Monday, May 4, 2020

Payoneer Review – Is It Safe or Scam – Everything You Need to Know

Payoneer Review – Is It Safe or Scam – Everything You Need to Know





Headquarters: New York, NY, United States
Offices: United States, United Kingdom, Japan, CPhilippines, 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.
>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: 

Receiving options: 7

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

User Experience

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

Pros and Cons

  • Compatible with marketplaces, affiliate networks
  • Withdrawal in 150 currencies and 200+ countries
  • Offer Payoneer Prepaid MasterCard
  • No transfer fees between
  • Customer support is not 24/7
  • $29.99 annual fee for Payoneer Prepaid MasterCard
  • 3% credit card payment fees