Payoneer is a US fintech that provides payment solutions to businesses and individuals worldwide. Its virtual bank accounts allow individuals and businesses to accept payments from customers around the world in over 150 currencies. Payoneer also allows businesses to send payments to their employees, contractors, and vendors in over 100 countries. Additionally, Payoneer offers a prepaid Mastercard that can be used to withdraw funds from ATMs and make purchases online.
Benefits of Using Payoneer
- Payoneer is a virtual bank account that allows you to open a US non-resident account.
- It is an ideal account for online freelancers, businesses, and online sellers who want to manage international payments, currency conversion, and transact in 150 currencies.
- Payoneer is accepted as a payment method by many freelancing websites such as Upwork, Freelancer, and affiliate marketers such as Amazon Associates, offering an alternative to much cheaper Wise multicurrency account.
Contents
- 1 How Payoneer Works
- 2 How to Open Payoneer Account
- 3 Payoneer Features
- 4 Payoneer Personal Account vs Business Account
- 5 How to Transfer Money from Payoneer to Your Local Bank Account
- 6 Payoneer Fees
- 7 How Safe is Payoneer?
- 8 Payoneer Customer service
- 9 Payoneer Supported Countries
- 10 Payoneer Alternatives
- 11 Payoneer: A Global Payment Solution for Freelancers and Business
- 12 Payoneer FAQs
How Payoneer Works
Payoneer offers two types of accounts: Personal and Business. The main difference between the two accounts is that the Payoneer Personal Account is designed for individuals who want to receive payments for freelance work or other personal projects, while the Payoneer Business Account is designed for businesses that want to send or receive payments from clients and vendors worldwise.
Payoneer’s account offers local account details in USD, GBP, EUR, JPY, CAD and AUD. You can use these local receiving accounts just like your local bank account. International clients and businesses can pay you via SEPA (EUR), ACH (USD), BACS or FPS (GBP), Zengin (JPY), BECS (AUD), and EFT (CAD). You can also receive US dollars in a separate bank account through SWIFT Payments.
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 Payoneer app allows you to request, make payments and withdraw funds to your local bank account. It also helps you get notifications on important updates, helping you stay on top of your finances in real-time.
You can do the following with a Payoneer account:
- Receive payments in major currencies such as USD, EUR, GBP, CAD, etc., for online freelance work from platforms like Upwork, Fiverr, Freelancer, PeoplePerHour, and Crossover, directly to your local bank account.
- If you sell products or services on a global marketplace, such as Amazon or eBay, you can use Payoneer to receive payments from customers in different countries.
- Transfer money from your Payoneer account to your local bank account or mobile money account, such as Payoneer to Mpesa in local currency.
- Manage currencies and convert money from one currency to another.
- Make purchases online and in-stores using Payoneer virtual and physical Mastercard.
- Pay VAT in the EU and UK using a Payoneer business account without any fees.
- Pay contractors and remote employees.
How to Open Payoneer Account
To open a Payoneer account, visit their website, choose the account type (individual or business), enter your information, upload ID and proof of address, and submit the application. You must be at least 18 years old and have a bank account in a supported country. Once approved, you can start receiving payments.
Documents needed to open a Payoneer account include a government-issued ID, proof of address, a bank verification document, and a photo of yourself with the date. For Payoneer business accounts, the required documents include a company verification document (e.g., Certificate of Registration, Certificate of Incorporation, Tax document, IRS document with EIN, Business license, and Proof of company activity), proof of the company’s address, and an authorized representative letter.
Payoneer Features
- Payoneer personal account: A personal account is a good option for freelancers and independent contractors who want to receive payments from clients all over the world. With a personal account, you can receive payments in over 150 countries and 100 currencies. You can also withdraw your funds to your local bank account or use your Payoneer virtual card to make purchases online or in stores.
- Payoneer business account: A business account is a good option for businesses that want to receive payments in major currencies from clients all over the world, including global ecommerce platforms like Amazon. You can also pay contractors, suppliers, vendors and services providers of your business via a Payoneer business account.
- Payoneer virtual card: It’s a Payoneer prepaid card that you can use to make online or in-store purchases. With a virtual card, you can protect your personal credit card information, and you can also get better exchange rates when you make international purchases.
- Payoneer API (Mass Payout API and Open APIs): Payoneer offers a variety of APIs that you can use to integrate Payoneer with your website or online store. This can help you to automate your payments and make it easier for your clients to pay you.
- Payoneer Capital Advance: Payoneer offers a capital advance program that offers a working capital without credit check for ecommerce sellers on Amazon.com, Amazon.co.uk, and Walmart. The capital is repaid through your future Payoneer payments.
Payoneer Personal Account vs Business Account
| Features | Personal Account | Business Account |
|---|---|---|
| Receiving Payments | From clients and platforms | From clients and platforms |
| Sending Payments | Not supported | Supported |
| Currencies Supported | 150+ | 150+ |
| Withdrawal Options | Local bank account or card | Local bank account or card |
| Additional Features | VAT payments in EU/UK | Mass payouts, API integrations, and VAT payments in EU and UK |
| Eligibility | Freelancers, individuals | Companies, businesses, and enterprises |
| Verification Process | Standard | Enhanced verification for businesses and companies |
| Fees | Transaction-based fees | Transaction-based fees and volume-based discounts |
Payoneer accounts can 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.
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 to your local bank. Follow these simple steps.
- Log in to your Payoneer account
- Locate the
WithdrawMenu 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
Payoneer fees for business accounts are transaction-based fees and have volume-based discounts. The following are common Payoneer fees for personal accounts:
| Activity | Payoneer charges |
|---|---|
| Annul account fees | $29.95 |
| 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 (e.g. USD balance –> EUR bank account in EU) | 2% |
| Withdrawing in local currency from Payoneer balance in the same currency (e.g. USD balance –> USD bank account in US) | $, €,£1.50 |
| Withdrawal to a non-local currency (e.q USD balance –> USD bank account in EU) | 2% |
| 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 replacement | $12.95 |
| EUR Card replacement | $9.95 |
| GBP Card replacement | £9.95 |
How Safe is Payoneer?
Payoneer is a safe and legit regulated payment processor licensed in multiple jurisdictions, ensuring the safety of your funds and data. It is regulated in the United States, Europe, Hong Kong, Japan, India, and Australia. In addition to these jurisdictions, Payoneer also operates in a number of other countries where it is not regulated or licensed. However, Payoneer still adheres to the same high standards of security and compliance in these countries.
Payoneer is PCI DSS Level 1 compliant (the highest level of protection for card holders) and uses two-factor authentication, SSL encryption, and fraud protection to safeguard your funds and data.
Payoneer Customer service
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 says it may takes 3 business days to resolve issues.
Payoneer Supported Countries
Payoneer is available in over 150 countries around the world, including US, UK, Canada, Japan, Italy, Germany, South Korea, Singapore, India, Indonesia, Mexico, South Africa, Nigeria, Kenya, Ghana, and Zambia. Here’s the full list of countries where Payoneer is available.
Payoneer Alternatives
You can consider the following electronic money institutions as an alternative to Payoneer.
Payoneer: A Global Payment Solution for Freelancers and Business
Payoneer is a good choice for freelancers, independent contractors, and businesses that want to get paid online. It offers a variety of features and benefits, such as the ability to receive payments in over 200 countries and 100 currencies, including USD, EUR, GBP, CAD, AUD, and JPY. You can also withdraw your funds to your local bank account or use your Payoneer virtual card to make purchases online or in stores. Payoneer also offers a variety of features for ecommerce businesses, such as mass payouts and recurring payments.
However, it is important to note that there are some fees associated with using Payoneer, so you should compare the fees to Payoneer alternatives before you decide to sign up.
Payoneer FAQs
Is Payoneer a US bank account?
Payoneer is a payment platform that allows you to receive payments in USD and withdraw them to your local bank account. It is not a US bank account in the traditional sense, as it does not offer the same features as a traditional bank account. For example, you cannot use it to write checks or make deposits. However, Payoneer does provide you with a virtual US bank account that you can use to receive payments from clients and vendors in the US.
Is Payoneer sign up free?
Yes, signing up for a Payoneer account is free. However, there are fees for using your Payoneer account.
Does Payoneer have virtual cards?
Payoneer offers virtual cards for account holders to make online or in-store purchases.
Is Payoneer virtual card free?
Payoneer virtual cards are free to order, but there are some fees associated with using them.
What are Payoneer account types?
Payoneer offers two main types of accounts: Payoneer Personal Account and Payoneer Business Account.
Is Payoneer crypto friendly?
Payoneer does not directly allow you to buy, sell, or trade cryptocurrencies. However, you can use your Payoneer accounts to transfer funds to and from cryptocurrency exchanges. If you want to have a bank account that supports crypto deposits, you can explore these crypto friendly banks.
How many Payoneer accounts can I have?
You can only have one personal Payoneer account per person. However, you can have multiple Payoneer business accounts if you have multiple businesses.
This post is also available in es_ES.
