Product Name: Payoneer
Payoneer review Summary
Payoneer is a globally accepted platform for sending and receiving payments. It is widely used by freelancers, bloggers, and entrepreneurs to get paid by their clients and affiliate companies. Sign up with this special signup link to get $50 as a joining bonus once you complete a transaction of $1000 (send or receive).
- Low transaction fees
- Mobile app
- Globally accepted
- Huge list of partnerships with marketplaces
- It can’t be used as a payment gateway
- It doesn’t have an inbuilt invoicing feature
- Support is slow
- Is Payoneer Safe & can it be trusted?
- Is Payoneer legitimate?
- Should you be using Payoneer?
- How does Payoneer works?
In this detailed review of Payoneer, I will help you learn everything about Payoneer. It’s pros, cons, and other important features that you may never find elsewhere.
Sending and receiving payment from another country is essential in today’s date for any freelancers and bloggers. Payoneer, a popular online money transfer service, offers features suitable for seasoned and professional freelancers.
Payoneer is cheaper than PayPal for sending and receiving funds. I have tested this, and you can read my case study on PayPal Vs. Payoneer here to see the data.
What is Payoneer & how does it work?
Payoneer is a global payment solution that let you send or receive payments online. Using Payoneer, you can send or receive payments between two different countries or within some countries.
Another important thing about Payoneer is getting a bank account in eight different currencies. So, instead of incorporating a business entity in different countries, you can use Payoneer to receive funds in different currencies.
It works for the majority of online users such as:
- Amazon sellers
- Affiliate marketers
You can request money from anyone (even if they are not using Payoneer).
Payoneer offers you a local bank account, which you can use to get paid by your advertisers or clients. Since the clients are paying in local currencies, they don’t have to deal with huge remittances or Forex charges. This feature is called “Global payment service.”
Using Payoneer, you can get paid in the following countries as if you are a local:
- USD account (USA)
- EUR Account (Europe)
- GBP account (UK)
- JPY account (Japan)
- AUD account (Australia)
- CNH account (China)
- CAD account (Canada)
You will use your international bank details provided by Payoneer to receive funds from companies and marketplaces globally. For example, if you are an Amazon affiliate or seller, you can get paid in your local bank account.
Once a company deposits the funds to your Payoneer account, the fund is automatically converted to your local currency and is available for withdrawal.
In the below screenshot, you can see what my U.S. bank account details look like:
Whenever you have to receive payment from any U.S. Client or European client, you can share your unique U.S or U.K. payment service detail (You will get this detail inside your Payoneer account) to receive payment.
When you use Payoneer over PayPal to receive payment, you will save on Forex conversion & transaction fees. A freelancer from India highlighted that she could save about $5 when using Payoneer to receive payment instead of PayPal. (See the below screenshot)
Payoneer is an excellent way to receive payment from various companies that are popular among Indian freelancers & bloggers. The biggest benefit is; that you will save a notable amount in the transaction.
How much are the Payoneer fees?
Payoneer fees are what make it most popular among freelancers and affiliates. There are no fees when you receive funds via a receiving account.
Here are a few places where Payoneer charges us:
- When transferring funds to our bank account. This is charged as 2% of the total withdrawal amount.
- Forex conversion charges (Which are standard and way lower than other Payoneer alternatives)
- When a payment is paid via credit/debit card, the charges are 3% of the total amount
Payoneer payment option from network and marketplaces:
Payoneer is added as an official payout option by many ad networks, affiliate networks, and freelancing marketplaces. This not only reduces the cost significantly for one who is sending money, but it also helps us to save a significant portion of the money.
The list of supported networks by Payoneer is getting longer every other day. However, just for your understanding, here are a few popular companies that support Payoneer as a payment option:
- Commission Junction
- 99 designs
- Odesk Corporation
- People Per Hour
There are more than 100+ supported marketplaces. I recommend that Bloggers, Affiliate Marketers & freelancers start using Payoneer wherever possible instead of PayPal.
The signup process is simple, and you need to provide your bank details to receive payment at the time of sign-up. Approval can take up to 24 hours, and once approved, you can get your U.S & U.K Payment service details.
Get a Bonus of $50 When you do your first $1000 transactions:
Here you got one more reason to start using Payoneer. When you signup for Payoneer & use it for $1000 transactions (Send or receive), you will get a bonus of $50 just for using it. This is part of their launch promotion, and I find it lucrative enough for anyone.
Payoneer India limit:
- Limit of INR 5,00,000 per single transaction
- Daily Payoneer to Bank transfer limit is 5,00,000
- The monthly transaction limit is INR 2,500,000
Time-saving Tip: Save your U.S or Europe payment service locally using Evernote or any note-taking app. This way, you don’t have to log in to Payoneer every time to get the details.
Payoneer request money feature
Using Payoneer, freelancers can request money from their clients. Here is a video showing how to use this feature:
Payoneer virtual card:
Payoneer offers pre-paid physical master cards and also virtual cards in many countries. Unfortunately, the Payoneer card feature is unavailable in India due to regulatory issues.
Note: You can’t receive payment from Everyone, as Payoneer lets you accept Payment in India only from companies that are on their whitelist.
I contacted their customer support with the query:
One of my clients, an advertiser on my site, is not on your white list. Can I provide him with my U.S bank service number, and he can transfer the money using ACH or Wire transfer??
And the response I got was:
Conclusion: Payoneer Review 2022
Being a long-time user of Payoneer and receiving over $100,000 in the past few years via Payoneer, I could vouch for it. I use Payoneer to receive funds over PayPal or other similar services because of its low fees and faster service.
Overall, Payoneer gets 5 stars for its services and for helping freelancing and business owners do business globally.
Do you have any questions about Payoneer services? Want to share your Payoneer review and experience? Let me know in the comment section below.
Once you are done signing up for Payoneer, here are more articles to read next:
Payoneer does not charge any fees for an active account. However, if you have not made any transaction in your Payoneer account or using a Payoneer card, you will be charged $29.95 fee.
Payoneer offers many services like PayPal, and you could say it is similar to PayPal. You can use Payoneer to get paid by marketplaces, Amazon, or your clients. However, you can’t use Payoneer as a payment gateway.
Yes, Payoneer provides you with bank accounts in over eight countries. Payoneer should be treated as a bank service by freelancers and its users and should be reported to your tax authority.
Yes, you can open a Payoneer account for your business. The payoneer account can be opened by an Individual or by an incorporated entity.
Absolutely! Payoneer accepts Wire transfer(Swift payment). With Swift wire transfer, you can receive payment from anywhere in the world.