Payoneer Review – All Features & Free Video Training

Payoneer - A Cheaper Alternative to PayPal
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Product Name: Payoneer

  • Global acceptance
  • Web interface
  • Customer support

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.

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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:

  • Bloggers
  • Amazon sellers
  • Affiliate marketers
  • Freelancers
  • Entrepreneurs

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:

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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.

Payoneer signup
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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 vs PayPal India
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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.

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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:

  • AWIN
  • Monetag
  • Fiverr
  • AirB&B
  • Commission Junction
  • GettyImages
  • TradeDoubler
  • Rakuten
  • UPWork
  • 99 designs
  • Clickbank
  • Depositphotos
  • CPAlead
  • eBay
  • Groupon
  • Odesk Corporation
  • People Per Hour
  • Prosperent
  • SEDO
  • ValueClick

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 signup
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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:

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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.

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I contacted their customer support with the query:

Hey Team
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:

Payoneer India Payment Rule
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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.

Do read:

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:

Does Payoneer charge monthly fees?

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.

Is Payoneer the same as PayPal?

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.

Does Payoneer give you a bank account?

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.

Can I open a business Payoneer account?

Yes, you can open a Payoneer account for your business. The payoneer account can be opened by an Individual or by an incorporated entity.

Does Payoneer accepts bank wire transfer?

Absolutely! Payoneer accepts Wire transfer(Swift payment). With Swift wire transfer, you can receive payment from anywhere in the world.

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Authored By
A Blogger, Author and a speaker! Harsh Agrawal is recognized as a leader in digital marketing and FinTech space. Fountainhead of ShoutMeLoud, and a Speaker at ASW, Hero Mindmine, Inorbit, IBM, India blockchain summit. Also, an award-winning blogger.

62 thoughts on “Payoneer Review – All Features & Free Video Training”

  1. Tushar Shetty

    Transferwise has shut it’s India operations as well, you can only send, but can’t receive. PayPal is the worse with high fees and low FX rates.

  2. Subhendu

    Is it possible to send money through Payoneer using my credit or debit card just as I do with my PayPal account which is linked with my credit card. And whenever I pay through my PayPal it automatically be debited from my card? If not please clarify how to send money using my debit or credit card. I want to transfer an amount to one of my client in Bangladesh.

  3. SignAdvertising

    Yes, it will be automatically transferred into your bank account within the next 3-4 days.

  4. prem

    To receive funds into your account in India, we need to collect the following information from you.

    Add Your Purpose Code:

    what should i fill

    iam working on survey sites

    1. Harsh Agrawal

      Hey Prem,

      You can see from the drop down list, which PurPose code is relevant for you. For example, if you are doing some market research for the survey site use Purpose Code – P1007 (choose it in case of Advertising, trade fair, market research and public opinion polling services)

  5. Ansuman Datta

    what is the minimum amount which must accrue before I can withdraw my Payoneer balance to my bank? TOS says “…There may be a minimum withdrawal or transfer amount…”
    Also is this amount the same or different for withdrawal in different currencies? I may be able to withdraw to my Indian Overseas Bank’s local account in INR, EUR and GBP currencies.

    1. Harsh Agrawal

      I believe its $10

  6. Gurmeet Athwal

    Hi Harsh,

    While registering for payoneer i entered Indian address and now its asking for indian bank details. i have bank account with Yes bank . Do i need to enter that bank details. I want to received remittance from US. The currency its showing is Rupee after entering indian address and bank details. Is that fine or i need to have currency type as US. Please suggest.

    1. Harsh Agrawal

      Yes, enter your Yes bank account details. Currency type will be INR!

      1. ajay

        Hello sir! If I provide my bank detail is it secure? I mean it will not cost any balance from my account?? And how can I use payoneer account,is it compulsory to have prepaid payoneer mastercard?

        1. Harsh Agrawal

          1) It’s secure
          2) It won’t cost any balance from your account
          3) It’s not compulsory. Infact, Prepaid Payoneer prepaid card is not available for Indians.

  7. Gourav Sharma

    Hello Harsha, I am unable to tranfer funds from payoneer to indian bank account. There is no any option of withdraw to my local bank account. Please help me harsha. Thanks in advance.

  8. Joseph Christe

    How is tax caluclated for the foreign remittance made to your payoneer account? once you receive in PAyoneer account you will transfer to your local bank account, so how is tax calculated? is it our responsibility(obviously yes though), to file tax separately or does it go into Form 16 with associated with our pan and tax is deducted at source?

  9. Muthu

    Hi I’m getting average $20-30 per month from Fiverr., Currently using Paypal., Its advisable to convert to payoneer ? I’m in India.

    1. Harsh Agrawal

      Hey Muthu,

      You should. Transaction fees of Payoneer is less than Paypal.

  10. Amit

    Is PAN required for payoneer? Should the name on payoneer match your bank or pan name?
    Since I don’t have pan I was hoping to use my mom’s and I dont want my mom’s info to be shared to payers.

    1. Harsh Agrawal

      yes, Pan card is required for opening a Payoneer account.Regarding the name match, I’m not sure so you need to check with them.

  11. Ronak

    While this seems lucrative, Payoneer doesn’t have any documented steps on how to receive FIRC certificates for the funds received.

    In Paypal, you can request FIRC Certificates from Citi Bank where as the same is not possible in case of Payoneer. This might not be a issue with People having a transaction of less than 9 lak per annum, but for those of you doing transactions above 9 laks per annum, there is no proof that it was a Foreign Remittance and you are Evading Service Tax in the governments eyes.

    Better to use PayPal/ TransferWise, because you can request FIRC Certificates from CitiBank/YesBank. It’s better to pay higher fees than landing in legal trouble later on.

    1. Harshajyoti Das

      Now more than ever, it has become the need of the hour with GST.

    2. Satyam

      Hi Ronak, Payoneer provides automated FIRC for every transaction and is teh only company as on date to do it. Also there is no charge for this digital FIRC. It takes anything between 7-10 days from the date payment hits your India bank account. For more details you should contact their customer service from ‘Help’ section.

  12. Rajni M

    Thanks for sharing detailed information, I use your referral link to sign up to Payoneer.
    I got $25 bonus yesterday (before I have done transaction more than $100), Hope you also got your referral amount
    Thanks Again..

    1. Harsh Agrawal

      That’s interesting. Are you able to withdraw that money??

      1. Rajni M

        Yes I am able to withdraw , Actually I got $25 After I have done transaction more than $100, not before (It was my writing mistake).

        1. Harsh Agrawal

          Thanks for clarifying. 🙂

          1. aps

            I got the reward today. They emailed me saying that “you have got your reward”. Will it automatically transferred to my bank account?

          2. Harsh Agrawal

            Yes, it will be automatically transferred into your bank account within the next 3-4 days.

  13. Raj Jaiswal

    Hello Harsh ,
    I signed up for payoneer before 2 years ago .And i heard about master card.
    My question:
    Paypal is not accepting my axis bank debit card (international) why
    Payonner is not giving master card in india why.

    Please let me know.

    1. Harsh Agrawal

      I believe it’s coz of RBI Rules. Right now Payoneer & PayPal are working as a service. For giving cards + storing omney with them, they need to register themseves as a bank. I hope they do this in near future. Will save a lot of headache.

  14. karthik

    i did’t recieve $25 bonous, i signup 5 hrs back

    1. Harsh Agrawal

      Ha ha..not that easy my friend.. You need to send/receive $100 to earn this $25.

  15. Abu

    Hai harsh,
    I want to know maximum withdrawable amount in india through payoneer to local bank

  16. Hamfu

    Hello brother,
    I want to know how much i can withdraw in a month .in usd my balance is 1500$ .
    Can i withdraw it in single transaction through payoneer?
    Please reply me asap .if i cant withdraw,i need to change my payment details.
    So please reply me

    1. Hamfu

      I mean local bank there any limits?

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