Payoneer international payment services review

With Payoneer, businesses can send mass payments to payees worldwide.

Payoneer is a payment service that serves two markets:

  • Marketplaces and business owners who want to pay their contractors.
  • Contractors and freelancers who want to receive payments.

If you pay out funds of at least $10,000 a month, 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
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


Product name: Payoneer Mass Payout Services

  • 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: 150 different currencies to more than 200 countries
  • Fees and exchange rates: Up to 2.75% above mid-market rate
  • Customer service options: Online messaging, live chat, telephone

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Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Services Amount Received Description CTA Details
USD 1,000 1 day USD 0.00 17.692 Online, Phone, Bank Account to Bank Account MXN 88,461 Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for 100+ currencies.
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USD 1 3 - 5 days USD 75.00 17.754 Online MXN
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
1 day USD 0.00 17.683 Online, Phone, Bank Account to Bank Account MXN 88,417 Send safe, no-limit transfers with no fees and competitive exchange rates. Go to site Show details
USD 100 3 - 5 days USD 5.00 17.675 Online, Phone MXN 88,284 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site Show details
USD 0 1 - 2 days USD 0.00 17.577 Online, Phone MXN 87,884 $0 transfer fees with rates at never more than a 2% markup. Go to site Show details
USD 150 1 - 2 days USD 0.00 17.311 Online, Phone, Agent, Bank Account to Bank Account MXN 86,553 No hidden fees and a best rate guarantee for 60 global currencies. Go to site Show details
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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 U.S. 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.

Withdrawing money
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
eCheck payments:$5,000
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.)

Available countries
Payoneer can be used in more than 200 countries, including the United States, eurozone nations, the U.K. and Japan.

What types of transfers does Payoneer support?

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

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.

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.

payoneer login screen

  • 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.

Receiving money
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 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

Steps to creating an account with Payoneer

To use Payoneer, you’ll need to apply for Payoneer’s Reloadable Mastercard.

Payoneer—Image 1
Payoneer—Image 2
Payoneer—Image 3
Enter your name, email address and date of birth. Click “Next.”

Payoneer—Image 4

Payoneer—Image 5
Enter and confirm a password, and choose a security question and answer. Enter your Social Security number. Click “Next.”

Payoneer—Image 6

Including the currency of your bank account, your account number and routing number and the name of your bank.

Agree to Payoneer’s terms of service and click “Next.”

Payoneer—Image 7

Once you click the link, you will be redirected back to Payoneer’s site. You will be asked to choose an additional two security questions. Click “Submit.”

Payoneer—Image 8

This will take up to two business days.

If you’re approved, you will soon receive an email update that your account has been fully unlocked. You should receive your Payoneer Prepaid Mastercard shortly.

I’m approved! Now what?

Once approved, you can begin sending and requesting payments through Payoneer.

To confirm when your Payoneer Prepaid Mastercard will arrive, click the green “Click Here” button next to the “Application Status” bar.

Payoneer—Image 9

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 servicesPayments to and from 200+ countriesNot all countries served
Transfer optionsMake payments to any Payoneer user; 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 currencyFees 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 banks…… but may be higher 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
ConvenientMake payments worldwide and to any Payoneer customerMay not have access to all payment features
Options to reach 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

Next steps

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.


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.

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.
Unfortunately, Payoneer doesn’t offer scheduled payments.
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.
If you’re paid in one currency and need to withdraw funds in another, you’ll pay up to a 2% conversion fee.
Payoneer is built for receiving payments, so you won’t be able to add funds to your Payoneer Prepaid Mastercard using your bank account.
Depending on the currency, it could take anywhere from two hours to two business days.
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