Brief Look at Payoneer
A Payoneer Account provides you with an opportunity to transfer money to other users of the system, to debit/credit cards and accounts without regional restrictions. An account owner can accept payments in 7 currencies, and there is a built-in converter that uses market exchange rate. The use of the account is free and the transaction fees are lower than average in the market. In addition to a personal account, you can also open a corporate account for business and connect it to an online store, a marketplace or a subscription-based online service. Payoneer has its own debit card that is a Mastercard, which is accepted in offline stores all around the world; also deposit and withdrawal at ATMs is available. Your personal account features detailed transaction statistics, where payments and transfers are grouped to make finance management convenient.
- It is a universal payment system that allows you to accept and make transfers all around the world;
- All transactions are instant or almost instant (depending on the region);
- The transfers between Payoneer Account holders are free regardless of the amount;
- The use of the system is free; only transactions fees are charged, which are lower than those of many competitors;
- The system has its own Mastercard card, which you can deposit money to or withdraw from at ATMs;
- Payoneer mobile app allows you to manage your finance from a smartphone;
- Solutions for business provide a possibility to accept payments at online stores and services.
- The system does not offer advanced features for financial control (for example, it is not possible to create savings pots);
- The system does not have solutions for growing capital (there are. No investment programs);
- Users can hold and transfer money only in seven currencies (USD, CAD, EUR, GBP, MXN, AUD, JPY)
TU Expert Verdict
Chief Analytics Officer
Payoneer offers personal and corporate accounts, a multi-currency wallet supporting USD, CAD, EUR, GBP, MXN, AUD, and JPY, and enables instant or near-instant global transfers. Users can receive payments, link almost any bank card, and manage funds via web or mobile app. The platform provides a built-in currency converter with market rates plus a small fee, and transaction fees are generally lower than industry averages. Payoneer issues its own Mastercard debit card for spending and ATM withdrawals worldwide, and businesses benefit from easy integration for payment acceptance as well as transparent reporting.
Drawbacks include the absence of investment solutions or advanced financial management tools such as savings pots or automation features, and support is limited to only seven currencies. Payoneer is best suited for individuals, freelancers, and companies seeking efficient global payment solutions, but may not be suitable for users looking for advanced banking features or investment products.
Payoneer Summary
Via Payoneer's secure website. Your capital is at risk.
| 💼 Main types of accounts: | Individual and corporate |
|---|---|
| 💱 Multi-currency account: | Yes, 7 currencies |
| Deposit terms and conditions: | All main methods are available |
| Loan terms and conditions: | No subscription plans or fees, only fees on certain transactions |
| ☂ Deposit insurance: | Depend on the type of transaction |
| 👛️ Savings options: | No |
| Types of payment: | Credit cards (debit cards only in the US), electronic payment systems, bank accounts |
| ➕ Additional features: | Currency converter, invoicing, partner pool |
The key features of the system include its universal application and adaptability to the needs of users. At that, the service practically does not have online banking features, other than those related to acceptance/performance of payments. Even the transaction statistics is basic, without the option of business process automation, connection of other accounts or authority delegation.
However, the aforementioned things are not drawbacks, but a peculiarity of the system. Its mission is to make transfers and payment acceptance as simple as possible for the users. For example, an account holder simply generates a payment link. You can pay using the link in practically any way you like, except for cryptocurrency wallets and debit cards outside the US. There is also payment by QR code.
Corporate Payoneer Account works in a similar way. It allows you to build a payment micro service into an online resource, the architecture of which allows for implementation of such a solution. The system has a user-friendly API, which does not create problems regardless of the technology stack of the website. In the worst case scenario, company’s specialists can always be contacted, as multilingual technical customer support operates without breaks and days off.
Business receives additional advantages from working with Payoneer, for example reduced VAT. The company’s partnership networks includes many companies that are prepared to provide their clients better conditions. These are primarily logistics firms and ERP solution developers. Working with them through Payoneer is simplified; a business gets reduced prices and priority customer support.
Payoneer Commissions & Fees
Payoneer Review shows that the payment system offers beneficial fees. A user does not need to pay for registration and use of the platform. Payment is only charged for transactions, except for those for which no fee is paid, for example, transfers inside the system regardless of the currency and amount. For acceptance of a payment with a credit card, the fixed fee is 3%, debit card – 1%. In regards to accepting payments from online platforms and networks, the fee is calculated individually. Notably, Payoneer works with Wish, Fiverr, Upwork, Airbnb and thousands of other platforms, which provides users with much better conditions.
If a user receives a direct payment based on details, the fee for USD is 0-1% depending on compliance with the existing conditions, while payments in other currencies are usually accepted without the fee.
Withdrawal in local currency is charged with a fixed fee of 1.5 USD, 1.5 EUR or 1.5 GBP depending on the base currency. If withdrawal is performed with a conversion from a foreign currency into the local currency, the user pays a fee of up to 2% from the transaction amount (the exchange rate is taken into account). Similar conditions are applied to all payments (transfers between the users of the system are free).
For payment of business services, a 1% fee is charged if a bank transfer or a debit card is used, and 3% if a credit card is used. The conversion of funds between currency balances of the wallet costs 0.5% of the amount. The use of the system is free, but if there haven’t been any transactions in 12 months, USD 29.95 will be written off the account. Additional fees may be charged (for example, for transfers to the banks of different states).
Traders Union also compared Payoneer’s fees with similar types of fees on other e-payment systems.
| Payoneer | Verifone | FastSpring | |
| Payment commission | 1% | 3.5% + 0.35$, 4.5% + 0.45$ or 6% + 0.60$ per transaction | 5.9% + $0.95 |
| Deposit commission | 0-1% | Depending on the payment method | 2% (max $20) |
| Withdrawal commission | 1.5 USD, 1.5 EUR or 1.5 GBP | Depending on the payment method | $5 |
| Commission for international transfers | 1% | Depending on the payment method | 8.9% |
A comprehensive Payoneer Review confirmed that it is a simple and reliable payment system that offers all required services so that the users could quickly transfer and accept money all around the world. Availability of the system’s plastic payment card (initially the cards were issued by Wirecard, but now they are issued by a Prepaid Mastercard office). The cards are accepted in all online and offline stores. A user also gets a multi-currency wallet (a user can have up to seven accounts – one for each of the supported currencies). A corporate account synchronizes with the architecture of the website for accepting payments from individuals and legal entities. Finally, the system offers beneficial fees, particularly if the user’s closest contacts also use this payment service (then there are no transaction fees).
Investment Options
Payoneer payment system (Payoneer Money Transfer) does not provide investment solutions or other possibilities for growing capital. The service allows users to transfer money and accept payments all around the world; the users get a multi-currency wallet with a built-in currency converter and tools for monitoring financial flows.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Contacts
| Foundation date | 2005 |
|---|---|
| Regulation |
MSB, FinCEN
Licence number: 31000194393184 |
| Official site | https://www.payoneer.com/ |
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