Payoneer is an online payment provider that allows users to send money internationally with ease. Their services are a bit different than those of their competition, as they mean to service businesses. The status of your and your recipient’s accounts will make a difference to the currency exchange services you will be provided with.
Because Payoneer was meant for business, it is commonly used on platforms like Amazon, Fiverr, Upwork, and Airbnb. Payoneer’s other services are ideal for industries such as eCommerce and online marketing.
When it comes to international money transfers, Payoneer has millions of users using more than 150 currencies. This is because Payoneer is a global service and is available in almost every country.
What are their exchange rates?
Payoneer charges different fees for different specific services. Receiving money through Payoneer is always free, but sending it will incur a fee and then a markup on the mid-market conversion rates.
The exchange rate markup for Payoneer is 0.5% above the interbank rate. There are further fees to consider if the recipient needs to withdraw money from a Payoneer account.
What Payoneer costs to use?
This depends heavily on which of their many services you’re choosing to use. For example, if the recipient is using a rechargeable Payoneer prepaid MasterCard, there will be an additional conversion charge of 3.5%, on top of MasterCard’s exchange fees.
For the sake of a normal example, let’s take the basic option of sending money from the US (USD) to France (EUR) using their bank transfer option. Keep in mind that bank transfers cost more than transferring money to a card in terms of exchange markups, but less in terms of flat fees.
|Money Sent (USD)||Money Received (EUR)||Midmarket Rate|
These rates do not include the receiving bank’s fees.
*These rates are only applicable at the time of writing and are subject to change at any time.
How do I transfer money with them?
Payoneer isn’t difficult to use, but they offer many different options (to be discussed under “other products”. Regardless of what you’re doing specifically, the first step is creating an account with them. After setting up your account and connecting your bank, sending money is simple.
Whenever you need to make a payment through Payoneer, the first thing to do is login and go to the “pay” tab. Under the pay tab, click “make a payment”. From here, you just need to enter the recipient’s email address, the transfer amount, the transfer type, and any note you want to leave them. After this, just click “make a payment,” and Payoneer will take care of the rest.
What other products do they offer?
Payoneer offers one of the most diverse arrays of specific money transfer services out there. They also offer a few specific products that many business-minded individuals find quite useful.
The company offers a global payment service for paying people around the world in many different currencies. This service offers you a receiving account so you can receive money in your account. This service is designed for business use, not for personal use.
Currency conversion is another specialty of Payoneer. You can use your account to hold onto every type of currency you receive, and conversions cost 0.5% above the mid-market rate, on top of other small fees.
They also offer a mass payout service for businesses of various sizes. This feature makes it easy for businesses or platforms such as Airbnb to pay through their own platforms onto a Payoneer account. They offer a billing service which is similar, but it would be used by an entrepreneur to bill a customer.
Another product they offer is their prepaid MasterCard that can carry any of the currencies held on your Payoneer account. This card comes with its own associated fees, which you can learn more about on their website.
Lastly, Payoneer offers an array of financial services to businesses. These include value-added taxes payable to British and European Union authorities and integrated payments through Payoneer’s API. You can refer to Payoneer’s partner directory to find out about any of the specific integrated services they offer to various businesses, of which there are many.