- My experience with Payoneer
- Benefits of Payoneer
- Payoneer monthly fees
- How to sign up for a Payoneer account
- Paypal vs Payoneer
What is Payoneer?
Payoneer is a cross-border platform that allows you to receive payments from clients worldwide.
A lot of countries don’t allow sending of payments by direct bank transfers and this is where a service like Payoneer is invaluable.
Payoneer provides virtual banking details in 7 international currencies.
When the payment is received into your virtual account, Payoneer deducts a small fee before transferring the money to your local bank.
Payoneer was founded in 2005 and has now grown to a global company that services over 200 countries. The company is headquartered in New York.
12 Benefits of Using Payoneer to Receive Payments
1. Payoneer Offers $25 to Get You Started
For a newbie account opener, Payoneer offers you a $25 sign-up bonus when you receive a certain amount.
How this works is, as soon as you receive $100 from any Payoneer verified company, $25 will be credited to your Payoneer account within 7 days.
This is put in place to prevent people from spamming the service with hundreds of new accounts just to get the bonus.
2. Receive Payments in Multiple Currencies
You can receive money in 7 different currencies on Payoneer – USD, EUR, GBP, JPY, AUD, CAD, and MXN.
You don’t have to use all the accounts but it’s nice to know they’re there for when you need then. I use the USD, EUR, and GBP accounts mostly.
3. Receive Payments from Multiple Avenues
You can receive payments from tons of companies on Payoneer.
Some of the companies I receive payments from include Amazon, Airbnb, Mediavine, and ShareaSale.
This is very convenient and helps me to plot my financial strategy better. You can also request payments from clients through Payoneer.
4. Minimal Processing Fees
I have tried several platforms similar to Payoneer and was annoyed by the processing fee deducted from my payments.
With Payoneer, the processing fees are transparent and depends on the account and country.
For instance, for this payment of $578.83, the fee is $5.85, which is roughly 1% and only applicable to my USD account.
Receiving payments into EUR, GBP, JPY, and AUD accounts are free.
I’ve been using Payoneer for over 3 years and I’m yet to experience arbitrary fees or deductions from my payments.
5. Send Money on Payoneer
You can send money to another Payoneer account for free. You can also send money to a recipient’s bank account through Payoneer.
6. Website Available in 7 Languages
The Payoneer website is available in English, Arabic, Spanish, Chinese, Russian, Korean, and Japanese.
7. Accessible Customer Support
Payoneer customer support staff are multilingual and readily available 24 hours a day, 7 days a week.
Having said that, I’ve only accessed customer support once in about 5 years when I thought some money had gone missing. The response was prompt and very helpful.
8. Ease of Funds Withdrawal
Withdrawing money from your Payoneer account is a very easy process from within your dashboard.
Once you have added your local bank details and it’s verified by Payoneer, anytime you receive money just go on over to the “Withdraw” menu option.
You will be prompted to choose the account you want to withdraw from, the amount and to which bank account if you have more than one.
You will receive an email within a few minutes confirming your withdrawal. It should be in your bank account within 3 – 5 working days.
There is a withdrawal limit depending on the account currency but it’s not very high.
9. Great Currency Conversion Rates
When I used to receive payments on PayPal, the currency conversion rates almost made me cry. They were vicious.
Seeking an alternative is what brought me to Payoneer’s digital doorsteps. The currency conversion rates are very competitive.
10. Trusted By Many Leading Companies
11. Debit Card Available
You have the option of requesting for a Payoneer debit card, which you can use to make local and online purchases.
You can also use the debit card to make withdrawals from your local ATM. This service is especially great if you don’t have a bank account.
There is a maintenance charge for this debit card so only go for it if you can’t receive money via a bank account.
12. Detailed Monthly Statements
You can download detailed monthly statements from your dashboard. Additionally, when you make any transactions, you can generate a confirmation of the transfer.
Is Payoneer Legitimate?
Based on my write up so far, I guess you can conclude Payoneer is indeed a legitimate enterprise.
I work very hard for my money and I wouldn’t leave it at the mercy of any company that has a shady history.
Is Payoneer Better Than Paypal?
I was on PayPal for a good while before I switched to Payoneer. PayPal conversion rates were brutal not to mention the withdrawal fee.
It didn’t look like a lot when I wasn’t making much but when I started making over 4 figures a month, it became a huge issue. Additionally, Payoneer transfers are faster.
While I prefer Payoneer, I still use PayPal for the merchants that aren’t on Payoneer yet.
Does Payoneer Charge a Monthly Fee?
There’s no monthly fee to use Payoneer. They charge a nominal fee on every payment received in your account and that’s about it.
There may also be a small charge when you use the ATM card. However, there are no hidden or confusing fees that suddenly show up on your statement.
As of July 2020, if your Payoneer account remains inactive for 12 months, you will be charged an annual fee of USD 29.95.
You can view all applicable fees for Payoneer HERE.
How to Open a Payoneer Account
This simple video below walks you through the simple sign-up process for Payoneer. You can start the sign-up process HERE.
You will need to provide identity documents to verify your account and information. Once verified, you’re all set to go.
Just make sure you enter the correct banking details with any merchants you’ll be using.