Payoneer 2018-02-05T11:28:14+00:00

Payoneer

Payoneer-review

Payoneer is an online money transfer service provider which was formed in 2005 in New York. It provides services to over 200 countries enabling their clients to send and receive money in their local currencies. Their clientele is mainly freelancers and businesses working with international clients and marketplaces who want to receive and send funds on day to day basis with minimum loss in currency exchange. It’s only for business-related transactions and not for personal transactions.

Payoneer provides multiple ways to receive payments in your Payoneer account. You can receive payments from companies in the US, UK, Europe, Japan, Canada, Australia & China via its Global Payment Service wherein the companies can do a local bank transfers. You can also use its billing service which sends an email to your client with the payment request. The money is received in your account once they make the payment via the link sent by email. If you need to receive money from any of the marketplaces like Amazon, Payoneer has a partnership with, you can simply select Payoneer as your payment option on their websites and get paid. The last option is “make a payment service” where you can get paid by other Payoneer account holders only for business related purpose. You can withdraw your funds from your Payoneer account anytime either to your bank account or get a Payoneer Prepaid MasterCard to withdraw from any ATM or swipe for your expenses anywhere around the world. But the Payoneer Prepaid MasterCard comes at a premium with annual fees, transaction fees, currency conversion fees and others.

www.payoneer.com
Founded: 2005
Headquarters: New York, NY, USA
Offices: USA, UK, Japan, China, Philippines, India, Korea, Hong Kong
Regulated by: FinCEN, FCA
Trading channels: website, mobile app

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Payoneer Key Features

Pay-in Options bank transfer, credit card
Recipient’s Options local bank account, Prepaid MasterCard
Min Transfer Amount $20
Max Transfer Amount no max amount limited
Speed instant to several days
Receive Payments Fees 1% for USD, free for the other currencies
Exchange Rate 2% above mid-market rate
Currencies Available USD, EUR, GBP, JPY, CAD, AUD

Payoneer Review

Transfer Fees

Receive payment from another Payoneer account is completely free.

There’s 1% fee when you get paid by companies and online marketplaces, using your USD account. This fee can be waived if you use EUR, GBP, JPY account to receive money.

2.00% of total amount fees will be applied if you withdraw your funds (USD, EUR, GBP) from Payoneer to local bank account. But Transfer JPY to bank account is fee free.

Exchange Rate

Payoneer allows you to withdraw funds from your account to local bank account. The currency conversion rate is 2% over the mid-market exchange rate.

Speed

Sending money from Payoneer to Payoneer account is instant. International transfers to your local bank account can take 3 to 4 days to complete.

User Experience

Payoneer’s born for freelancer, online sellers, affiliate marketers to receive money and compatible with most of online marketplaces like Amazon, Upwork, airbnb and so on. It has robust customer support, which you can reach through message, live chat and telephone, it’s not 24/7 though. But if you report lost or stolen card, the line is 24/7 available. Payoneer’s community is very unique and helpful that members can interact with each other.

One feature makes Payoneer stand out is that clients can order a Prepaid MarsterCard, whereas other providers like OFX only allow you to transfer funds to bank account. However, you need to sacrifice a $29.99 annual fee to maintain the card.

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Payoneer Pros and Cons

  • compatible with marketplaces, affiliate networks

  • 150 currencies and 200+ countries available

  • provide Prepaid MasterCard

  • no transfer fees between Payoneer accounts

  • customer support is not 24/7

  • $29.99 annual fee for MasterCard

  • 3% credit card payment fees

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