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If you regularly pay out funds to freelancers or are a freelancer who needs a way to bill clients and receive payments, Payoneer might be right for you.
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.
Through Make a Payment, making and receiving payments as a Payoneer customer is free.
If you enroll in the Global Payment Service, Payoneer will give you receiving accounts for the following currencies:
When you use the Billing Service to receive payments, you’ll pay different fees for payments made by credit card or eCheck.
Marketplaces like Fiverr, Upwork and Airbnb set their own fees for withdrawing payments. You can find these rates on the platform where you work.
If you're a high earner, you may have lower fees.
You can send payments using the following methods:
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:
All these transactions will be processed online as Payoneer doesn’t have any physical branches.
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.
Payoneer makes money off the percentage added onto the exchange rate as well as off the fees on certain services.
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.
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.
Our table below shows you the exchange rate and fees of other money transfer specialists.
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