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Payoneer

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Summary

Both businesses and freelancers can take advantage of Payoneer to send money overseas.

In this guide

  • Review
  • Details
    • Product details
  • Your reviews
  • Ask a question

Details

Product details

Product Name Payoneer
Pay By Bank transfer, Credit card
Receiving Options Bank account
Customer Service Phone, Live chat, Email
Maximum Transfer Amount Unlimited

Our Verdict

Payoneer is great if you're a freelancer or run a business as you can send money to global suppliers or remote workers as well as accept payments in local currencies.

Payoneer-to-Payoneer transfers are fee-free but setting up a transfer is not as simple as other services make it and you may need assistance from customer service. Payoneer adds a 2% markup to exchange rates and charges a number of fees that can make your transfer less appealing. Plus, if you don't make a transfer at least every 12 months, you'll be charged an annual inactivity fee.

What can I do with Payoneer?

  • Receive payments. You can send a payment request and receive payment to your Payoneer account. You can withdraw your funds at an ATM or transfer them directly to your bank account, which comes with a fee.
  • Make payments. You can send and receive payments between Payoneer accounts free of charge.
  • Send mass payments. You can make mass payments to your freelancers.
  • Automated payments. You can set up automated payments.
  • Escrow payments. You can make secure B2B transactions with Payoneer’s escrow payments.

Payoneer exchange rates and fees

While using Payoneer, you may be paid in one currency and withdraw the funds in another currency. In that case, you’ll pay a currency conversion fee of up to 2% above the mid-market rate.

Opening an account is free, but the fees vary depending on what service you’re after.

Make a Payment

Through Make a Payment, making and receiving payments as a Payoneer customer is free.

Global Payment Service

If you enroll in the Global Payment Service, Payoneer will give you receiving accounts for the following currencies:

  • USD US dollars
  • EUR Euros
  • GBP British pounds
  • JPY Japanese yen
  • AUD Australian dollars
  • CAD Canadian dollars
  • CNY Chinese yuan
This means businesses in these countries can pay you as if you had a local bank account. There are no fees to receive money in any of the above currencies except for US dollars, which can be anywhere between 0-1%.
Receive payments from customers

When you use the Billing Service to receive payments, you’ll pay different fees for payments made by credit card.

  • Via credit card (all currencies): 3% fee
  • Via ACH bank debit: 1% fee
Marketplaces and networks

Marketplaces like Fiverr, Upwork and Airbnb set their own fees for withdrawing payments. You can find these rates on the platform where you work.

You'll pay a different fee depending on whether you're withdrawing the funds in the same currency or in a different currency.
  • Withdrawing money from your Payoneer account to a bank account in a different currency will cost you up to 2% above the mid-market rate.
  • If you’re moving money into your bank account in the same currency, you’ll pay $1.50 for the transaction.

If you're a high earner, you may have lower fees.

What types of transfers does Payoneer accept?

You can send payments using the following methods:

  • Credit card
  • Local bank transfer

Usually, the payee will receive the payment in their Payoneer account in under two hours. To withdraw funds from your Payoneer account, you can use the following:

  • Prepaid Mastercard from Payoneer
  • Local bank transfer

All these transactions will be processed online as Payoneer doesn’t have any physical branches.

Is Payoneer safe to use?

  • Security and regulation: Payoneer is regulated and compliant with multiple financial regulators around the world.
  • Established: 2005.
  • Number of customers: Five million* users.
  • Reviews: Trustpilot gives Payoneer a score of 4.2* out of 5, based on over 51,862 reviews.
*According to Payoneer and Trustpilot on 5 June 2023.

Payoneer is licenced in Australia with ASIC (the Australian Securities and Investment Commission), which means they are required to have risk management systems in place as well as disclosure obligations.

How does Payoneer make money?

Payoneer makes money off the percentage added onto the exchange rate as well as off the fees on certain services.

How to register an account

To use Payoneer, you’ll need to sign up for an account.

  • To make a payment, have your recipient’s Payoneer email address on hand and transfer funds within your account limits. Your transfer will be complete within two hours. To check on your transfer, click “Payments History” under the “Account Activity” tab.

    What is Payoneer’s background?

    Founded in 2005, Payoneer is a money-transfer system partnered with Mastercard and other companies that employ freelancers. This makes it a popular choice for businesses that often use contractors.

    Payoneer’s headquarters are in New York City in the US, but it has spread to over a dozen offices around the world. It currently supports over 200 countries and 150 currencies, with customer service available 24/7.

    In a nutshell

    Pros
    • Convenient pickup methods. With simple and quick bank transfers and the Payoneer Mastercard, Payoneer provides convenient, easy-to-understand ways to access your funds.
    • International acceptance. Payoneer supports sending and receiving funds to and from more than 200 countries.
    • Low domestic rates. It’s free to send and receive funds using Payoneer’s Make a Payment. For international transfers, you’ll pay a bit more.
    • Low minimum transfer amount. You only need to transfer $20 to use the Billing Service or $50 to use Make a Payment.
    Cons
    • Limited international transfers. Payoneer isn’t meant for international transfers that aren’t the result of making a purchase or billing for a service. You can’t load funds onto your Payoneer Mastercard and withdrawing funds across currencies carries fees.
    • High exchange rates. Payoneer takes an average cut of 2% above mid-market rates when converting currencies, which can be lower than some banks but is generally higher than other online services.
    • Limited access to Make a Payment. Not all Payoneer account holders can use Make a Payment. Typically, you’ll first need to receive funds from one of Payoneer’s partners or through Payoneer’s Global Payment Service.
    • Fees for receiving and withdrawing money. You may need to pay a fee for receiving money to your Payoneer account and for withdrawing money. Many money transfer services charge only for receiving or sending money, not both.
    Back to top

    How does Payoneer compare to other providers?

    Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
    Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
    TorFX
    24 hours
    $0
    TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
    Xe Large Transfers
    24 hours
    $0
    Xe has fast transfers with low fees and a range of foreign currency tools.
    OFX
    24 hours
    $0
    OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
    Send Payments
    24 hours
    $0

    Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
    Revolut
    Within minutes
    $0
    Sign up and get a AUD$15 top-up. For new customers only. T&Cs apply.
    Send money with great rates and low fees in 30+ currencies.
    Xe Money Transfers
    Within minutes
    $0
    Xe has fast transfers with low fees and a range of foreign currency tools.
    Instarem
    Within minutes
    From 0%
    50% off first transaction fee from any country in APAC (outside India).
    Minimum transfer of $250 and max transfer of $500,000
    Wise (TransferWise)
    Within minutes
    From 0.43%
    Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
    TorFX
    24 hours
    $0
    TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
    Remitly
    Within minutes
    From $0
    Remitly has quick, affordable transfers around the world, with both express and economy options.
    Rocket Remit
    Within minutes
    From $0 to $5
    Send money instantly to friends and family in over 45 countries using just your mobile number.
    MoneyGram
    Within minutes
    From $1.99
    MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
    SingX
    Within minutes
    From 0.5%
    SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
    CurrencyFair
    Within minutes
    €3
    CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
    OFX
    24 hours
    $0
    OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
    Send Payments
    Send Payments
    24 hours
    $0
    Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
    MasterRemit
    Within minutes
    From $0
    Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
    Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
    Western Union
    Within minutes
    From $0
    Western Union sends money online to friends and family in 200+ countries around the world.
    Qantas Business Money
    Within minutes
    $0
    Earn 1 Qantas Point per AUD$1 equivalent you convert into foreign currencies. Conversion limits and T&Cs apply.
    Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
    TorFX Business Transfers
    24 hours
    $0
    TorFX guarantees to match any competitor's exchange rate. Conditions apply.
    TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
    OFX Business Transfers
    24 hours
    $0
    OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
    WorldFirst
    24 hours
    From $0
    Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
    Send business
    24 hours
    $0

    Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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    Frequently asked questions

    Back to top
    1. Payoneer official website, accessed March 2023

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