Payoneer Money Transfer Review

Company name: Payoneer

Service description: Online money transfer and e-commerce payment services.

Website address: www.payoneer.com

Website Languages: English, French, Japanese, Chinese, Russian, Turkish, Portuguese, Spanish, Hungarian, Greek, Malay, German, Korean, Polish, Danish, Arabic, Italian, Vietnamese, Thai and Indonesian.

*Live Chat Support is available in English, Spanish and Russian.

Review Summary: Payoneer was founded in 2005, and grew to be one of the biggest online money transfer and e-commerce payment service in the world. With board members like the former Visa president Hans Morris and former SWIFT CEO Lázaro Campos, Payoneer has become the go-to solution for big companies like Dailymotion, Amazon, Upwork, Google, uShip and Airbnb.

Recommendation: Innovative and exciting opportunity for people around the world to receive business payments easily, with low fees, and cash withdrawal through a unique Mastercard. 


Payoneer banner


Why Use Payoneer?

Payoneer is similar to PayPal, but it provides more benefits and better deals for its customers. You can send, receive, and request money from people around the globe with low fees, but you can also use it as a bank account and buy goods and services online.

A MasterCard Debit Card to go with it

When you sign up with Payoneer, you will receive a MasterCard debit card with which you can withdraw money from an ATM or pay online and offline. You can see the card in the photo below:

payoneer mastercard card

An online account will be linked to your Payoneer card, so you can check your balance, transaction history, and all the other relevant info, just like a normal debit card.

How can you use Payoneer?

  • Many of the Payoneer customers are freelancers who work for international clients who can pay them directly from their bank account. Others are opting to sell their services on freelancing platforms like Upwork, Fiverr, Envato, 99designs and many more.
  • You can receive affiliate commissions via Direct Deposit from the US, UK, or other European companies. Many are using it to cash their Amazon earnings because it’s a lot easier for many third-world countries.
  • Use it as a regular credit card – you can pay for goods and services that you buy online or in brick-and-mortar stores, as with any other card from your local banks. The total daily limit is $5,000 split two ways – $2,500 for purchases and $2,500 in ATM withdrawals.
  • As you can see from the previous point, you can use the card to withdraw money in your local currency from any ATM that has the MasterCard logo on it. But don’t worry, there are a lot of them, everywhere.

Payoneer Fees:

Receive Payments

US Payment Service1.00% of total amountPer PaymentEach time you receive a payment
EUR Payment ServiceFreePer PaymentEach time you receive a payment
UK Payment ServiceFreePer PaymentEach time you receive a payment

Withdraw Funds Received in USD

Transfer To Bank Account$3.00Per TransferApplies if currency of transferred funds is identical to currency of target account
Conversion Rate2.00% above mid-market rates.Per TransferApplies if currency of transferred funds is different from currency of target account

Withdraw Funds Received in EUR

Transfer To Bank Account€3.00Per TransferApplies if currency of transferred funds is identical to currency of target account
Conversion Rate2.00% above mid-market rates.Per TransferApplies if currency of transferred funds is different from currency of target account

Withdraw Funds Received in GBP

Transfer To Bank Account£3.00Per TransferApplies if currency of transferred funds is identical to currency of target account
Conversion Rate2.00% above mid-market rates.Per TransferApplies if currency of transferred funds is different from currency of target account

The fees associated with using the Payoneer Prepaid Card at an ATM

When using the Payoneer card at your local ATM the following fees can potentially occur:

  1. Payoneer’s ATM withdrawal fee – $3.15
  2. A currency conversion/cross border fee – up to 3.5%
  3. The surcharge of the ATM owner – this is not controlled by Payoneer.

Payoneer Supported Currencies

AUD – Australian dollar
EUR – Euro
BSD – Bahamian dollar
BDT – Bangladeshi taka
BRL – Brazilian real
BGN – Bulgarian lev
CAD – Canadian dollar
CNY – Chinese yuan
CRC – Costa Rican colón
HRK – Croatian kuna
CZK – Czech koruna
DKK – Danish krone
EGP – Egyptian pound
GIP – Gibraltar pound
HKD – Hong Kong dollar

HUF – Hungarian forint
ISK – Icelandic króna
INR – Indian rupee
IDR – Indonesian rupiah
ILS – Israeli new shekel
JPY – Japanese yen
KES – Kenyan shilling
CHF – Swiss franc
MYR – Malaysian ringgit
MXN – Mexican peso
MAD – Moroccan dirham
NZD – New Zealand dollar
NOK – Norwegian krone
PKR – Pakistani rupee
PHP – Philippine peso

PLN – Polish zloty
RON – Romanian leu
RUB – Russian ruble
RSD – Serbian dinar
SGD – Singapore dollar
ZAR – South African rand
LKR – Sri Lankan rupee
KRW – South Korean won
SEK – Swedish krona
THB – Thai baht
TRY – Turkish lira
UAH – Ukrainian hryvnia
AED – United Arab Emirates dirham
GBP – British pound
VND – Vietnamese dong


Payoneer Offices:

To be able to accommodate international clients, a company needs to be a multinational corporation, so having offices all around the world is a must. That’s why Payoneer has local offices in more than 10 locations in: USA, UK, Israel, Spain, Gibraltar, Hong Kong, China, India, Philippines, and Japan.


Regulation:

Are you afraid that Payoneer is a scam and your hard earned money are in any danger? Be sure to put those fears to rest because Payoneer is legit, and is regulated by many financial authorities.

Payoneer is regulated by the Financial Conduct Authority in UK, by the Financial Services Commission in Gibraltar, the Customs and Excise Department in Hong Kong, and by the Money Transmitter License in USA.

Moreover, the Payoneer MasterCard card is issued by Choice Bank Limited, and is handled by Wire Card Solution, a regulated e-money transmitter company.


Mobile App

To make the life of their customers easier, Payoneer has developed an app that provides access to your account anywhere you go. It is very well designed and intuitive, so the learning curve is almost nonexistent.

Features:

  • Direct access to your transaction and payment history
  • Currency Comparison
  • The App is available in 19 languages
  • Swipe between different accounts without logging out

You can get the app for iOS here and for Android here.


Awards for Payoneer

To sum up the great work Payoneer has put on developing this service, we would like to list here a few of the important awards the company has received over the years:

Payoneer CEO Scott Galit Named EY’s Entrepreneur of the Year – Financial Technology – June 2016

Payoneer Named One of the Best Places to Work by BI Group – May 2016

Payoneer Wins Best B2B Innovation Silver Medal in PYMNTS Innovation Project 2016 – March 2016

Payoneer ranked one of the Fastest Growing Companies in North America on Deloitte’s Fast 500 – November 2015

Payoneer ranked One of the Fastest Growing Private Companies in America on INC 5000 – August 2015

Payoneer Wins the 2015 PYMNTS Innovator Awards Silver Medal in the Best B2B Innovation Category – March 2015

Payoneer named winner of the 2015 Paybefore Award in the Think Local, Pay Global category – January 2015


Registration Process:

To sign up with Payoneer you need to simply follow five steps, enter some basic info, and in 5 minutes you are done. So let’s start and review the registration process.

1.  The first step is to choose how you want to withdraw your money – directly in your bank account or through a prepaid MasterCard card. I chose to go with the local bank account, but the process is very similar in both cases.

1 Welcome

2. Next you will need to fill the usual details like the first and last name, email address, and date of birth.

2 name and email

3. On the third page you need to enter more basic details like country, full address, and phone number.

3 street adress

4. Now you need to create your password and setup the security question. The username will be the email address you entered previously.

4 username is the email address

5. The most time consuming step of all is the last one; you need to enter your bank account number and your full name as it is shown on your bank statement.

5 bank account

And that’s about it! In the next window you get a message saying that they need a few business days to review your application and approve it.

6 Finished step 1

And by the time you will close the browser tab, you will see the same info showed in the email confirmation you have received in your inbox.

7 email confirmation


News and Articles:

Want to be updated with all the news related to Payoneer? Want to know what is added to the platform, and what people from the industry are saying about it? Then you are covered because you will have easy access to two great channels continuously updated:

Press Releaseshttps://www.payoneer.com/about/press-releases/

In the Newshttps://www.payoneer.com/about/newsroom/


Support:

Payoneer offers support through all the channels possible, and we will list them here all:

Support Center – One of the most comprehensive support centers out of all the competitors. All the basic questions have already an answer posted here.

The Payoneer Community Forums – A place where people can post their questions and get answers from the admins or from other people in the forum.

Send Message – Send a support ticket with your problem and you will receive a reply on your email.

Live Chat – Talk to a real person ready to help you in English, Spanish, or Russian.

Call Us – Give them a call directly if your problem is time sensitive.


Exclusive Offer:

The readers who sign up through our link will receive 2 big bonuses:

  1. Get a $25 bonus when they will load the first $100 in to their account.
  2. They will not have to pay the standard account-loading fee of 1%.

So what are you waiting for? Sign up to Payoneer using our link below and start saving money!

Payoneer banner