Payoneer International Money Transfer Review

Payoneer International Money Transfer Review

Written by Chrissy Kapralos
Fact-checked by Caitlin Wood
Last Updated October 5, 2021

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:

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:

  1. Register an account to access local receiving accounts
  2. Provide your customers with the details of your receiving accounts
  3. 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 TransfersBank deposit, app wallet, cash pick up
Payment OptionsCredit, ATC Bank Debit, Local Bank Transfer
Service Coverage200 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. 

ProsCons
Reasonable currency feesCurrency conversion only available on money from Payoneer accounts
Variety of payment solutionsStrict terms and conditions for use of the platform
Ability to make quick payments worldwideNot intended for personal use

Payoneer FAQs

Can I track my transfer? 

Yes. Payoneer has a tool that allows you to track all payment requests and track their statuses. You can also search through your transfers with an online search function.

Does Payoneer offer personalized service?

Payoneer has 24/7 customer service for its users, and their representatives speak a variety of languages. 

Does Payoneer have a reward system? 

Payoneer has a “Refer a Friend” reward system. Upon referring a friend, Payoneer users can earn a 25$ reward. This is only valid if the referred participant has a Payoneer balance of $1,000 in their first year of membership. 

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. 

Chrissy is a Toronto-based communications advisor. With an English degree from the University of Toronto and editing courses under her belt from Ryerson University, she has continued her lifelong passion for writing and editing. In addition to working for Loans Canada on a variety of financial topics, Chrissy has a few years of resume writing and editing under her belt, and takes great pleasure in helping people find work that fits with their experience and passions. When she isn't working, you can find her practicing yoga, hanging out with her dog, reading up on financial and real estate news, or planning her next trip abroad.

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