Payoneer Virtual Bank Account

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.

Check out Payoneer account

How Payoneer Works

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.

Go to Payoneer website

Payoneer Features

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 option To 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.

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

Payoneer Alternatives

You can consider the following electronic money institutions as an alternative to Payoneer.

• Skrill
• Stripe
• Wise
• PayPal
• Zenus

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.

Go to Payoneer website