Payoneer Review – Payment Platform for Cross-border Digital Business

In this Payoneer review, you'll find more information about its features, pricing, pros and cons and why you should consider using it.
8.7/10 (Expert Score)
Product is rated as #6 in category Payment Gateway
8.7Expert Score
The world’s go-to partner for digital commerce. Everywhere.

Payoneer is a global payment platform that allows individuals and businesses to receive and send money worldwide quickly, securely, and at a lower cost. It’s a great option for freelancers, entrepreneurs, and businesses who need to make and receive international payments.

Customer support
Value for money
Ease of use
  • Works for 200 countries
  • Free worldwide Payoneer-to-Payoneer payments
  • Multilingual customer service and chat support 24/7
  • Value-Added Tax payment exemption for Europe and the United Kingdom
  • Secure platform
  • Numerous charges
  • Expensive card transactions

Payoneer is a service that allows a company to send and accept payments even when the company does not have a merchant account. Even though it does not have a point-of-sale system, which makes it less competitive than services like Stripe, it is still a good choice for freelancers and small business owners.

Payoneer functions as a go-between for businesses and their customers, facilitating the acceptance of a wide range of payment types from the latter. In this review, Payoneer and its aspects, both positive and negative, as well as various other services that are comparable to Payoneer, will be analyzed.

Click on “open” if you want to see exactly what we will talk about in the rest of this article.


What is Payoneer?

Payoneer is an online payment platform that may be used by companies to facilitate payment requirements with excellent customer support and to communicate with their international clients. In this way, the procedure can be sectioned off if it turns out to be essential.

The companies with which a customer does business will send the customer bills and any other payment requests directly. It is possible to finish the transaction using either the customer’s already established bank account or a credit card of their choosing.

After the money has been deposited into the company’s Payoneer account, the company can use a debit card that Payoneer has issued to make purchases with the funds or transfer the money to its bank account.

If the business has a Payoneer Mastercard, it will have the ability to quickly withdraw money from an automated teller machine (ATM). By utilizing the particular tool, businesses have the ability to transfer payments to other Payoneer account users at no cost.

This service is available for usage by individuals as well as corporations.If the other party does not have a Payoneer account, the other party can either make a bank transfer on the other party’s behalf, or the other party can sign up for a Payoneer account themselves. On the other hand, you should be prepared to make a financial contribution.

Payoneer specifications

FeaturesReceive Funds and Payments / Vat Payment / Working Capital Advance
Best suited forIndividuals, Freelancers, Small businesses, Mid size businesses, Large enterprises
Website languagesEnglish
Website URLVisit official website
Support linkSupport page
Live chatYes
Company address150 West 30th Street, Suite 600, New York, NY, 10001
Year founded2005


Payoneer pricing: How much does Payoneer cost?

Payoneer has versatile fee options for transactions and sending money. The details and particulars are discussed in detail below.

Pricing rangeFrom 1% to 3.5%
Pricing typesCommission based
Free planNo
Free trialNo
Money back guaranteeNo
Pricing page linkSee plans

Payoneer pricing plans


Withdraw funds to your local bank account:

  • Withdrawals in local currency from a Payoneer balance of a different currency up to 2% of the amount
  • Withdrawals in local currency from a Payoneer balance of the same currency
  • 1.50 USD for USD to USD withdrawal
  • 1.50 EUR for EUR to EUR withdrawal
  • 1.50 GBP for GBP to GBP withdrawal
  • Withdrawals in non-local currency up to 2% of the amount
  • For withdrawals with no currency conversion, a minimum fee may apply

The Payoneer Commercial Master card:

  • Transactions involving currency conversion are up to 3.5 %
  • Transactions involving cross-border fee is up to 1.8%

Pay Directly from your Payoneer balance:

  • The recipient with a Payoneer account is Free
  • If the recipient doesn’t have an account, then up to 2% of the amount
  • For business services
  • 1% on ACH bank debit card
  • 3% on Credit card
  • 1% on Local bank transfer


Payoneer features: What can you do with it?

Receive Funds and Payments

When you use Payoneer to collect money from customers, the provider will email you to tell you how to pay and what payment options are available. This email will explain how to collect money from customers. When you utilize Payoneer to collect money from consumers, an email like this one will be delivered to you.

The time it takes for funds to become accessible in your Payoneer account often ranges from a few days to a week or more, depending on the mode of payment that you choose to use. You will not be able to get paid by online businesses or marketplaces until you first set up a receiving account. Payoneer works to provide customers with the option to open receiving accounts that operate in a manner analogous to that of conventional banking institutions.

It is now possible to receive money transfers in the country’s native currency, regardless of which country the money was sent from. Your Payoneer account will always be updated in a timely manner following the completion of each and every payment. If you work for a company that uses Payoneer, there are several different channels through which it can send money to you for use in your business.

Working Capital Advance

To maintain inventory and pay for advertising, an online retailer like Amazon or Walmart needs a steady flow of working money. Capital Advance was established because there was a demand for its services. The Capital Advance program has three tiers, with increasing access to funds, faster settlement times, and a wider range of permitted transactions with each tier.

It is a feasible working capital option for online companies because it supports multiple currencies, including the US dollar, British pound, Euro, Canadian dollar, and Mexican peso, as well as the currencies of Amazon and Walmart. Payoneer will purchase a percentage of your future accounts receivable for a fee in addition to the Capital Advance amount (the settlement amount).

After approval, you will have immediate access to the Advance on Capital. There are other terms that can be chosen for a Capital Advance, such as Express, which lasts for one month; Grow, which lasts for three months; and Plus, which lasts for around six months.

You may be able to get a better deal with higher offers and better terms if you have a history of paying off debt and accepting offers. This eligibility is determined by how often you have accepted and paid off offers. You can pick and choose between the several tiers to find the one that works best with your budget right now. Payoneer has a free online invoice generator that integrates with your accounting software.

Vat Payment

Making direct payments to British and European tax authorities from accounts in EUR and GBP is a simple and hassle-free process that is also quick and easy. You won’t need a separate bank account or worry about currency conversion when you use the VAT payment option provided by Payoneer. Instead, you have the option of paying straight from the balance in your Payoneer account.

If you paid VAT on imported items that did not sell or sold for less than the declared amount, you might be eligible for a refund of the VAT that you paid on such items. If you are a resident of either the United Kingdom or Germany, you can have the funds from your tax returns deposited directly into your Payoneer account in the appropriate currency by providing the tax authority with the credentials for your receiving account.

This is possible if you have a Payoneer account. Immediately following the completion of the processing, your money will be forwarded to the relevant VAT authorities.The amount of time it takes the government to process payments usually ranges from ten to fourteen business days. However, the amount of time varies from country to country.


Payoneer review: Why you should use it?

Anyone who does business on a worldwide scale, such as freelancers using Upwork, online merchants, content producers, digital marketers, or Airbnb hosts, may find Payoneer to be an appealing alternative to traditional payment processing methods. Payoneer gives businesses access to a central hub from which they can collect and monitor payments from customers making purchases through a wide variety of online marketplaces.

These customers can make their purchases using Payoneer’s platform. Online payments paid to independent consultants who work on their own can be made in a variety of ways, including wire transfer to the consultant’s bank account or direct debit card. All of these are viable options. Additionally, in order to automate the procedures of payment management, reconciliation, and initiation, the platform makes use of an application programming interface or API.

Payoneer is a good choice for doing its main job, taking global payments and making payments to third parties, because the company uses a competitive price structure. If this is what you’re searching for, Payoneer is a wonderful option for you to take into consideration as a potential solution.


Frequently Asked Questions

Is the Payoneer app legit?

Payoneer is a legal American company that is subject to strict regulations. The United States government has officially recognized Payoneer as a money transfer company (MSB).

Is the Payoneer app a trustworthy source?

Payoneer has gained the confidence of millions of customers over its history. The payment processor ensures that the funds of its customers are kept safe at all times by using security measures such as firewalls, two-factor authentication, and other anti-hacking technology, as well as by sending users’ credit card information.

Payoneer Review – Payment Platform for Cross-border Digital Business
Payoneer Review – Payment Platform for Cross-border Digital Business

Payoneer review
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8.7 / 10