can only get funds into your account through payments from Payoneer-approved businesses.
Furthermore, not all Payoneer members have access to the Make a Payment service, which lets members transfer funds to others. You need to actively receive payments to enable this service.
It depends on your circumstances. Both Payoneer and PayPal have fees and exchange rates to consider, and although Payoneer’s transfers tend to have lower fees and slightly stronger exchange rates, its slightly smaller network may be a problem for global businesses.
Creating an account is free, but you’ll probably pay fees to send and receive money.
Accept Payoneer-to-Payoneer transfers in your local currency, when possible, which will eliminate the currency conversion fee and the transfer fee. However, it isn’t always possible to avoid all fees, so study the fee table closely before sending money.
Unfortunately, not all members of Payoneer have immediate access to Make a Payment. You must receive at least one payment from a Payoneer-approved business before this option becomes available.
Payoneer is not currently available on Finder
Have you considered Currencies Direct?
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
Review by
Zak Killermann is a technical publisher at Finder who’s specialized in cryptocurrencies and blockchain technology for six years — covering everything from ICO booms, crypto winters, memecoins and more. He’s mined and minted cryptocurrencies, and geeks out over Ethereum upgrades. Zak’s focus is in breaking down technical concepts into approachable nuggets of information. While diving into all things crypto, Zak also contributes to Finder’s money transfers and stocks verticals.
Having been on both sides of Payoneer’s service, I think that paying through the service is easier than getting paid. Paying international freelancers through Payoneer, in my case a writer in Slovenia, was fairly painless and uncomplicated. I didn’t know at the time that I’d eventually get paid through Payoneer, so I created an account to make payments instead of a hybrid to both make and receive payments.
Overall, Payoneer’s fees were reasonable for the convenience it offered and the lack of sending limits was a perk I never had to worry about. The most annoying thing was having to deal with customer service by telephone — I’m more of a live-chat type of person. Payoneer accomplished what they promised by letting me send and receive international payments, and I would use it again in the future if needed.
26 Comments
July 2, 2022
I’ve been trying to get my routing number but it seems the system has been changed as there’s no receive menu. How do I get my routing number
July 2, 2022
Hi Karen,
I’m sorry to learn you’re experiencing difficulties with your Payoneer account. You can call your bank to enquire about the routing number.
For assistance in setting up your Payoneer account, you can also contact their Customer Support.
I hope this helps!
Regards,
Ianne
October 29, 2019
I’m a new Payoneer user. I would like to know the minimum amount I must have in my account before I would be eligible to withdraw from it. What is the minimum amount I can transfer from Payoneer to another Payoneer account?
October 30, 2019
Hi Raheem,
Thanks for your comment and I hope you are doing well.
If you are transferring in USD, the minimum is USD20. There is no maximum transfer limit. If you are receiving in USD, the minimum amount to withdraw is USD50 and the maximum us USD9500.
Hope this helps and feel free to reach out to us again for further assistance.
Best,
Nikki
May 5, 2019
Good day Sir/Ma’am,
I am a Payoneer account holder in Nigeria and a friend in the USA is asking if he can send money to me via his Payoneer account. Can it really work?
May 7, 2019
Hi Fred,
Thank you for contacting Finder.
Yes, your friend in the USA can send you money from his Payoneer account to your Payoneer account in Nigeria. The money transfer will work as long as its from Payoneer account to another Payoneer account.
I hope this helps.
Please do not hesitate to reach out again to us if you have additional questions.
Cheers,
Ash
March 10, 2019
I have a payoneer card and someone in France want to send me money on my payoneer account but he does not use payoneer! what to do? is – it possible ? regards
March 12, 2019
Hi Jay,
Thanks for getting in touch! Payoneer isn’t personal international money transfers.
The biggest difficulty is that you can’t load money into your Payoneer account. You can only get funds into your account through payments from Payoneer-approved businesses.
Furthermore, not all Payoneer members have access to the Make a Payment service, which lets members transfer funds to others. You need to actively receive payments to enable this service.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki
February 3, 2019
Hi, is it possible to send money from my Payoneer account to my brother´s bank account in the US? Are there any charges related to this transaction?
February 4, 2019
Hello Agus,
Thank you for your comment.
I’m afraid you’re unable to send money directly from your Payoneer account to your brother’s bank account. But you can transfer funds from Payoneer to Payoneer. You can withdraw your funds and transfer them directly to your bank account, with the same account names, which comes with a fee.
Regards,
Jhezelyn