Review: Payoneer for online sellers

A multi-currency account to help your ecommerce business receive payments from overseas.

  • Good for its straightforward sign-up process and being able to have accounts in multiple currencies.
  • Beware of disappointing exchange rates with its high margin on the exchange rate.

AUD 20

Min. Transfer Amount

No limit

Max. Transfer Amount

3 - 5 days

Transfer Speed

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Product NamePayoneer for online sellers
Min. Transfer AmountAUD 20
Max. Transfer AmountNo limit
Transfer MethodsOnline, Bank Account to Bank Account
Transfer Speed
Minimum transfer time
3 - 5 days
Customer ServicePhone, Chat, Email
Available CurrenciesAUD, CAD, CNY, EUR, GBP, JPY, USD


  • Payments to and from 200+ countries
  • Low minimum transfer amount
  • Free to sign up
  • 24/7 customer service


  • Not all countries served
  • Fees for receiving and withdrawing money
  • Limited international transfers

How does Payoneer work for marketplace sellers?

Payoneer offers a range of payment solutions for ecommerce businesses. When you open a Payoneer account, you can receive payment in eight different currencies – and from a range of ecommerce marketplaces – into one account. You can then monitor and manage all of your marketplace payments in one place, allowing you to track incoming and outgoing payments as well as withdraw funds to your local bank account.

If you sign up for Payoneer's Global Payment Service, you can receive local currency payments from marketplaces in the following countries and regions:

  • United States (US dollars)
  • Europe (Euros)
  • United Kingdom (British pounds)
  • Australia (Australian dollars)
  • Japan (Japanese yen)
  • Canada (Canadian dollars)
  • Mexico (Mexican pesos)

This means that you'll receive payments a lot faster as buyers will be paying you directly in their local currency. There will also be a lot less of your profits lost to fees and exchange rate mark-ups when converting your funds back to Australian dollars.

To accept payments using the Global Payment Service, you'll need to do the following:

  1. Log into your Payoneer account and select the currency you want to receive.
  2. Payoneer will provide you with the details for a receiving account in that currency.
  3. Log into your ecommerce marketplace account and update your payment information with these details.
  4. When you receive or request a payment from the marketplace, it will be sent via local bank transfer to your Payoneer account.

If you're selling on Amazon marketplaces around the world, you'll also be able to take advantage of Payoneer's Amazon Store Manager feature. This allows you to connect an unlimited number of online marketplaces to your Payoneer account, combine all your Amazon income information on one platform and track all your Amazon revenue and payments in a single place.

Store Manager is compatible with the following Amazon marketplaces:


Why should I use this instead of PayPal?

Many online sellers receive payment via PayPal and opt to use the platform to manage their international payments. However, managing your sales revenue and payments through PayPal does have a few disadvantages:

  • Payment fees apply. When you sell something and you receive payment via PayPal, a fee applies. This fee is 2.6% + $0.30 for PayPal Wallet payments from Australia, or 3.6% + a fixed fee for international PayPal Wallet payments.
  • Currency conversion fees apply. If you're paid in a foreign currency that you want to convert into Australian dollars so you can withdraw the money to your linked bank account, PayPal's conversion rate is 2.5% above its base exchange rate.
  • Poor exchange rates. If you want to send an international payment from your PayPal account, the exchange rates offered typically can't match those offered by dedicated money transfer services.

By comparison, Payoneer's fees and exchange rates could potentially help you save money when managing your international payments.

What are Payoneer's fees?

When you enrol in the Global Payment Service, there are no fees for receiving payments in any currency except USD, which will attract a fee anywhere in the 0-1% range.

If you want to withdraw money from your Payoneer account, the fee you'll pay varies depending on whether you're withdrawing funds to a bank account in the same currency or a different currency:

  • If it's the same currency, a $1.50 fee applies.
  • If you're withdrawing to a bank account in a different currency, Payoneer adds a margin of up to 2% above the mid-market exchange rate.

You can use the table below to see what an international transfer with Payoneer looks like.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 20 3 - 5 days AUD 1.50 0.699 USD
Ideal for worldwide business payments to more than 200 countries and a large range of currencies. Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Read our review of Payoneer for international money transfers

How do I set up a Payoneer account for my ecommerce store?

You can register for a Payoneer account by completing the following steps.

In a nutshell


  • Expanding into major global markets. Payoneer offers accounts in multiple currencies, which can help your ecommerce business save money if you want to expand into major markets like the US, Europe and China.
  • Easy to set up and use. Payoneer's sign-up process is straightforward and its online platform makes it simple to manage your account. There's also a mobile app so you can manage your balances on the go.
  • Supports multiple currencies. The Global Payment System lets you receive payments in eight currencies – AUD, CAD, CNY, GBP, EUR, JPY, USD and MXN.
  • Access to funds. You can withdraw funds from your account via local bank transfer or by loading them onto a prepaid MasterCard linked to your account.


  • Disappointing exchange rates. Payoneer's margin of 2% above the mid-market exchange rate is quite high.
  • Slow support. Payoneer offers multilingual customer support 24/7; however, some users have complained about slow response times from Payoneer's support team.

How does Payoneer compare to other services?

If you want to see how Payoneer's fees and features compare to those of its competitors, check out the table below.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 1 1 day AUD 0.00 0.71 USD
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. Go to site Show details
AUD 250 1 day AUD 0.00 0.71 USD
Finder exclusive: $0 transfer fees on any transferred amount.
Receive local bank account details for 6 currencies. Free account signup with 24/7 support.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.713 USD
Send or receive money with the real exchange rate and a multi-currency account. You can also get local bank account details in the UK, US, Europe, New Zealand and Canada. Go to site Show details
AUD 10 Same day AUD 0.00 0.71 USD
Airwallex can help you make business payments to 23+ currencies using competitive interbank rates and no fees for most transfers. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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