Send and receive worldwide payments.
Speed: 4.0 / 5.0
Services: 3.0 / 5.0
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.
| Product Name | Payoneer International Money Transfers |
|---|---|
| Min. Transfer Amount | USD 20 |
| Max. Transfer Amount | No limit |
| Transfer Methods | |
| Transfer Options | |
| Transfer Speed Minimum transfer time | 3 - 5 days |
| Customer Service | |
| Available Currencies | AUD, CAD, CNY, EUR, GBP, INR, JPY, USD |
Pros
- Payments to and from 200+ countries
- Make payments to any Payoneer user
- Free to sign up
Cons
- 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
Pros
- 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
Cons
- 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
| Benefits | 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 |
Compare Payoneer money transfers with other global brands
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Hi, If i receive payment through Credit card, Echeck and online transfer Via Payment request of payoneer. How many days it will take to reach in my account in India from USA client.
Hi Abhishek,
Thanks for getting in touch with finder. I hope all is well for you. :)
Generally, once the money is cleared, you should see your money in your Payoneer within 2-5 business days. The speed of the transaction may also depend on the amount of money you will receive.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
After your client sent you the confirmation that they already paid you how many hours or days will it show on your payoneer acct?
Hi Mar,
Thank you for contacting finder.
If your client has sent you the payment directly to your Payoneer account, it will take 15 minutes up to 2 hours for the funds to be available. You will receive an email confirmation once there has been a deposit made to your account.
I hope this helps.
Let us know if there is anything else that we may assist you with.
Cheers,
Ash
Hi, payoneer / first Choice Pay wasn’t working anymore since the beginning of April. I see this article is dated 24 april 2018. Is it working now ?
Hi Eve,
Thanks for getting in touch with finder. I hope all is well for you. :)
Yes, Payoneer, as well as FirstChoice Pay, are both working now.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
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?
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,
Ron
first time i received payment and i make withdrawal to my local bank account and the transaction status is “Completed” for 1day but the funds is not yet in my bank account how to know if my funds are already in my bank account ?
Hi Lucila,
Thanks for reaching out.
Minimum transfer time for Payoneer International Money Transfers is 3-5 business days.
Best Regards,
Joanne