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SEND & RECEIVE MONEY GLOBALLY ONLINE

Payoneer supports over 200 countries with 150 currencies

The Global Payment Service of Payoneer provides users with receiving bank accounts for euros (EUR), U.S. dollars (USD), Japanese yens (JPY), and British pounds (GBP) so that they can transact business in a major currency worldwide.  

HOW TO OPEN A PAYONEER ACCOUNT TO SEND & RECEIVE MONEY ONLINE?

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WHAT IS PAYONEER

If you operate an online business as a professional freelancer or owns an international and eCommerce business, Payoneer can be a great payment option to transact business globally. Payoneer is a merchant services provider that allows online money transfers and digital payments.

 

The company was established in 2005, and its major clients include Airbnb, Google, eBay, Amazon, Fiverr, and much more. It doesn’t support credit card payments but it’s a great solution for all other online transactions. 

 

Payoneer is a popular platform that gives you the power to receive payments in multiple currencies from international clients and marketplaces.  It allows corporations to pay their partners or employees regardless of where they are located in the world.

 

Payoneer supports over 200 countries with 150 currencies worldwide. You can easily send and receive payments in different currencies around the world via bank transfer in euros (EUR), U.S. dollars (USD), Japanese yens (JPY),  British pounds (GBP), Mexican Peso (MXN), Canadian dollars (CAD) and Australian dollars (AUD). 

 

Whenever you sign up with Payoneer, you can choose to have a Mastercard ship to your address for free. This gives you the ability to withdraw funds from your account quickly and easily.  The card can be used at any ATM globally but has a maximum daily limit of US 2,500. Above all, Payoneer offers its users round-the-clock support in more than 35 languages.

 

To open an account at Payoneer is free and simple, only takes few minutes.  Once your Payoneer account is created, you’ll have access to the following services and benefits:

 

Payoneer Global Bank Transfer Service

With this service, you can easily conduct transactions globally. Whether you want to send or accept payment through local bank transfers from companies and marketplaces in U.S. dollars, Canadian dollars, Australian dollars, U.K., EU, Mexico, Japanese yen, and so on, it can be done directly from your Payoneer account. When you want to receive payment globally, just send a customer a request. Once the customer pays, the money will be deposited in your Payoneer bank account in the currency you choose. Payoneer can convert over 150 different types of currencies worldwide. The great advantage of the Payoneer Global Payment service is the fact that the funds can be accessed instantly and can also be withdrawn from an ATM that accepts MasterCards.

 

If you use Payoneer as an option, you’ll have access to ACH transfers which include person-to-person payments, bill payments, and direct deposits from employers.

 

Payoneer can also be integrated into your business directly. The large companies and marketplaces that Payoneer integrated with include Airbnb, Upwork, Amazon, Fiverr, and many more. All of these platforms offer a Payoneer option when you select your preferred payment method.

 

Overall, Payoneer software lets you send compensation requests and allows your customers to pay you using any method they are comfortable with globally.

 

Payoneer Prepaid Debit MasterCard Card

The Payoneer Prepaid MasterCard works just like any other MasterCard. All Payoneer account holders have the option of receiving a MasterCard debit card. You can receive payments directly to the card and withdraw funds at ATMs worldwide. The card can be used to make any point of sale purchases and online transactions wherever MasterCard is accepted.

 

The card comes with a US 29.95 annual fee, and the withdrawal fee at an ATM is the US $3.15 and 3% for withdrawal currency conversion. Payoneer further charges 1% of the payment amount when transferring to card.

 

Mobile app

Payoneer provides a mobile app for its iOS and Android users so that they can manage their accounts, view transactions, and withdraw funds on the go. 

 

Free Invoice Generator & Tax Tools

Payoneer gives you the opportunity to prepare professional-looking invoices to send to your customers. The payment platform integrates with an Invoice Generator Software to allow its users to create and customize invoices to their specific clients. You can save the invoice details, add your business logo, add client and sender information by default. 

 

When you are registering with Payoneer, you are invited to complete a tax form. The individual and business tax forms supported by Payoneer include W-9s, W-8BENs, 8233 and W-8ECIs. Payoneer will provide users with tax reports of data collected, tracking forms and information of actions performed by payees. This will simplify the task of collecting tax documents from your payees. 

 



Payoneer Security

Payoneer is a fully compliant and secure platform that is valued by financial regulators worldwide. The company is a registered US Money Service Business (MSB), they are licensed and regulated by multiple government regulators. Therefore, they are required to follow strict security practices. 

 

Payoneer expressed that its customer’s funds are held at low-risk and highly liquid financial institutions on its platform. And that they are PCI compliant and anti-money laundering compliant and offer fraud detection to all customers.

 



Payoneer Transaction Fees

As mentioned above, the Payoneer account is free to open and peer-to-peer transactions between Payoneer account holders to send and receive money are free as well. 

 

If you are sending and receiving payments from a none Payoneer account holder you will be charged a 3% fee if you give them the option to pay with a credit card and a 1% fee for ACH bank debits.

 

Transferring and withdrawing funds from your Payoneer account to your local bank account will incur a 2% fee if the funds are in a different currency from your local bank. And for deposits in the same currency, you will be charged a $1.50 fee. Transferring balances between different currencies within your account will incur a 0.5% fee. And if you keep your account open for 12 months without making a transaction in your Payoneer account or on your Payoneer card, you’ll be charged a $29.95 fee.

 

Payoneer Customer Service

The Payoneer support team is excellent when it comes on to attending to their user’s needs. The company customer support is not 24/7 but you can send in a ticket, live chat or call for a quick response. You also have access to a community forum of over 2 million Payoneer members to help you out in case you are confused and a detailed blog area for guidance. Based on customers reviews, the support team is impressive.  

 




PAYONEER PROS & CONS

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Now let us look at the Pros & Cons of Payoneer. 

Pros 

  • To open a Payoneer account is free, as well as to send and receive payments between Payoneer account holders;
  • They have a huge community (forum) that can help answer your questions;
  • Payoneer is one the best online payment platforms in the world and the fees for ECheck and local bank transfers cost only 1%; and
  • You can withdraw your funds instantly at ATMs worldwide using Payoneer MasterCard. 

 

Cons 

  • They don’t offer 24/7 customer support;   
  • Lack of payment features. Payoneer does not come with a payment gateway;
  • Fees are high compared to other alternatives such as PAYPAL and SKRILL; and 
  • Payments are sometimes delayed due to poor system management. 



CONCLUSION

Payoneer is a safe platform to use to send and receive payments. They are registered as a US Money Service Business (MSB). They are a fully regulated and completely legitimate business based in the United States that began in 2005. It is one of the best online payment platforms to send and receive money if you work online or if you run an international business. 

 

As a Payoneer account holder, you’ll have access to major currency bank accounts for easy local and international money transfers.  The platform comes with many benefits to make transactions smooth and easy.  Customers can effectively manage their accounts using Payoneer mobile app and will be notified by email of any unusual or suspicious transactions.

 

Overall, Payoneer gets a high ranking across the board, including a perfect five stars on TrustPilot with over 10,000 submitted reviews. Payoneer is easy to use and has the ability to accept payments worldwide in 150 currencies.

 

OPEN A PAYONEER ACCOUNT
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