Receiving payment from another Payoneer account is completely free.
There’s a 1% fee when you get paid by companies and online marketplaces using your USD account. This fee can be waived if you use a EUR, GBP, JPY account to receive money.
2.00% of total fees will be applied if you withdraw your funds (USD, EUR, GBP) from Payoneer to a local bank account. But transferring JPY to bank account is fee free.
Payoneer allows you to withdraw funds from your account to a local bank account. The currency conversion rate is 2% over the mid-market exchange rate. However, if you accumulate your withdrawals to reach a larger amount, say $100,000, you will possibly get a better rate (1% margin).
Sending money from Payoneer to Payoneer accounts is instant. International transfers to your local bank account can take 3 to 4 days to complete.
Payoneer is born to serve freelancers, online sellers, and affiliate marketers for receiving money. It’s compatible with most online marketplaces like Amazon, Upwork, Airbnb and so on. It has robust customer support, which you can reach through message, live chat and telephone, although it’s not 24/7. If you report a lost or stolen card, the line is available 24/7. Payoneer’s community is very unique and helpful, in that its members can interact with each other.
One feature that makes Payoneer stand out, is that its clients can order a Prepaid MasterCard, whereas other providers like OFX only allow you to transfer funds to your bank account. However, you need to sacrifice a $29.99 annual fee to maintain the card.