Founded: 2005

Headquarters: New York, NY, United States

Offices: United States, United Kingdom, Japan, China, Philippines, India, Korea, Hong Kong

Regulated by: FCA, FinCEN

Trading channels: website, mobile app


Payoneer is an online money transfer service company that 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 a 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 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, who 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 purposes. You can withdraw your funds from your Payoneer account anytime. Either to your bank account, or you can get a Payoneer Prepaid MasterCard to withdraw from any ATM, or swipe for your expenses anywhere around the world. Be aware that the Payoneer Prepaid MasterCard comes at a premium, with annual fees, transaction fees, and currency conversion fees and others.

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>Payoneer lets you get paid by companies and online marketplaces

>Any individuals and companies can sign up with Payoneer

>Receive money in USD, EUR, GBP, JPY, AUD, CAD & CNY worldwide

>Withdraw your funds to your local bank account or Payoneer Prepaid MasterCard

Receiving options: Companies, individuals, marketplaces (e.g., Amazon)

Withdrawing options: Local bank account, Payoneer Prepaid MasterCard

Minimum transfer amount: $20

Maximum transfer amount: There are no maximums.

Currencies available: 


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Transfer Fees

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.

Exchange Rate

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).

Delivery Speed

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

User Experience

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.

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Pros and Cons

  • Compatible with marketplaces, affiliate networks

  • Withdrawal in 150 currencies and 200+ countries

  • Offer Payoneer Prepaid MasterCard

  • No transfer fees between Payoneer accounts

  • Customer support is not 24/7

  • $29.99 annual fee for Payoneer Prepaid MasterCard

  • 3% credit card payment fees

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