When it comes to your money, income, and business, you want to know whether your money is safe. You also need to know when your money will be available to make the most of your earnings.
If you’ve been looking for an international digital payment platform, you probably have come across Payoneer. And, naturally, you probably want to learn about the company before you take the dive and sign up. Well, if you’re on the fence, our clear and honest Payoneer review can help you decide.
What is Payoneer?
The Payoneer platform provides its users with a way to pay and get paid globally. What does this mean? They facilitate money transfers, including direct deposits, e-checks, and bank transfers. When your payments go through their platform, you can exchange money from one currency to another, easily.
Payoneer works for over 200 countries and territories. They streamline payments for ease of use for international business, freelancing, and online sellers. And they convert currencies quickly with low fees.
Here’s what you need to know:
- There are no fees when transactions stay within the Payoneer platform.
- Payoneer has an automatic, user-friendly, customizable invoice service attached to transaction services.
- Payoneer allows mass payouts, which can simplify payroll or freelancer payments.
- Payoneer has 4 million users worldwide.
- Sign-up is easy, online, and quick, and there are no underwriting fees
- Payoneer already exists as a payment option with over 200 eCommerce marketplaces like Upwork, Fiverr, Amazon, and Google.
- Payoneer swiftly processes payments, typically within 3 days in the U.S. & 5 days internationally.
- One of Payoneer’s most beneficial tools is a tax prep tool.
- The Payoneer card is a debit Mastercard, which offers a reliable solution for international business where banking systems can be unreliable.
- You can also withdraw money from the account linked to the Payoneer card like you would a bank account.
- Payoneer’s mobile app works like a mobile banking app, allowing you to check your balance, transaction history, and withdraw money. You cannot pay bills via the app, though.
- Their platform and customer service reps are available in more than 35 languages and 24-7.
- They offer automatic recurring debits to other approved Payoneer users for secure monthly or recurring payments.
How does Payoneer work?
One of the most challenging aspects of deciding on a currency exchange service or international banking service is predicting how streamlined the user-interface will be. And signing up for trials can be time-consuming, not to mention annoying.
Additionally, Payoneer does not offer a free trial for users, so you have to rely on Payoneer reviews before registering. So, what can you expect from their platform?
Most Payoneer users find the platform easy to use and intuitive.
Payoneer’s system works like this:
- Sign-up for free on their website. During sign-up, Payoneer will ask you for a verifiable government ID and general contact information.
- Wait while they process your application. This will take a couple of days.
- Once approved, you will receive a Payoneer Mastercard in the mail. Activate the card, and you will be ready to send and receive payments via Payoneer and use the card as a credit or debit card.
- Register your bank account if you plan on transferring funds out of your Payoneer account into your local business or personal bank account.
How to withdraw money from Payoneer
Once money enters your Payoneer account, Payoneer will exchange currencies from the country of origin to your preferred currency. You can then withdraw it as cashback or from an ATM. You can also use a Payoneer card like a typical debit card for in-store purchases where Mastercard is accepted.
How do Payoneer’s working capital loans work?
The latest change in Payoneer’s business, as of 2019, is their ability to lend companies working capital for a fee and repayment through eCommerce sales.
Payoneer will make you an offer based on your sales. They will lend up to $500,000. You also have immediate access to as soon as the money hits your account. Then you pay Payoneer back over time, directly from your online sales. They collect 35% of what your business takes in until the money and interest are repaid.
They offer interest rates as low as 2.5%.
How to send an invoice with Payoneer
When you want to get paid and send an invoice, you can do so with Payoneer. Their platform uses the Free Invoice Generator to create invoices. Unlike the PayPal “notes” invoice, a Payoneer invoice looks professional, detailed, and tidy.
A Payoneer invoice allows you to
- Enter the client’s business name and contact information
- Save payment specs for future invoices
- Add your business name and contact information
- Add your business logo
- Add and save tax rate and information
We reviewed Payoneer’s credibility and security protocols:
Here’s what we found out
Does Payoneer have a good reputation? Can you trust them with your money?
When it comes to your money, you don’t want to feel uncertain or suspicious of the platform you and your potential clients use. So, is Payoneer legitimate? Well, to answer that question simply: Yes, Payoneer is a reputable, highly-regarded company.
Payoneer processes payments with Global Payments. Global Payment is a well-known third-party facilitator that works with banks to take payments from companies in major countries. And, since Payoneer’s inception in 2005, they have maintained a trustworthy reputation when it comes to security and transparency.
What else should you know to decide if Payoneer is legitimate?
Payoneer operates 17 locations worldwide, but they’re headquartered in New York. Their board is comprised of experienced business people, including the former CEO of SWIFT.
Google, Airbnb, Uppwork, Fiverr, Amazon, Walmart, Wish, and Rakuten all use Payoneer.
You will also find them on the “Top” business lists including
- CNBC’s Distributor awards
- Crain’s Best Places to Work in NYC
- Deloitte’s Technology Fast 500
- Inc’s. 5000 Fastest-Growing Private Companies
- PYMNTS Innovator Awards
Account security review: Is Payoneer safe to use?
Payoneer uses encryption to protect your personal information, password, and finances. They also firewall their network and perpetually backup all data.
To protect users against scams and fraud, Payoneer employs anti-hacking techniques and close monitoring of individual transactions. They use all the latest tools to detect fraud, identity theft, and phishing attacks.
When suspicious activity occurs, or your account information is updated, Payoneer sends you an email. If the activity is indeed fraudulent, they provide 24-hour support.
Who gets the most from Payoneer’s service?
Payoneer offers the ease of Venmo or PayPal with the additional ability to assist business owners in staying organized. To put it simply: Payoneer is ideal for international money to and from businesses. Their fees make more economic sense for businesses rather than individuals.
Payoneer’s platform works wonders for
- Business owners that sell on multiple eCommerce sites like Amazon, Etsy, and Shopify
- Businesses that work with freelancers from other countries
- Freelancers that work for companies in other parts of the world
- Freelancers without bank accounts
- Businesses that specialize in B2B products and services
- Businesses wanting to expand internationally
- Businesses that process a lot of international transactions and wish to save on fees
- Medium and larger businesses, although they are making improvements to appeal to more small businesses
Payoneer is great for businesses with an international presence. Business owners that work with people from all over the world can use one centralized payment platform for their employees, freelancers, and subcontractors.
Payoneer is used globally which makes it great for freelancers working abroad. From India to Russia, you’ll find freelancers that use Payoneer as their preferred payment platform.
If you’re wondering which countries use Payoneer the most, they include the United States, China, Russia, India, Bangladesh, Morocco, Ukraine, Pakistan, Algeria, and Turkey. Payoneer gives companies looking for the opportunity to do business in countries considered global market leaders and in the fastest-growing markets.
Who won’t get the most out of this service?
Payoneer designed its platform based on the needs of businesses and freelancers. This leaves some users out in the cold if they want to
- Make charitable donations
- Use their Payoneer card like a prepaid debit card
- Use their Payoneer card for purchases or transactions under $20
- Withdraw small amounts of money or transfers under $50
Payoneer is excellent for businesses that want to or already work internationally. It may not be the best options for
- Businesses that only work domestically
- Parents that want to support their children while away at college or abroad
- Businesses and freelancers with lower rates, often those in developing countries
Beyond the typical Payoneer review: The cons at-a-glance
Next, our Payoneer Review wouldn’t be complete without addressing the drawbacks to this platform. While Payoneer can make quick work of payroll and get paid outside of Europe and the U.S., there are some attributes that make Payoneer imperfect.
- Payoneer’s fees are reasonable but vary between types of transactions, countries, and currencies.
- The Payoneer Mastercard has a $29.95 annual fee and fees for balance inquiries and withdrawals.
- The Payoneer card is designed for business transactions, so it cannot be used like PayPal, Venmo, or a pre-loaded debit gift card to send money to friends and family or as a pre-paid card for a college student or as a gift.
- Payoneer does not offer a free trial.
- The fees, like on most currency exchange services and global transaction platforms, can be complicated.
- There is a minimum withdrawal limit, which varies depending on the user’s country, which can make it tough on those that survive off low USD income amounts. The equation that sets the withdrawal amount has also changed a few times. While the changes benefit customers, they can make this service feel unreliable. Some users worry about being able to access and withdraw funds as needed.
- There is a $50 minimum for bank transfers.
A quick review of Payoneer’s fees
Whether or not Payoneer is right for you and your business likely comes down to dollars and cents. So, the fees make a difference.
Here’s a breakdown of fees they charge:
Fees for the Payoneer card in USD
- Annual fee $29.95
- ATM Withdrawal: $3.15 per transaction
- ATM Decline Fee: $1 per transaction
- ATM Balance Inquiry Fee: $1
- Purchases online or in-store: Free unless cross-border
- Card Replacement Fee: $12.95
Money transfer fees
Between Payoneer Customers: $0
Receiving money from customers
- 3% for credit card transactions
- 1% for USD eChecks
- Up to 2% above the mid-market rate
- From USD, EUR and GBP to same currency and country: $1.50 USD, €1.50 EUR, £1.50 GBP
Using your Payoneer mastercard with prepaid funds
- 1% eCheck
- 3% Credit Card
- 1% Local Bank Transfer
- .5% Currency Transfers
How long will you wait for your payment to process?
Payoneer processes payments quickly compared to similar platforms. Global transfers take 2-5 business days, while U.S. domestic transfers take 2-3 business days.
A review of Payoneer compared to Payoneer alternative, Paypal
Payoneer vs. PayPal
You’ve likely heard of and even used PayPal before. PayPal offers easy payments and money transfers for individuals for a fee. So, should you stick with PayPal when it comes to expanding your business internationally? What about when consolidating eCommerce payments? Probably not.
Over the range of transactions:
Payoneer’s fees are lower than PayPal’s.
Payoneer offers transfers to 4-times as many currencies.
Payoneer’s payments are faster on average.
A side-by-side breakdown: How does Payoneer compare to Paypal?
|Trust Pilot Rating||4.6||1.3|
|Transfer Types||Online or Phone||Online|
|Fee to Receive Money||1%-3%||.005% – 5%|
|Transfer Processing Speed||Global: Up to 5 days|
U.S. Domestic: Up to 3 days
|Global: Up to 5 days|
U.S. Domestic: Up to 3 days
|Minimum Transfer||$50, depending on location||$1|
|Opening an Account Outside the U.S.||150 countries and territories||17 countries|
|Provides Businesses with Working Capital||Yes||Yes|
What customers have to say in their Payoneer reviews
We strive to be impartial and provide honest reviews, but we know you like to read what users have to say about services, as well. Well, when it comes to Payoneer, users have plenty of great things to say and very few negatives.
93% of Payoneer users rate the company as either “great” or “excellent” using the Trustpilot rating system.
4% of users wish the system was better, which isn’t bad when it comes to a business that deals primarily with money.
Most common positive Payoneer reviews
Payoneer users appreciate the number of countries the company serves and the number of currencies they can transfer money into.
Customers repeatedly comment on the fantastic customer support Payoneer provides. Customers appreciate customer representatives available night and day. And they employ reps that speak many different languages.
Most common negative Payoneer reviews
Some users wish they could withdraw small amounts of money at a time.
Users comment on the length of time it takes money to enter their accounts.
Great and getting better: A final Payoneer review
One of the biggest strengths of Payoneer is its history of successful growth and continual desire to improve their services.
Over the past fifteen years, Payoneer has gone from a business founded on 2 million dollars in seed money to a company that handles over 4 million customer accounts across the world.
If you’re looking for a digital payment platform that helps make international currency exchanges easier for your business, Payoneer is an excellent choice. Their platform is user-friendly, and their fees are reasonable. They can also help you consolidate your payments from all the eCommerce sites you work or sell on.
Finally, we hope this Payoneer review has helped answer your questions and assisted you in making a decision.