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Payoneer Review

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.

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Payoneer Exchange Rates and Fees

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.

Transfer Fees

Payoneer’s fee structure comprises several components depending on the type of transaction you are doing. The fees are categorised as follows:

Getting Paid

  • It is free when you get paid by other Payoneer customers in USD, EUR, GBP, and JPY.
  • The other way of getting paid is through Payoneer’s receiving accounts. Normally. Payoneer gives you the privilege of owning local bank accounts denominated in EUR, GBP, JPY, AUD, CAD and MXN. If someone pays you through a receiving account in these currencies, you don’t get charged any fees.  However, if they pay you through your receiving account is USD, you’ll be charged 0-1% in fees.
  • Payoneer has a billing service you can use to request payment directly from your customers. This service comes at a 3% fee if payment is done by credit card and 1% if it is settled by eCheck.
  • Fees for receiving money from marketplaces and networks such as Upwork, Airbnb, and CJ Affiliate vary from one platform to another. You need to independently confirm what they charge. Upwork charges a loading fee of $2 per withdrawal to Payoneer.

Withdrawing Funds to a Bank Account

  • Most withdrawals to a local bank account do not attract any fees. For instance, withdrawals from Payoneer to KCB Bank or Equity Bank in Kenya are free.
  • If you withdraw to a bank account denominated in USD, EUR, or GBP, you’ll pay $1.50, 1.50 euros, or 1.50 pound sterlings respectively. However, for this to apply, the bank account must be located in the same country where these currencies are classified as local currencies.

ATM Transactions

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.

Exchange Rates

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.

Other Fees

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.

If you’re just getting started with online money transfers, we’ve prepared a few simple guides to help you find the cheapest ways to send money abroad and the fastest money transfer provider.

Top destinations for Payoneer transfers

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.

Pros and Cons of using Payoneer

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.

Low Minimum amount: With a little as $50, you can transact on Payoneer
Location coverage: An extensive sending and disbursing network coverage covering 200+ countries and territories
Low fees and favourable rates: Depending on the type of transaction, you may not even pay a single cent. If you withdraw directly to the bank, you will enjoy high exchange rates of just 2% above the mid-market rate.
Convenient payout methods: You can send directly to your local bank or withdraw from an ATM. This ensures you get your money not just fast but conveniently.
Multi-lingual support: The website supports eight languages. This makes it possible for users from non-English speaking countries to interact with the website. The languages are English, Spanish, Vietnamese, Japanese, Arabic, Korean, Russian, Ukranian, and Chinese.
Payment service limitations: For you to make a payment from your Payoneer account, you must have received funds from either one of the payment partners or through Payoneer's Global Payment Service.
Limited International transfers: If the transfer is not a purchasing or invoicing for a service you cannot transfer to another entity.
Annual fee: Payoneer charges an annual fee of $29.95 which is a bit high bearing in mind that the provider also charges fees and margins on exchange rates.

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.

Types of transfers offered by Payoneer

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.

Payoneer transfer times explained

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.

Payment methods offered by Payoneer

When sending money with Payoneer, you can use the following payment methods to pay for your transfer:

  • Credit card
  • Debit card
  • eCheck
  • Local bank transfer

Top reasons to use Payoneer

Payoneer is one of the preferred payment and money transfer provider for businesses and freelance professionals.


  • Receive payment in a local currency account such as USD, GBP and EUR
  • Pay your VAT
  • Pay suppliers
  • Pay your contractors or freelancers


  • Move your earnings to your home country through local bank withdrawals
  • Receive payment from online market places and networks
  • Shop on online market places

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.

Can I trust Payoneer?

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.

User opinion about Payoneer

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

  • Excellent customer service
  • Faster funds transfers
  • High exchange rates

Customers who rated the company as ‘Poor’ or ‘Bad’ had the following to say.

  • Account blocking if verification is not complete
  • Occasional delays in transfers from clients and to bank accounts

Send and receive money with Payoneer

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.

How to Send Money Using Payoneer?

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.

How to Receive Money Using Payoneer?

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.

Does Payoneer Have a Mobile App?

Payoneer has a mobile app available as a free download on both Google Play and Apple Store.

What is the Payoneer app?

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:

  • Sign up for a Payoneer account
  • View the balances of all currency accounts on the app from USD to GBP to EUR to any other that you may have.
  • View all transactions both receipts and withdrawals
  • Make a payment
  • Withdraw your funds
  • Request a payment
  • Manage currencies

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.

How do I get the Payoneer app?

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. 

Can I make international transfers with the Payoneer app?

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. 

How does the Payoneer app perform?

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. 

How to Send Money with the Payoneer App

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. 

How long does it take to send through the Payoneer App?

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. 

Can you add money directly to the Payoneer App?

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. 

Frequently Asked Questions

Can I Cancel my Transfer?

How Payoneer compares to other providers?

Wise vs Payoneer
This comparison of Wise and Payoneer will weigh up core features like payment options, trust, security, exchange rates, transfer fees, mobile apps and customer feedback. We will also suggest alternative money transfer service if either option falls short in a specific category.
April Summers

April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.

Customer reviews

Post your review:

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!

By Zoran Pavlov
3 January 2021 - 09:05pm

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.

By Ifumi
22 December 2020 - 12:04pm

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.

By evans
15 December 2020 - 05:00am

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.

By Kwikiriza Mathias
30 November 2020 - 10:59am

Sir payneer se apna bank account link kar sakte ha

By Shahbaz
19 November 2020 - 09:38pm

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.

By Faith
7 September 2020 - 04:56am