Payoneer – Review & Tutorial

I have been working as a freelancer for quite a while and I was always trying to find out which is the best way to receive my money. Thankfully, internet provides a huge amount of information available for freelancers around the world, to help them find out the best solutions to their problems. To this specific one, Payoneer is one of the best according to the options that are available. So, what is Payoneer? Let me introduce it to you!

Payoneer is an innovative payment platform that connects businesses and professionals all around the world. Thousands of leading companies including Google, Airbnb, Fiverr, etc, rely on Payoneer’s mass payout services. Since its foundation in 2005, it has expanded its services, being able to provide transactions in more than 150 currencies and 200 different countries at the moment. Counting more than 5 million customers, it makes sure to provide the best support possible. Therefore, its 2000 employees worldwide contribute in supporting Payoneer’s community in more than 35 languages.

PROS

• It has a wide presence around the world, operating in more than 200 countries;

• Payments between Payoneer accounts are totally free;

• You get the opportunity to create custom invoices and request payments from sole clients;

• Customer support service that includes email, live chat and phone support.

CONS

• Its Mastercard comes with an annual fee;

• There are high card transaction fees.

Costs and fees

Taking a look at Payoneer’s fees is pretty easy as it provides a list that includes all of them. Let’s make a quick list below that includes most of them:

Receiving Funds

• Free to receive money from any Payoneer account holder;

• Free to receive funds in MXN, JPY, GBP, EUR, AUD, and CAD via receiving accounts 0-1% fee may apply on specific occasions when receiving money in USD;

• There is a 3% fee added for fund transfers that are made to you by credit card;

• 1% fee when receiving money from clients by ACH bank debit.

Sending Funds

• There is a 1% fee when transferring money by ACH bank debit,a 1% fee is charged to send via local bank transfer and a 3% fee to send transfers via credit card;

• If you use the GBP, EUR, or USD in your Payoneer account to pay someone in the same country as your Payoneer profile, in a country where the payment currency is the local currency, or in the same currency as your account balance, a 1.50 GBP, EUR, or USD fee will be applied;

• Transfers from a Payoneer account to the receiver’s bank account incur a fee of up to 2%;

• Sending money between Payoneer accounts is completely free.

Withdrawing Funds

• Bank accounts must be held in a country where the official currency is the same as the currency of the bank account. You can, for example, use a USD account for withdrawals made in the United States. This account cannot be used to withdraw funds in the UK;

• When you withdraw money from your Payoneer account to a bank account in the same currency, you will be charged a fixed withdrawal fee of 1.50 USD, EUR, or GBP.

Card & Annual Account Fees

• The fee for an ATM balance inquiry is $1.00 USD/0.80 EUR/0.65 GBP per inquiry;

• The fee for an ATM withdrawal is $3.15 USD/2.50 EUR/1.95 GBP per transaction;

• Depending on the situation, a conversion fee of up to 3.5% in USD, GBP, or EUR may be charged;

• An annual cost of 29.95 USD, 24.95 GBP, or 24.95 EUR is required;

• Your card replacement costs 12.95 USD/9.95 GBP/ 9.95 EUR;

• Both in-person and online purchases are free of charge;

• Cross-border fees may be applied to purchases made abroad;

• Any account holder who has kept their account active but hasn’t used their account or card to make a transaction in a year will be charged a 29.95 USD fee.

Is it safe to use payoneer?

They are a fully regulated and entirely legal business. Payoneer is a licensed US Money Service Business (MSB) and they are also PCI Level 1 Data Security Standard certified. Furthermore, they add specific procedures to protect the integrity and physical security of all of their information. They have installed firewalls to prevent tampering and hacking, as well as virus protection software on all access points. In addition to that they regularly update their protocols to ensure that data is not lost due to accidents, fire, or theft. Their IT department also performs thorough and mandatory PCI audits on an annual basis. Another important fact is  that every Payoneer transaction is protected by firewalls and anti-hacking methods. Identity theft, hacking, phishing, fraud, and other potentially harmful actions are no longer possible. Lastly , customers are always notified through email of any account changes or transactions, just in case that an account theft may be attempted.

Reviews About payoneer

What users of Payoneer have to say about the service on authoritative customer review websites is as follows below:

Trustpilot: 4.3 stars out of 5

Customers see the lower transaction fees for money transfers as an advantage over online payment processors. When it comes to customer service, there are conflicting opinions, some feel it is helpful, while others complain that they can’t get in touch with anyone or that their problems weren’t fixed.

Reviews

Sitejabber: 4.4 stars out of 5

Customers appreciate that Payoneer may be used for both domestic and international transactions. Although, according to some reviewers, it can take up to seven days for a payment to post and for the funds to get in their accounts.

Reviews

Is creating an account an easy task?

Simpler than ever, all you have to do is to follow some simple steps and your account will be created in no time! Then you just have to wait for it to get approved. For your convenience we got the listed below:

1. Hit the sign-up button and choose the option that describes the best, the reason that you are creating your account for;

2. Fill in the list provided with your personal information ( name, email, etc);

3. Provide your contact details;

4. Create a strong and secure password (you get the option to secure your account further by selecting some secondary security questions);

5. Add your ID’s credentials;

6. Add a bank account for withdrawals that belong to you, accept the Terms and Conditions, the Pricing and Fees and hit the submit button.

7. Wait for your account to get approved and you are ready to use it. Keep in mind to check your email regularly in case you need to provide further information!

Reading the list for creating your account on Payoneer above, may have left you with some inquiries.  Below you can find a video with a step-by-step guide on how to create your account by Martin Lyooh.

Conclusion

To conclude with, Payoneer is for sure a strong and helpful tool for the freelancing community. It is widely used so since transactions are made through Payoneer’s users, they are free of fees. Never doubting some unlucky moments that may have occurred on other user , our experience was more than excellent while using their services. Therefore, the decision was made to create this article and help every single freelancer struggling with such issues make his life easier. Grab the chance and become a part of this community now!

Vaggelis Moutsios

Vaggelis Moutsios is a newly inspired author and a book lover since a young age. Born in Agrinio, Greece, graduate in Physical Education and Sport Science at Democritus University of Thrace, he decided to make a turn to his professional career. Remote work and the freedom it provides earned him. Following his passion for writing combined with his 6 years experience in the WFH market, he dedicated himself into introducing this world to more and more people.