If you’re a business owner who needs to send and receive international payments or a freelancer who wants to receive e-payments, Payoneer might be right for you.
Payoneer is a payment service that serves two markets:
- Online marketplaces and business owners who want to pay their contractors.
- Contractors and freelancers who want to receive payments.
International money transfers are technically possible on Payoneer, but the platform is built for international business payments. You can’t load funds into your Payoneer account, for example. You need to be paid by a Payoneer-approved business.
|Product Name||Payoneer International Money Transfers|
|Min. Transfer Amount||USD 20|
|Transfer Methods||Online, Phone|
|Customer Service||Phone, Email|
|Available Currencies||AUD, CAD, CNY, EUR, GBP, INR, JPY, USD|
|Online Transfer Fee||2.75%|
|Branch Transfer Fee||2.00%|
- Payments to and from 200+ countries
- Make payments to any Payoneer user
- Free to sign up
- Not all countries served
Product name: Payoneer
- Minimum transfer amount: $20 for Billing Service; $50 for Make a Payment
- Maximum transfer amount: For Billing Service, $2,000 to a credit card) or $5,000 to eCheck; for Make a Payment, $25,000 a day or $50,000 a month
- Transfer methods: Payoneer’s online platform
- Transfer options: Instant online transfer; no scheduled payments
- Delivery speed: Within two hours
- Available currencies: More than 200 countries, including USD, GBP, EUR, CAD and JPY
- Fees and exchange rates: Up to 2.75% above mid-market rate
- Customer service options: Online messaging, live chat, telephone
How it works
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 two options for withdrawal:
- A prepaid Mastercard from Payoneer.
- Local bank transfer in more than 200 countries. (Payoneer calls this the Global Payment Service.)
Furthermore, the payee can use Payoneer’s Make a Payment to send currency to other Payoneer accounts.
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%.
The mid-market rate is what your money’s worth compared to another currency. For example, the mid-market rate for dollars to euros could be 1 USD = 0.95 EUR.
Charging above the mid-market rate means a company will convert your money for less than it’s really worth — reducing the exchange rate to 1 USD = 0.90 EUR, for example.
How much will it cost me to send and receive money with Payoneer?
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 US dollars (USD), euros (EUR), the British pound (GBP) and the Japanese yen (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.
These are the fees if you’re paid in one currency and you withdraw payments in another currency.
- Chinese Yuan (CNY): Free until February 28, 2017
- USD, EUR, GBP and JPY: Up to 2% above the mid-market rate
If you are a high earner, you may have lower fees.
There are also fees if you’re paid in one currency and you withdraw the payment in the same currency.
- USD: $1.50
- EUR: €1.50
- GBP: £1.50
Minimum and maximum transfers and available countries
For the Billing Service, transfer limits vary by payment type.
|Credit card payments:||$2,000|
|Local bank transfers:||No limit|
There is a $20 minimum for Billing Service transfers.
With Make a Payment, there is a $25,000 daily limit with a $50,000 limit every 30 days. The minimum transfer is $50. (Payoneer may set different limits for your account based on earnings or other criteria.)
Payoneer can be used in more than 200 countries, including the United States, eurozone nations, the UK and Japan.
What types of transfers does Payoneer support?
All transfers go through the Payoneer platform. You can send payments by:
- Credit card
- Local bank transfers
Recipients can withdraw funds by:
- Prepaid MasterCard from Payoneer
- Local bank transfer
Payoneer doesn’t offer physical branches. All transactions are processed online.
How do I send or receive money through Payoneer?
Before you can send or receive money, you’ll need to register for an account. Have the following information on hand:
- Email address and date of birth
- Address and phone number
- Social Security number
- Bank account information, including the type of bank account, your preferred currency, your bank name and routing numbers
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.
Your payee will receive your payment in their Payoneer account. The transfer should take no more than two hours.
After receiving payment, your payee can withdraw the funds through a Payoneer debit card or local bank transfer.
What to look out for
- Fees for receiving and withdrawing money. You may need to pay a fee for both receiving money in your Payoneer account and withdrawing money.
- 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 above the mid-market rate. Payoneer charges up to 2% above the mid-market rate for transfers. You may be able to find lower fees from other providers.
How does Payoneer make money?
Payoneer doesn’t charge for user accounts. Instead, it makes money when customers transfer currencies, typically taking a percentage of the transfers.
Benefits and drawbacks
|Global services||Payments to and from 200+ countries||Not all countries served|
|Transfer options||Make payments to any Payoneer user; 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||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…||… but may be 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|
|Convenient||Make payments worldwide and to any Payoneer customer||May not have access to all payment features|
|Options to reach 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|
Have your recipient’s Payoneer email address on hand, and then transfer funds within your account limits. Your transfer will complete within two hours. To check on your transfer, click “Payments History” under the “Account Activity” tab.
Can I use Payoneer for international money transfers?
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.
Who is the Global Payment Service for?
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.
Can I set scheduled payments?
Unfortunately, Payoneer doesn’t offer scheduled payments.
How does Payoneer’s exchange rates compare to those of other services?
For currency exchange at Payoneer, you may have an exchange rate of up to 2% above the mid-market rate. That could be better than what many banks offer, but you may find better rates through forex and P2P money-transfer services.