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.
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.
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 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
CNY worldwide
>Withdraw your funds to your local bank account or Payoneer
Prepaid MasterCard
Prepaid MasterCard
Receiving options: Companies, individuals, marketplaces (e.g.,
Amazon)
Amazon)
Withdrawing options: Local bank account, Payoneer Prepaid
MasterCard
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