Payoneer Review: How Safe & Trustable it is? (Updated + $50 Bonus)

  • Is Payoneer Safe & can it be trusted?
  • Is Payoneer legitimate?
  • Should you be using Payoneer?
  • How do 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 countries is essential in today’s date for any freelancers and bloggers.  Payoneer, which is a popular online money transfer service, offers features which are 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 it works?

Payoneer is a fintech service that let you get paid online. It works for the majority of online users such as:

  • Bloggers
  • Amazon sellers
  • Affiliate marketers
  • Freelancers

You can request money to anyone (even if they are not using Payoneer).

Payoneer offers you 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 remittance charges 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 be using your international bank details provided by Payoneer to receive funds by companies and marketplaces globally. For example, if you are an Amazon affiliate or seller, you can get paid in the 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 how 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.


When you use Payoneer over PayPal to receive payment, you will save on Forex conversion & transaction fees. A freelancer from India highlighted that she was able to save about $5 when using Payoneer to receive payment instead of PayPal. (See 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; you will save a notable amount in the transaction.

How much is Payoneer fee?

Payoneer fees are what makes it most popular among freelancers and affiliates. When you are receiving funds via a receiving account, there are no fees.

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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 is 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 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:

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

There are more than 100+ supported marketplaces. My recommendation is Indian Bloggers, Affiliate Marketers & freelancers to start using Payoneer where ever 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 Bonus $50 When you do your first $500 transactions:

Here you got one more reason to start using Payoneer. When you signup for Payoneer & use it for $500 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.


[Tweet “Sign up for #Payoneer & get the chance to earn $50 #tip by @ShoutMeLoud”]

Payoneer India limit:

  • Limit of INR 5,00,000 per single transaction
  • Daily Payoneer to Bank transfer limit is 5,00,000
  • Monthly transaction limit 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 virtual card:

Payoneer offers pre-paid physical master card and also a virtual card in many countries. Unfortunately, the Payoneer card feature is not available in India, due to regulatory issues.

Note: You can’t receive payment from Everyone, as Payoneer let you accept Payment in India only from companies which are in their whitelist.


I contacted their customer support with the query:

Hey Team
One of my client who is 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

Being a long-time user of Payoneer and have received over $100,000 in the past few years via Payoneer, I could totally vouch for it. In fact, whenever possible, I use Payoneer to receive funds over PayPal or other similar services, because of it’s low fees and faster service.

Do read:

Overall, Payoneer gets 5 stars for its services and helping freelancing and business owners to do business globally.

Do you have any question 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:

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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: How Safe & Trustable it is? (Updated + $50 Bonus)”

  1. 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. 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. 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. 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)

  4. Hello,
    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.

  5. 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. 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.

  6. 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.

  7. 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?

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

  9. 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. @Amit
      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.

  10. 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. 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.

  11. 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. 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. 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.

  12. 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. @Raj
      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.

    1. Harsh Agrawal

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

  13. 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

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