From paying contractors and vendors to receiving payments from customers or converting currencies, Payoneer is a go-to solution for businesses. Freelancers can receive payments directly into their Payoneer accounts from online marketplaces and networks, with the added benefit of low transfer fees, payments in minutes and pay-out flexibility.
Globally, Payoneer serves 200+ countries in over 150 currencies, more than many other money transfer companies. In this review we will identify pros and cons of the service, presented as a clear and concise guide for potential customers.
Payoneer charges its customers fees when getting paid by the different businesses to their Payoneer accounts. Thereafter, withdrawal from local ATMs also come at a fee. Below is a synopsis of the fees, exchange rates and other costs you may incur when using Payoneer.
Payoneer’s fee structure comprises several components depending on the type of transaction you are doing. The fees are categorised as follows:
If you withdraw from an ATM using the Payoneer Mastercard. You will be charged $3 per transaction. If you cancel a transaction, you’ll be charged $1.
The exchange rate Payoneer charges for Payoneer to bank withdrawals is 2% above the mid-market rate. Normally, the provider doesn’t show the mid-market rate and the 2% breakdown on the transfer but the rate they give you includes the 2% margin.
Depending on the bank and country from which you access your money, you may be charged landing fees, processing fees or even intermediary fees. Also, Payoneer doesn’t make it clear how much you are charged when you query an account balance through the ATM.
Compared to banks, Payoneer gives much better rates and the time taken to withdraw to a bank is also shorter. It takes one business day maximum for funds to be credited to your account.
Payoneer allows you to send money to more than 200 countries globally. Some of the top countries on Payoneer network coverage include:
It takes one business day to send money from your Payoneer account to the bank. Occasional delays may occur when the transfer involves correspondent banks. All the remittance corridors are supported by a strong and knowledgeable team of 1,200 employees.
Payoneer processes all payments online and has no physical locations or agents. It has clear advantages over other money transfer providers in a number of ways.
If you’re considering other providers, we’ve looked at how Payoneer compares to Wise, formerly TransferWise in our Wise vs Payoneer article to help you make a better decisions.
Payoneer allows for bank transfers and ATM withdrawals through the Payoneer Mastercard. For you to withdraw to your local bank, you have to first add the bank as the payment method. Payoneer normally indicates that it takes up to 3 business days to review the added payment method but typically approvals take about 30 minutes.
For the ATM withdrawal, you must have the Payoneer Mastercard. You can still use the account without the card. Ordering the card is free and it may take about 3 weeks to be delivered.
Payments to your Payoneer account from online marketplaces such Upwork are instant. When a client pays you through Payoneer, the payment may be placed under review for up to 5 days. However, in most cases, the review takes a few hours and the payment checks into your Payoneer account.
The client may be asked by Payoneer to provide additional information for the payment to be processed. If he doesn’t act on his part, the payment may delay getting to you. You can also query a payment through the support centre or by contacting your client directly.
When sending money with Payoneer, you can use the following payment methods to pay for your transfer:
Payoneer is one of the preferred payment and money transfer provider for businesses and freelance professionals.
Payoneer’s Capital Advance can help you manage your working capital when selling on Wallmart and Amazon. The loan is advanced to you based on your store sales record. Repayment is gradual until the loan is fully settled. However, if you think Payoneer is not something for you, we’ve made a guide to help you find the best way to send money internationally.
Payoneer was founded in 2005 in New York City. The founders, Yuval Tal and Ben Yaniv Chechik, injected $2 million of seed funding. To date, the company has raised over $265 million from a spectrum of investors. Some of the notable financiers include Greylock Partners, Wellington Management, 83North, Crossbar Capital, Technology Crossover Ventures, Viola Ventures, Susquehanna Growth Equity and Carmel Ventures.
The company has grown rapidly employing over 1,200 employees spread across its 17 regional offices in the United States, United Kingdom, Latin America and Asia. Recent valuations put the company at $1 billion.
In terms of authorization and regulation, Payoneer has licences covering the following jurisdictions.
Payoneer Inc. – This company is registered by the US’s Financial Crimes Enforcement Network (FinCEN) as a Money Services Business (MSB). Its licence as a Money Transmitter allows it to operate in 49 US states.
Payoneer (EU) Limited – This company was formed in Gibraltar in 2011 and it is 100% owned by Payoneer Inc. The Financial Services Commission in the country licenced the company giving it the legal space to passport throughout the EEA.
Payoneer Hong Kong Limited – This company is 100% owned by Payoneer Inc. and licensed by the Hong Kong Customs and Excise Department to do business as a Money Service Operator (MSO).
Payoneer Japan Limited – Owned 100% by Payoneer Inc., this company was formed in 2014 and registered with Kanto Finance Bureau as a Funds Transfer Service Provider.
Payoneer Canada Limited – This company is registered with the Financial Transactions and Reports Analysis Center of Canada (FinTRAC). It operates as a Registered Money Service Business.
Payoneer Australia Pty Limited – This company is 100% owned by Payoneer Hong Kong Limited and is licenced by the Australian Securities & Investment Commission (ASIC).
The regulations and licencing ensure that the company safeguards clients funds and information. In 2010, Payoneer attained PCI Level 1 Compliance, an important set of standards for online safety for its more than 4 million customers.
On Trustpilot, Payoneer has received excellent ratings. It has a total of 12,352 reviews, 90% of which fall within the ‘Excellent’ and ‘Great’ rating bands.
The customers who were pleased with Payoneer gave the following reasons
Customers who rated the company as ‘Poor’ or ‘Bad’ had the following to say.
It is so simple to get started on Payoneer. Over time they have changed their requirements but it still remains an easy 5-10 minutes exercise.
Step 1: Sign up for an account- If you have all the information they need including a double-sided copy of your ID card, it takes about 10 minutes to complete the process.
Step 2: Identity Verification- This process takes about 20 minutes and when the account is approved, you can now transact.
Step 3: Link your local bank account.
Step 4: Add a market place or contractor details
Step5: Pay for your transfer and send. You can load your card through bank transfer, credit card or debit card and make a payment.
There is no procedure for receiving money on Payoneer or local bank account. Once you request payment from a client or withdraw money from an online market place, you only have to wait until it checks in. You can then transfer it to your local bank account or use the Payoneer balance for transactions.
Payoneer has a mobile app available as a free download on both Google Play and Apple Store.
Payoneer launched in 2005 and has grown in reputation to be one of the go-to payment processors for customers and businesses alike. They provide a MasterCard debit card and businesses such as Google, Airbnb and Fiverr use their services. They made over $300 million in revenue in 2019 and have over 1,400 employees.
The Payoneer app allows businesses to track their activity and customers to view transactions. As you’ll learn in this review, the app is highly rated and adds value to the overall financial company. Through the application, you can do the following:
You can also refer a friend through the app, contact customer support and read through the frequently asked questions. On Google Play, the app has 14,031 reviews with an overall 4.1/5 rating. The app has no country or regional restrictions.
Downloading the Payoneer app is simple. Navigate to the Apple or Google Play app marketplaces depending on what operating system you’re using. Run a search for the Payoneer app and install – it should take more than a few minutes to complete the installation process.
Payoneer allows users to make transfers to more than 200 countries around the world in various currencies. Popular global currencies are included such as AUD, CAD, JPY, GBP, EUR and USD. You can also use Payoneer to pay freelancers and bills, set up mass international payments for business and make payments at stores where MasterCard is accepted.
We have taken the time to give the Payoneer app a test run. Does it work as expected? Read on to learn about the Payoneer app performance and what issues you can expect to face.
User interface: the user interface has a mixture of white and orange colors, which look visually simple to understand. The menu systems are intuitive, so you won’t take long to figure out how everything works. The big blue buttons are easy to press and the navigational menu at the bottom is handy for moving around the different app features.
Speed and bugs: the app speed is fast because of its minimalist nature. Since there are no heavy graphics the loading speeds are fast. The app has a higher rating on the Apple app marketplace, which indicates it’s more optimized. Furthermore, no bugs were found during testing, but if you encounter any, expect them to be patched out soon.
The complete process for sending money using the Payoneer app is simple. You’ll notice that steps are similar to the majority of other payment apps out there.
Step 1: Log into your Payoneer account and complete the verification process. It might be using your fingerprint, an SMS code or just a password.
Step 2: Select the “Make a Payment” option. The process is simpler if you are sending money to another Payoneer user, because all you need is their email address.
Step 3: If you are sending money to a bank, then enter the amount and recipient details. The specific details you’ll need depend on the bank location. However, expect to input the recipient name, bank name, location, IBAN and SWIFT.
Step 4: Take the time to review the transaction to make sure the details are correct. Also, you’ll see what fees and conversion rates are applied to the transaction.
From start to finish you can send money on the Payoneer app in 1-3 minutes. It depends if you are sending to another Payoneer user or need to enter bank details. However, allow for extra time during your first transfer since you’ll need to learn the app first.
The transfer time for payments to other Payoneer users is typically within 1 hour. However, when sending to a bank expect to wait 2-4 business days.
Yes, Payoneer allows you to hold funds on your account. Also, you’ll need to load the funds onto your Payoneer debit card if you have one. This process can be automated, so the funds are automatically available once they hit your Payoneer account.
Payoneer is the worst service for transfer money. Withdraw is very expensive and they explain it because make conversion between currency?! My bank account is in euro and I’m from Macedonia and they charge fixed 15 euro fee for transfer any sum of money. Also You can’t buy anywhere with Payoneer so You MUST make withdraw with highest fee if You want to take Your money. Also explanation from”support” team is simple poor and cheap. My advice is: avoid Payoneer whenever You can, specially if You are from Macedonia or other countries where Payoneer charge high fee!
I have not been able to sign up on Payoneer. To be sincere I wish there was another app to use. It is frustrating me.
payoneer provides the poorest services every, their customer care services seem to have become extinct or out of services. pending transactions take months before being completed.i hate payoneer.
The length of time it takes to acquire a Payoneer account with global payment services in Uganda is too huge. I began the process in October this year (2020) up to now (30th November) am still in the process for the global payment services. Am being forced to unwillingly give up.
Sir payneer se apna bank account link kar sakte ha
I don’t know about Equity Bank but withdrawing from payoneer to KCB bank Kenya is definitely not free. They charge a flat fee of Ksh. 720 per transaction regardless of the amount.