Payoneer is a virtual bank account that allows you send and receive money, pay contractors and remote employees, accept multi-currency payments on your online store and apply for a working capital. It comes with some excellent features like debit card and tax features. You can use it to manage international payments and currency conversion while you can transact in 150 currencies through bank transfer.
Benefits of Using Payoneer
- Payoneer is a virtual bank account that allows you to open a US non resident account. Without having to live in the US, you can use Payoneer to send and receive money. It comes with some excellent features such as a mobile app, virtual debit card and tax features.
- It is an ideal account for online freelancers, small businesses and online sellers who want to manage international payments, currency conversion and transact in 150 currencies through bank transfer.
- Payoneer is an alternative to other online payment and money transfer platforms that work as a virtual bank account such as the much cheaper Wise multicurrency account. Payoneer is accepted as a payment method by many freelancing websites such as Upwork and affiliate marketers such as Amazon Associates.
Contents
- 1 How Payoneer Works
- 2 Payoneer Business Account
- 3 How to Open a US Business Bank Account
- 4 Payoneer Features
- 5 Payoneer API Integration
- 6 Payoneer Capital Advance
- 7 How to Transfer Money from Payoneer to Your Local Bank Account
- 8 Payoneer Fees
- 9 Is Payoneer Secure?
- 10 Payoneer Customer Support
- 11 Payoneer Supported Countries and Payoneer Currencies
- 12 Payoneer Alternatives
- 13 Final Word
How Payoneer Works
Does Payoneer support crypto? You can buy cryptocurrency using Payoneer as a payment method on cryptocurrency exchanges such as Paxful. However, you cannot hold cryptocurrency in your Payoneer account. If you want to have a bank account that supports crypto deposits, you can explore these crypto friendly banks.
Payoneer is a personal and business account that offers money transfer services. Unlike many online banks and money transfer services, Payoneer offers only one product, Payoneer Account. The Payoneer Account is different in terms of functionality for freelancers, SMEs and large companies. You need to select your category when opening an account.
Payoneer account offers nine local account details. They include USD, EUR, GBP, CNH, JPY, AUD, CAD, SGD and MXN. You can use these local receiving accounts just like a local bank account. International clients and businesses can pay you through a local bank transfer. You can use local account details to receive domestic transfers via SEPA within the EU, or ACH in the US. You can also receive US dollars in a separate bank account through SWIFT Payments.
You can do the following with a Payoneer account:
- Transfer money from your Payoneer account to your local bank account or mobile money account such as Mpesa in local currency
- Manage currencies and convert money from one currency to another
- Make purchases online and in-stores using Payoneer business account balance
- Pay VAT in the EU and UK using a Payoneer business account without any charges
- Pay contractors and remote employees
Payoneer Business Account
If you have an international business, consider opening Payoneer Business Account. You can use the business account to get paid in multiple currencies, bill your clients and make payments overseas. For instance, you can simplify your business in Europe with a EUR bank account or in the US with a USD bank account via Payoneer while living in Asia, the Middle East or Africa. If you are a freelancer, you can use a Payoneer business account to receive payments from marketplaces like Upwork, Fiverr and Airbnb.
You can also pay contractors, suppliers, vendors and services providers of your business via a Payoneer business account.
How to Open a US Business Bank Account
The US laws make it challenging for non-residents and businesses operating outside the US to open business accounts. This is meant to avoid money laundering. Every state has its own banking regulations. Also, every bank has regulations that govern how non-residents can open accounts.
Payoneer Business Account Requirements
To open a business bank account in the US, you need to meet the following requirements.
- Your business must be registered in the US. You can register the business in any of the US states. It is best that you register it in the state it will be operating.
- You will need to visit a bank in person. You must visit the bank in person to verify your identity and also for the bank to verify the documents. You will need documents like proof of address, a photo ID and bank statements from your home country bank.
- US Tax identification number. You will need an Employer Identification Number (EIN) for paying taxes to the US Federal Tax Authority. If you are a non-resident, you will need to fill the W-8BEN for IRS.
Payoneer accounts can generally only be used to receive payments from businesses. This means that your payer must pay you from a business account and not from a personal account. Make sure that anyone who wants to pay you via Payoneer has a verified Payoneer business account. If your payer wants to send money from a local bank account, then they must use a business bank account.
Payoneer Features
Payoneer bonus points. If your friend shares with you a link to join Payoneer and you sign up, the company will pay both of you $25.
Payoneer App
You can download Payoneer mobile app from App Store or Google Play and start managing your business finances from the palm of your hands. The app helps you to stay in the know about your business and it helps you track your balances and transactions.
You can use the Payoneer app to request, make payments and withdraw funds to your local bank account. It also helps you get notifications on important updates, thereby helping you stay on top of your business in real-time.
Payoneer API Integration
Payoneer offers online API integration for businesses that wish to collect payments from customers. It has two types of APIs, mass payout APIs and open APIs.
- Mass Payout APIs. Through Mass Payout API integration is ideal for freelance platforms, marketplaces and affiliate networks. It has a fully automated process of initiating payments, administering, reconciling while providing full transparency to all parties.
- Open APIs. Payoneer provides open APIs ideal for logistic companies, supplies, eCommerce companies and VAT compliance companies. Businesses can collect payments from their customers around the world. Customers can register as users and accept charges billed to their Payoneer account balance.
Payoneer API integration helps businesses collect cross-border payments from customers across the world through local bank transfers. You can use it to offer global financial services to your users like collecting and initiating cross-border payments. You can also use it to support customer deposits from Payoneer accounts through open API. This service is ideal for banking and financial service platforms.
Benefits of using API integration:
- It minimizes your fees and those of your customers
- It minimizes chargeback risks
- Makes it easy to collect payments from your customers
- Fast and simple integration
Payoneer Capital Advance
Payoneer capital advance is a working capital solution for eCommerce sellers. If you are an Amazon, Walmart, or Wayfair seller, you can benefit from Capital Advance. It is available in USD, EUR MXN and CAD. Payoneer gets a portion of your future account receivable equal to the capital advance amount. On top of that, it adds a fixed fee. Once your request is accepted, capital advanced money will be availed immediately.
There are three capital Advance products:
- Express available for 1 month
- Grow available for 3 month
- Plus available for 6 months
When you receive and settle your capital advance, you qualify for higher levels of Capital Advance. Payoneer collects the settlement amount from marketplace payments you receive. Payoneer will continue to collect payments from you until you have settled your Capital Advance in full.
Payoneer Virtual Card
You can contact Payoneer and order a Payoneer virtual card and start shopping online. To activate Payoneer virtual card, sign in to your account. Select Settings and then Card Management. Find the card you want to activate and click Activate. With that, you can start receiving payments from Payoneer Mass Payout companies.
Payoneer Prepaid Debit Card
When you open a Payoneer account, you have an option to request a MasterCard debit card through your account. Click “Settings” and under “Card Management”, you will see an option to order Payoneer MasterCard. You need to have received payment of at least $100 in the last six months. You can use the prepaid debit card to make payments and withdraw money from ATMs in USD, EUR and GBP. The card costs $29.95 every year.
How to Transfer Money from Payoneer to Your Local Bank Account
You will need to add your bank details to your Payoneer account so that you can withdraw money. Follow these simple steps.
- Log in to your Payoneer account
- Locate the
Withdraw
Menu and select the optionTo Bank Account
- Click
Add New
- Confirm your security details
- Add the details of your bank account. You will then receive a notification email when the bank details you provided have been approved.
- Select the amount and the currency in which you wish to withdraw the money. Then click send. You will receive a confirmation email on the transfer.
Payoneer Fees
You will be charged the following fees when you use Payoneer virtual bank account.
Activity | Fees |
---|---|
Receiving payment from another Payoneer customer | Free |
Receiving Credit card payments | 3% |
Receiving payments via ACH Bank Debits (US Only) | 1% |
Receiving payments by marketplaces and networks | Fees vary depending on the marketplace |
Receiving payments via receiving accounts in EUR and GBP | Free |
Receiving payments via receiving accounts in USD | 0-1% |
Withdrawing in local currency from Payoneer balance in a different currency | 2% |
Withdrawing in local currency from Payoneer balance in the same currency | $,€,£ 1.50 |
Withdrawal to a bank account | 2% |
Annul account fees | $29.95 |
Manage currencies in your Payoneer balances | 0.5% |
Paying a Payoneer customer for services | 1% for ACH, 3% for Credit Card and 1% for local bank transfer |
Currency exchange | 3.5% |
ATM Withdrawal | $2.75 |
USD Card | $12.95 |
EUR Card | $12.95 |
GBP Card | £9.95 |
Is Payoneer Secure?
Payoneer is secure and PCI compliant meaning that your credit card data is secure. It is also compliant with anti-money laundering regulations. It offers you fraud detection, to secure your money.
Payoneer Customer Support
You can contact Payoneer through live chat, phone call, or email. You need to be logged in to your account to reach Payoneer customer service. Payoneer through its website says it takes 3 business days to resolve issues.
Payoneer Supported Countries and Payoneer Currencies
COUNTRY | CURRENCY |
---|---|
ARGENTINA | Argentine peso, Argentine austral |
ARMENIA | Armenian Dram |
ARUBA | Aruban florin |
AUSTRALIA | Australian dollar |
AUSTRIA | Euro |
AZERBAIJAN | Azerbaijani manat |
AZORES | Euro |
BAHAMAS | Bahamian dollar |
BAHRAIN | Bahraini dinar |
BANGLADESH | Bangladeshi taka |
BARBADOS | Barbadian dollar |
BELARUS | Belarusian ruble |
BELGIUM | Euro |
BELIZE | Belize dollar |
BENIN | West African CFA franc |
BHUTAN | Indian rupee, Bhutanese ngultrum |
BOLIVIA | Bolivian boliviano |
BOSNIA AND HERZEGOVINA | Bosnia and Herzegovina convertible mark |
BOTSWANA | Botswana pula |
BRAZIL | Brazilian real |
BRITISH VIRGIN ISLANDS | United States Dollar |
BRUNEI DARUSSALAM | Brunei dollar |
BULGARIA | Bulgarian lev |
BURKINA FASO | West African CFA franc |
BURUNDI | |
CAMBODIA | Cambodian riel |
CAMEROON | Central African CFA franc |
CANADA | Canadian dollar |
CANARY ISLANDS | Euro |
CAPE VERDE | Cape Verdean escudo |
CAYMAN ISLANDS | Cayman Islands dollar |
CENTRAL AFRICAN REPUBLIC | Central African CFA franc |
CHAD | Central African CFA franc |
CHILE | Chilean peso |
CHINA | Renminbi |
COLOMBIA | Colombian peso |
COMOROS | Comorian franc |
CONGO | Congolese franc, Zairean zaire |
COOK ISLANDS | New Zealand dollar, Cook Islands dollar |
COSTA RICA | Costa Rican colón |
COTE D’IVOIRE | West African CFA franc |
CROATIA | Croatian kuna |
CYPRUS | Euro, Cypriot pound |
CZECH REPUBLIC | Czech koruna |
DENMARK | Danish krone |
DJIBOUTI | Djiboutian franc |
DOMINICA | Eastern Caribbean dollar |
DOMINICAN REPUBLIC | Dominican peso |
EAST TIMOR | United States Dollar |
ECUADOR | United States Dollar |
EGYPT | Egyptian pound |
EL SALVADOR | United States Dollar |
EQUATORIAL GUINEA | Central African CFA franc |
ERITREA | Eritrean nakfa |
ESTONIA | Euro |
ETHIOPIA | Ethiopian birr |
FALKLAND ISLANDS (MALVINAS) | Falkland Islands pound |
FAROE ISLANDS | Faroese, Danish |
FEDERATED STATES OF MICRONESIA | United States Dollar |
FIJI | Fijian dollar |
FINLAND | Euro |
FRANCE | Euro, CFP franc |
FRENCH GUIANA | euro |
FRENCH POLYNESIA | CFP franc |
GABON | Central African CFA franc |
GEORGIA | Georgian lari |
GERMANY | Euro |
GHANA | Ghanaian cedi |
GIBRALTAR | Pound sterling, Gibraltar pound |
GREECE | Euro |
GREENLAND | Danish krone |
GRENADA | Eastern Caribbean dollar |
GUAM | United States Dollar |
GUATEMALA | Guatemalan quetzal |
GUERNSEY | Pound sterling, Guernsey pound |
GUINEA | Guinean franc |
GUINEA-BISSAU | West African CFA franc |
GUYANA | Guyanese dollar |
HAITI | Haitian gourde |
HONDURAS | Honduran lempira |
HONG KONG | Hong Kong Dollar (HKD) |
HUNGARY | Hungarian forint |
ICELAND | Icelandic króna |
INDIA | Indian rupee |
INDONESIA | Indonesian Rupiah (IDR) |
IRELAND | Euro |
ISLE OF MAN | Manx pound, Pound Sterling |
ISRAEL | Israeli new shekel |
ITALY | Euro |
JAMAICA | Jamaican dollar |
JAPAN | Japanese yen |
JERSEY | Pound sterling, Jersey pound |
JORDAN | Jordanian dinar |
KAZAKHSTAN | Kazakhstani tenge |
KENYA | Kenyan shilling |
KIRIBATI | Australian dollar, Kiribati dollar |
KUWAIT | Kuwaiti dinar |
KYRGYZSTAN | Kyrgyzstani som |
LAO PEOPLE’S DEMOCRATIC REPUBLIC | Lao kip |
LATVIA | Euro |
LEBANON | Lebanese pound |
LESOTHO | Lesotho loti |
LIBERIA | Liberian dollar |
LIECHTENSTEIN | Swiss franc |
LITHUANIA | Euro |
LUXEMBOURG | Euro |
MACAU | Macanese pataca |
MACEDONIA | Macedonian denar |
MADAGASCAR | Malagasy ariary |
MALAWI | Malawian kwacha |
MALDIVES | Maldivian rufiyaa |
MALI | West African CFA franc |
MALTA | Euro |
MARTINIQUE | Euro |
MAURITANIA | Mauritanian ouguiya |
MAURITIUS | Mauritian rupee |
MAYOTTE | Euro |
MEXICO | Mexican peso |
MOLDOVA | Moldovan leu |
MONACO | Euro |
MONGOLIA | Mongolian tögrög |
MONTENEGRO | Euro, Euro sign |
MONTSERRAT | Eastern Caribbean dollar |
MOROCCO | Moroccan dirham |
MOZAMBIQUE | Metical |
NAMIBIA | Namibian dollar, South African Rand |
NEPAL | Nepalese rupee |
NETHERLANDS | Euro |
NETHERLANDS ANTILLES | Dutch guilder, Netherlands Antillean guilder |
NEW CALEDONIA | CFP franc |
NEW ZEALAND | New Zealand dollar |
NICARAGUA | Nicaraguan córdoba |
NIGER | West African CFA franc |
NIGERIA | Nigerian naira |
NORTHERN MARIANA ISLANDS | United States Dollar |
NORWAY | Norwegian krone |
OMAN | Omani rial |
PAKISTAN | Pakistani rupee |
PANAMA | United States Dollar, Panamanian balboa |
PAPUA NEW GUINEA | Papua New Guinean kina |
PARAGUAY | Paraguayan guaraní |
PERU | Sol |
PHILIPPINES | Philippine peso |
POLAND | Polish złoty |
PORTUGAL | Euro |
PUERTO RICO | United States Dollar |
QATAR | Qatari riyal |
REUNION | Euro |
ROMANIA | Romanian leu |
RUSSIAN FEDERATION | Russian Rouble (RUB) |
RWANDA | Rwandan franc |
SAINT KITTS AND NEVIS | Eastern Caribbean dollar |
SAINT LUCIA | Eastern Caribbean dollar |
SAINT PIERRE AND MIQUELON | Euro |
SAINT VINCENT AND THE GRENADINES | Eastern Caribbean dollar |
SAMOA | Samoan tālā |
SAN MARINO | Euro |
SAO TOME AND PRINCIPE | São Tomé and Príncipe dobra |
SAUDI ARABIA | Saudi Riyal |
SENEGAL | West African CFA franc |
SERBIA | Serbian dinar |
SEYCHELLES | Seychellois rupee |
SIERRA LEONE | Sierra Leonean leone |
SINGAPORE | Singaporean Dollar |
SLOVAKIA | Euro, Euro sign |
SLOVENIA | Euro |
SOLOMON ISLANDS | Solomon Islands dollar |
SOMALIA | Somali shilling |
SOUTH AFRICA | South African Rand |
SOUTH KOREA | South Korean won |
SPAIN | Euro |
SRI LANKA | Sri Lankan rupee |
SURINAME | Surinamese dollar |
SWAZILAND | Swazi lilangeni, South African rand |
SWEDEN | Swedish krona |
SWITZERLAND | Swiss franc |
TAIWAN | New Taiwan dollar |
TAJIKISTAN | Tajikistani somoni |
TANZANIA | Tanzanian shilling |
THAILAND | Thai baht |
THE GAMBIA | Gambian dalasi |
TOGO | CFA franc |
TONGA | Tongan paʻanga |
TRINIDAD AND TOBAGO | Trinidad and Tobago dollar |
TUNISIA | Tunisian dinar |
TURKEY | Turkish lira |
TURKMENISTAN | Turkmenistan manat |
TURKS AND CAICOS ISLANDS | United States Dollar |
TUVALU | Australian dollar, Tuvaluan dollar |
UGANDA | Ugandan shilling |
UKRAINE | Ukrainian hryvnia |
UNITED ARAB EMIRATES | United Arab Emirates dirham |
UNITED KINGDOM | Pound sterling |
UNITED STATES | United States dollar |
URUGUAY | Uruguayan peso |
UZBEKISTAN | Uzbekistani soʻm |
VANUATU | Vanuatu vatu |
VATICAN | Euro |
VENEZUELA | Venezuelan bolívar |
VIETNAM | Vietnamese dong |
VIRGIN ISLANDS (U.S.) | United States Dollar |
YEMEN | Yemeni rial |
Payoneer Alternatives
You can consider the following electronic money institutions as an alternative to Payoneer.
Final Word
If you are a freelancer or have a small business or company, you can open a Payoneer account. You can use it to make and receive payments. It comes with features like invoice, VAT payments, card payment processing and payment processing.