Founded in 2005 and partnered with MasterCard, Payoneer is an online payment provider for businesses to send and receive funds all over the world. With 14 offices worldwide, Payoneer helps businesses in over 200 countries with currency exchange and business payment functions, domestically and internationally. Business owners can pay their employees and contractors, while freelancers can receive payments on the platform. It’s important to note that Payoneer only services business payments, receipts, and currency conversion, making it aimed at business owners, marketplaces, and freelancers. This provider does not accommodate personal payment requests and is not intended for personal use.
Check out the best international money transfer service companies in Canada.
How Do You Send Money Through Payoneer
Depending on the type of money transfer, you can send and receive money through Payoneer in a variety of ways:
- Online – By creating an online Payoneer account, you’ll be able to send money to your suppliers or business partners through your account no matter where they are in the world. You can also have your customer send money through a bank transfer or wire transfer to your Payoneer account.
- App – While service availability is limited in certain countries, you have the option to manage your payments through the Payoneer app.
Check out how you can transfer money to a bank account.
What Type of Transfers Are Available?
Payoneer allows you to make payment transfers online in the following ways:
- Bank Transfer
- eCheque
- Credit Card
Note: All transfers must be done online because Payoneer does not have any physical branch locations.
How Does Payoneer work?
If you’re interested in paying and receiving funds on Payoneer, the process for setting up an account is easy:
- Register an account to access local receiving accounts
- Provide your customers with the details of your receiving accounts
- Have customers pay funds via local bank transfer to your receiving accounts
After these three steps, Payoneer will automatically transfer the funds to your receivable accounts, and you have the freedom to do the following with your funds:
- Transfer funds from your Payoneer account to your bank account in local currency
- Pay another Payoneer user at no cost
- Withdraw funds from an ATM or make purchases online
What Can Businesses Use Payoneer For?
Payoneer empowers businesses and entrepreneurs with the ability to do business beyond borders. Through their platform, they are able to simplify the process of paying and being paid with international clients. With Payoneer businesses will have the advantage of:
- Billing clients globally – With Payoneer, you’ll have the option to send your clients around the world an invoice. Payoneer will allow your clients to send you money through their bank or direct debit cards to your Payoneer account. This simple payment option will allow you to get your revenue quickly without delay.
- Selling on global marketplaces – If you’re a freelancer who sells independently through online marketplaces like Amazon, Etsy, or Wish, Payoneer helps simplify the payment process, so that you get your revenue without delay.
- Paying your oversea vendors – You can pay your contractors, suppliers and business partners quickly through Payoneer. Transfers have a low fee and are processed within a day.
- Accepting payments in different currencies – Similar to a local vendor, you’ll be able to accept payments from your customers to your Payoneer account in the following currencies: USD, EUR, GBP, JPY, AUD, CAD & MXN.
Is your client not paying their bill? Find out what you should do if your client doesn’t pay their invoice.
Payoneer Key Features and Services
| Transfer Channels | Phone, online, agent, app |
| Types of Transfers | Bank deposit, app wallet, cash pick up |
| Payment Options | Credit, ATC Bank Debit, Local Bank Transfer |
| Service Coverage | 200 countries |
How Fast Can You Send Money Through Payoneer
One of Payoneer’s biggest advantages is that you can send and receive funds through their platform a lot faster than other platforms. Bank deposits and transactions are done through the Payoneer app take 2-3 business days, while cash pick up takes minutes.
Prefer making payments digitally? Check out which banks support Google Pay or Apple Pay?
How Much Does it Cost to Send Money?
Opening up a Payoneer account is completely free. Payoneer also offers free payment transfers between Payoneer account holders. However, there are other fees associated with different sorts of transactions. The chart below lists those fees.
The Cost of Receiving Payments Through Payoneer
- From another Payoneer customer: Free
- Via receiving accounts: Free for most currencies, 0-1% for USD
- Directly from a customer: 3% for credit, 1% for bank transfer
- Via marketplaces and networks: Varies
The Cost of Making Payments Through Payoneer
- From your Payoneer account if receiver has a Payoneer account: Free
- From your Payoneer account if receiver does not have a Payoneer account: Up to 2%
- Local bank transfer: 1%
- Credit: 3%
- ACH bank transfer: 1%
For more information about fees, check out Payoneer’s fee page.
Is Payoneer Safe?
Yes, Payoneer is safe and secure. Founded in 2005, Payoneer is a reputable company that was funded by the same investors of Facebook, Dropbox and Expedia. Payoneer has 14 offices around the world and is used by thousands of businesses to make and receive payments all over the world.
Need to bill a customer? Check out how to create an invoice.
Furthermore, Payoneer is Payment Card Industry (PCI) compliant, anti-money laundering compliant, and assures users that their services are recognized by financial regulators worldwide. Fraud detection is also offered to all Payoneer users.
Is Payoneer The Right Transfer Service For You?
Although Payoneer is a great option for many businesses worldwide, it may not be right for everyone. Let’s take a look at some of the pros and cons.
| Pros | Cons |
| Reasonable currency fees | Currency conversion only available on money from Payoneer accounts |
| Variety of payment solutions | Strict terms and conditions for use of the platform |
| Ability to make quick payments worldwide | Not intended for personal use |
Payoneer FAQs
Can I track my transfer?
Does Payoneer offer personalized service?
Does Payoneer have a reward system?
Bottom Line
Payoneer is an online money transfer service that can help businesses, freelancers and entrepreneurs grow and conduct business globally. It provides businesses with the ability to send and receive payments quickly and for a low cost. Moreover, as a seller on platforms like Amazon, Wish, and other e-commerce companies, receiving payments can be a hassle. However many of these companies use Payoneer as a medium to send mass payments. If you have an account, you’ll be able to receive your payments without delay.
