Review: Payoneer international payment services
Send and receive worldwide payments through a variety of transfer and payment methods.
finder.com’s rating: 3.25 / 5.0
Speed: 4.0 / 5.0
Services: 3.0 / 5.0
User experience: 3.0 / 5.0
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.
Min. Transfer Amount
Max. Transfer Amount
3 - 5 days
|Product Name||Payoneer International Money Transfers|
|Min. Transfer Amount||$20|
|Max. Transfer Amount||No limit|
|Transfer Methods||Online, Bank Account to Bank Account|
|Transfer Options||Regular payments, One off payments|
Minimum transfer time
|3 - 5 days|
|Customer Service||Chat, Email|
|Available Currencies||AUD, CAD, EUR, GBP, JPY, MXN, USD|
- Payments to and from 200+ countries
- Make payments to any Payoneer user
- Free to sign up
- Not all countries served
Zak Killermann is a writer at Finder. He’s ghostwritten hundreds of articles on fintech, finding his love for publication at St. Cloud State University. Traveling internationally for nearly half his life — and getting burned once by an OTC money exchange — Zak's vowed not to settle for anything short of the mid-market rate again.
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.
Why should I consider Payoneer?
When paying someone else
- Pay remote employees, global contractors and freelancers with automatic payments or based on project completion
- Pay overseas suppliers for goods
- Pay VAT with the click of a button
When getting paid
- Accept international payments and transfer them to your bank account for low fees
- Connect your Payoneer account to major freelancing hubs like Upwork, Fiverr and businesses like Airbnb
What to watch out for
When paying someone else
- Setting up a payment account can be time consuming and may require you to contact customer service
- Fees include transfer fees, account inactivity fees and more
When getting paid
- Fees for receiving and withdrawing money can eat into your freelance earnings
- Exchange rates could be stronger
Payoneer’s exchange rates and fees
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.
Payoneer exchange rates
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%|
|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.
|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|
|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|
Calculate how much your transfer with Payoneer could cost
Choose your currency and desired transfer amount. Exchange rates change frequently, so visit Payoneer’s site to get a final quote.
How long does a Payoneer money transfer take?
Paying and getting paid through Payoneer hardly ever takes more than a full business week:
- Global bank transfer: 2-5 business days after receiving confirmation email.
- Local bank withdrawal: 2-5 business days after receiving confirmation email.
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.
What currencies can I send with Payoneer?
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:
- USD US dollar
- EUR Euro
- GBP Pound sterling
- JPY Japanese yen
- AUD Australian dollar
- CAD Canadian dollar
- MXN Mexican peso
Is Payoneer safe to use?
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:
- Data protection. Payoneer encrypts all transactions to prevent hackers from stealing data.
- Email notifications. Whenever you update your account or any unusual activity is performed on your account you’ll receive an email notification about it.
- Regulations. Money Service Business (US), E-money license (EU), Money Service Operator (Hong Kong), Fund Transfer Service Provider (Japan).
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.
What Payoneer’s reviews say
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|
|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.
What payment methods does Payoneer accept?
When making payments through Payoneer you’ll have four options to choose from:
- ACH bank debit. Payoneer accepts ACH bank debits for payments made from the United States. ACH bank debit payments typically have a max limit of $15,000 and can cost up to 1% of the transaction total in fees.
- Local bank transfer. Similar to a bank wire transfer, Payoneer’s local bank transfer payment option lets you make payments to overseas recipients by sending money to a US-based bank account. The recipient can then access that bank account through Payoneer to withdraw the money. Typical max limits are $100,000, and fees can cost up to 1% of the total transaction.
- Credit and debit card. Visa, American Express and Mastercard credit and debit cards are accepted by Payoneer, but fees are higher than other options at 3% of the total transfer. Maximum payment limits for credit and debit cards are typically $15,000.
- Payoneer balance. You can make payments on Payoneer using an existing Payoneer balance, but you’ll need sufficient funds in your balance to cover the entire cost of the payment. Maximum payment limits when paying by Payoneer balance are $15,000, and there is no fee when paying this way.
What types of services does Payoneer offer?
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:
To pay out:
- Mass payout services. Payoneer helps marketplaces like Upwork and Airbnb send payments to freelancers and contractors.
- Batch payments. Make batch payments that pay multiple contractors at once.
- Recurring payment. Schedule payments ahead of time, ideal for salaried employees.
To get paid:
- Billing service. Request payment from your clients in a variety of currencies.
- Maintain a local bank account. Hold bank accounts in a few major countries to make getting paid easier.
- Prepaid Mastercard. Access your Payoneer balance on the go using your Payoneer Mastercard.
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.
What do I need to send money online through Payoneer?
To sign up for a Payoneer account and start sending or receiving money, you’ll need to provide:
- 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
How to make your first transfer with Payoneer
Making your first payment through Payoneer may seem tricky – here’s the easiest way:
- Log in to your Payoneer account or create one.
- Under the Pay tab, click Make a Payment.
- Enter your recipient’s Payoneer email address if they have one. If they don’t, enter their bank account information.
- Enter the amount you want to send, select the type of transfer you want to make and include any relevant notes, like an invoice number, for the transfer.
- Select or enter your payment information – your bank account should be available if you entered it when creating your account.
- Click Make a Payment to send the payment.
Our experience with signing up
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.
- Did I have to interact with customer service? Yes. I use a digital bank (Aspiration) and Payoneer had trouble verifying that my account was real.
- How long did it take? Overall the process took about four days, three of which I spent waiting for Payoneer to approve my account.
- What was unexpected? Payoneer’s signup process isn’t super intuitive, so be prepared to slog through many forms and verifications to get your account rolling. Because you’ll probably be using the service for a long time, do yourself a favor and set aside an hour when signing up so you don’t get stressed out.
Is there a Payoneer app?
Yes, Payoneer has an app on both Google Play and the App Store. The app makes it possible to do the following:
- Log in using biometrics. Both face and fingerprint recognition can be used to log in.
- Check payment status on the go. Access all of your Payoneer account information, including payment statuses and snapshots, through your phone.
- Securely access your account. Payoneer’s app uses the same level of encryption as the Payoneer website.
|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|
How does Payoneer compare to other services?
Choose your currency and desired transfer amount to see what your transfer could look like at other money transfer services.
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.