Trading platform:
- Payoneer Wallet
- MSB
- FinCEN
- All countries
- No, only transaction fees
Currencies:
- 7 currencies – USD, CAD, EUR, GBP, MXN, AUD, JPY
cryptocurrencies:
- No
Summary of 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.
💼 Main types of accounts: | Individual and corporate |
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💱 Multi-currency account: | Yes, 7 currencies |
☂ Deposit insurance: | Depend on the type of transaction |
👛️ Savings options: | No |
➕ Additional features: | Currency converter, invoicing, partner pool |
👍 Advantages of trading with Payoneer:
- 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.
👎 Disadvantages of Payoneer:
- 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)
Analysis of the main features of Payoneer
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Expert Review of Payoneer
Payoneer payment system (Payoneer Money Transfer) was established in 2005. It is headquartered in New York, USA. At the moment, it is one of the leaders in its segment of the global market; the company’s shares are traded at the NASDAQ exchange (PAYO listing). The system provides services to legal entities and individuals, including freelancers (self-employed). In some regions (for example in the territory of the US and the UK), users get an additional advantage – a simplified taxation system.
The system offers a Payoneer Account to individuals, which can be accessed via the website or the mobile app. You can link a card from almost any bank to the account. Or not, because it is an independent financial ecosystem, licensed as a banking organization. A user can accept transfers to his account and transfer funds to any channels, including debit/credit cards, accounts, and other payment systems.
The Payoneer wallet is a multi-currency one, with a currency converter (the conversion is performed at the market rate, plus the platform’s fee). The corporate account has the same possibilities, but it can also be connected to a website or any online service for accepting payments from individuals and legal entities with transparent reporting. The system provides detailed statistics, but no analysis tools like some competing platforms do.
Overall, the fees of the service are lower than average in the market. An absolute majority of users view their experience of using the system as positive. The company is registered as MasterCard (Member Service Provider), and operates under the official US license. The payment system can be recommended for use.
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Dynamics of Payoneer’s popularity among
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Investment programs, available markets, and products of Payoneer
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.
Payoneer Money Transfer Terms & Conditions
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.
💼 Main types of accounts: | Individual and corporate |
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💱 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 |
Comparison of Payoneer with other e-payment systems
Payoneer | Advcash | Payeer | Skrill | Neteller | PayPal | |
Supported Countries | All countries | 150 countries | 127 countries | 200 countries | 180 countries | All developed countries |
Supported Currencies | 7 currencies – USD, CAD, EUR, GBP, MXN, AUD, JPY | 9 currencies (USD, EUR, GBP, RUB, BRL, TRY, UAH, KZT, VND) | 3 fiat currencies (USD, EUR, and RUB) and most cryptocurrencies | 40 currencies | 28 currencies | USD, EUR, GBP and 22 other currencies |
Support for cryptocurrencies | No | Yes | Yes | Yes (deposit) | Yes | Yes |
Subscription fee | No, only transaction fees | No, only transaction fees | No, transaction fees only | No, only transaction fees | 2.5% | No |
Payment acceptance equipment | No, only online | No, only software | No, online only | No, only online | Yes, Net+ Cards | Upon receipt of payment/transfer, depend on the region |
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.
FastSpring | 2Checkout | Payoneer | |
Payment commission | 5.9% + $0.95 | 3.5% + 0.35$, 4.5% + 0.45$ or 6% + 0.60$ per transaction | 1% |
Deposit commission | 2% (max $20) | Depending on the payment method | 0-1% |
Withdrawal commission | $5 | Depending on the payment method | 1.5 USD, 1.5 EUR or 1.5 GBP |
Commission for international transfers | 8.9% | Depending on the payment method | 1% |
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).
Detailed review of Payoneer
Payoneer payment system (Payoneer Money Transfer) has been operating for over 17 years all around the world. Despite the fact that the users of the system can accept payments from debit cards only in the territory of the US, the platform does not focus solely on this specific region. It is equally easy to use also in Europe, Asia, Australia, etc. it supports seven most popular currencies, and you can open an account in each of them. A user can transfer money from one account to another at any time, performing the exchange at the latest market rate.
The important advantage for private use is the transaction speed. Transfers between the users of the system are always instant and free. Transfers to cards and accounts often also take only several seconds, although at times it depends on the specifics of interbank relations and regional laws. The system provides basic statistics for all performed transactions and it is enough for a user to monitor your income and expenses. There are no additional banking features, like flex or overdraft.
Payoneer in figures:
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5 million users all around the world;
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2,000 employees in 24 offices;
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35 languages supported by the call center;
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17 years – that’s how long the system has been providing services for;
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0 – subscription fee for individuals and legal entities.
There is no subscription fee and plans for corporate accounts; no fees for registration, service and support of currency accounts. A business owner only pays transaction fees, and those fees are strictly fixed (with the exception of special situations, such as transfers between the banks of different US states).
Useful features by Payoneer:
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Instant transfers all around the world are performed within just a few taps on your smartphone.
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The app for managing the currency account is free; it can be installed on any gadget.
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Personal Account on the website is an alternative for finance management.
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All transfers between Payoneer users are free regardless of the currency and amount.
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Using the account, you can hold and transfer money in seven currencies, including the US dollar, euro and British pound.
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There are detailed statistics on all transactions in the app/personal account.
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The fees system is 100% transparent – you can find all fees charged by the system on the official website and they are specified before the transfer/payment.
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The account can be replenished with a card, bank account, or other service; it is not mandatory to link cards/accounts.
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In the USA, users can replenish the account and accept transfers using debit cards.
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Business owners can quickly connect the payment system to their website to accept payments.
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The system offers an opportunity to save on VAT (regional legislative restrictions are taken into account).
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The payment system has many partner services all around the world; they provide loyal conditions for its users.
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There is a built-in currency converter, which exchanges currencies at the latest market rate.
Payoneer (Payoneer Money Transfer) is particularly beneficial for businesses, because no other service charges only 1% for accepting payments from debit cards (3% from credit cards).
Benefits of Payoneer payment system:
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The Personal Account on the website and the mobile app of the service are highly intuitive and easy to use. There is nothing excessive, only the most important features.
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The system is universal; it is equally convenient for individuals and legal entities. All features related to accepting payments and transfers were implemented by modern standards.
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The use of the platform is free. There are no subscription fees, plans; the account owners only pay transaction fees.
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The company operates officially; it is licensed as a banking organization, is a MasterCard Member Service Provider, and issues MC cards.
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You can replenish your account balance in any convenient way – bank cards and accounts, other electronic payment systems. It is not mandatory to link the card to the account in order to replenish the latter.
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The API of the service for connecting to online stores is suitable for any architecture; it is quickly set up regardless of the technology stack that is being used.
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Customer support speaks 35 languages, operating every day without breaks or days off. In addition to the call center, there is also a live chat with a smart bot and competent managers.
A Payoneer Account provides a user-friendly interface, quick functionality and reliable conditions with a guarantee of confidentiality of user data. The payment system has been operating for 17 years and has never been hacked; also there have been no data losses and insider leaks.
Types of accounts in the Payoneer payment system
The system offers two account types – for individuals and legal entities. The accounts have different functionality. Technically, all features of an individual account are available for a corporate account, but there is also an option of connecting the payment system to an online resource for accepting payments.
What distinguishes Payoneer from its peers is that it has ready-made solutions for the following business categories: online sellers, marketplace owners, digital content creators, owners of tourist accommodation. Each of these groups are offered ready-made software tools aimed at extracting the maximum possible benefit from the service provider. For example, for the tourism business, integration with Airbnb, Vrbo and other major aggregator sites has already been implemented, allowing you to quickly rent real estate.
Corporate accounts also have access to mass payments and other standard solutions that make conducting business easier. For example, if you have several online stores, all data on them is aggregated in one account.
Banking features
This is a standard payment system that implements the features of online banks on the level that is required for making transfers and accepting payments between individuals and legal entities. It is not an online bank, although Payoneer duplicates the services of banks in many ways. However, the platform does not provide advanced features like savings accounts, overdrafts, flex, additional pots, cashback, etc.
Social programs of Payoneer
The company does not implement social programs. Its mission is to form a stable system of international payments with beneficial conditions for individuals and legal entities. However, many partner services of Payoneer have developed their own social programs, which users can join.
How to open an account at Payoneer
Go to the official website of the company and click Register in the top right corner. In the next window, the service will offer you five options that can describe a new user. You need to choose one of them. A new window will open with a choice of the services that a user may require. After you’ve chosen the need option, a business owner (if you are registering as one) needs to specify the approximate monthly sales volume of his company in US dollars.
Note that the information specified in the beginning of the registration process can later be changed. Also additional features can be connected and the ones you don’t need can be removed. In the registration window, you need to specify your account type (individual or legal entity) and your basic information – First Name, Last Name, Email, Date of Birth. In the next window, you will need to provide detailed information about your place of residence and your phone number.
After you’ve specified your phone number, click Send Code for its verification. Confirm your phone number. In the next window, come up with a password, security question in case you need to recover access. Also here, you need to pass authentication – provide a scanned copy of your identification document and specify your country of residence. Enter the required information and click Continue. In the last window, provide your bank account details, agree with the terms of use and click NEXT.
Now you have to wait for your application to be considered, which usually doesn’t take more than three working days. As soon as your information is verified, you will gain full access to the features of the platform. At this stage, you can download the Payoneer app at any digital store and access it using the data you provided during your registration on the website.
Technical support
After registration, a live chat with a smart bot and a manager becomes available in your Personal Account on the website and on your mobile app. You can also contact customer support by calling the call center or writing an email. The contacts are available only to registered users in the corresponding tab of your Personal Account. All contacts are available 24/7.
Disclaimer:
Your capital is at risk. Via Payoneer's secure website. Your capital is at risk.
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FAQs
Does the Payoneer payment system work officially?
Yes. The payment system is officially registered and licensed for financial activities.
Is it possible to withdraw money to a bank card from a Payoneer account?
Payoneer customers can withdraw money to debit and credit cards of any bank.
Can I buy cryptocurrency through Payoneer?
By means of the Payoneer wallet, you can replenish your account on a cryptocurrency exchange and buy cryptocurrency.
Does Payoneer have a mobile app?
Yes. The Payoneer payment system offers a convenient mobile application for money transfers.
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