Payoneer Review [2024]: Features, Fees & Alternatives (2024)

Payoneer Business Account Rating: 4.6/5

Our Rating Methodology

About Payoneer

Founded in 2005, Payoneer is a payment service provider that provides online money transfer and digital payment services. They specialize in facilitating cross-border B2B transactions in multiple currencies with their products, such as virtual accounts and payment cards. Payoneer operate under the necessary licenses in the countries they serve, ensuring compliance with local regulations.

Payoneer has secured a total of USD 570 million through 15 funding rounds, with the most recent funds coming from a post-IPO equity round on 28 June 2021. The company employs over 2,200 staff members across 25 offices, serving millions of customers worldwide.

Jude Ibeh rated Payoneer ⭐⭐⭐⭐⭐

Prompt Response And Quick Transactions

My experience was great because I expected a response like it's going to take 3 - 5 business days to solve my issue; but just the little ticket I submitted was attended to and fixed really quickly.

Payoneer is doing a good job in making transactions really smooth and with the best speed I've seen so far. I get some of my bank deposits within a few minutes sometimes, which is pretty good.

Source: Trustpilot reviews

Luis Andres Jimenez Loayza rated Payoneer ⭐⭐⭐⭐⭐

Great service for Bolivia

I've used Payoneer for a few years now, and it proved to be the only legal way to send funds to Bolivia for my work as a freelancer, so I'm truly grateful for the service.

The fees are not crazy high, so I can still make good earnings taking those into consideration.

The support team is extremely fast, and I never run into an issue that wasn't solved promptly and efficiently.

Source: Trustpilot reviews

Based on 52,546 reviews on Trustpilot, Payoneer received a score of 4.0 out of 5.

Payoneer Pros and Cons

Why Payoneer may be a good option

• Can open local accounts with own account details in 10 major locations. Hence, businesses can receive and send payments like they were local.
• Can obtain multiple Payoneer debit cards to make purchases online and in-store in USD, EUR, GBP, or CAD.
• If your business frequently engages with Payoneer customers, using Payoneer-to-Payoneer transfers can significantly save on costs and time.
• Integrate with popular ecommerce and accounting platforms and offer payment gateway services.
• 100% online account opening.

Why Payoneer may not be a good option

• Not an ideal choice for businesses regularly making international transactions, as foreign exchange conversion rates and fees, are relatively higher than other fintech, companies.
• Pre-paid cards that have daily spending limits might not meet the requirements of larger businesses involved in high-volume transactions.

Payoneer Features

Without further ado, let’s explore what services Payoneer has to offer.

Business Account

Payoneer’s business account is a multi-currency business account that caters to any type of business, from freelancers to enterprises.

Here are the key features of the Payoneer business account.

• Multi-currency accounts support 10 currencies, including USD, JPY, AUD, EUR, HKD, SGD, CAD, GBP, AED, and NZD.
• Local accounts in 10 countries: the US, the EU, the UK, Singapore, Japan, Hong Kong, Australia, New Zealand, Canada, and UAE. Each account has unique details that allow users to receive and send payments within these countries as if they were locals.
• Receive payments from your clients with payment requests*.
• Instantly receive and send payments between Payoneer accounts for free.
• Receive international wire transfers through the SWIFT network (only supports USD).
• Send global payments to bank accounts across 190+ countries in 70 currencies. Processing typically takes 2 business days.
• Schedule payments, set up recurring transfers, and send mass payouts of up to 1,000 at once.

💡 Helpful Resource: Learn key differences between local and SWIFT payments.

*Available Payment Options When You Send Payment Requests

Pre-paid Card

Payoneer offers a physical or virtual Mastercard® card, linked to balances in 4 different currencies in your Payoneer account. Payoneer cards can be used at ATMs, in stores, or online where Mastercard® is accepted.

The main features of Payoneer cards are:

• Top-up your card balance to spend and make purchases in USD, EUR, GBP, or CAD. You can choose the base currency of your card when you place a card order.
• Can obtain multiple virtual cards, with the maximum number of cards varying according to account conditions.
• Earn cashback on all eligible business purchases. The reward will be credited to your account by the 5th of every month.

Requirements to order a Payoneer card:

• Payments you received in the last 6 months exceed a certain threshold, depending on the country where your business is registered. However, payments from e-wallets such as PayPal and Skrill will not be included in the calculation.
• Do not have a Russian billing or shipping address.
• According to Payoneer, they can ship physical cards to most countries. However, a list of these countries is not publicly provided on their website.

Finally, Payoneer cards have certain limits applied, which are:

• Card balance limit: USD/EUR/GBP 5,000,
• 30 transactions in points of sale per day,
• 30 ATM transactions per day,
• Spending in points of sale per day: USD/EUR/GBP 5,000,
• Spending in ATM per day: USD/EUR/GBP 5,000.

Foreign Exchange

According to Payoneer, exchange rates are based on wholesale currency market rates obtained at the time of the transaction from a range of financial institutions and charge a currency conversion fee on top of that.

Other Services

• Integration with leading ecommerce websites and marketplaces, including Amazon, Shopify, Shopee, Lazada, Fiverr, and Upwork.
• Popular accounting software integration, such as Xero and Quickbooks.
• Payment gateway services.
• 100% online credit lines.

Payoneer’s Features Rating is 4.8/5

Payoneer's business account is highly efficient for businesses seeking solutions to collect payments from international clients. Their strengths in multi-currency support, payment collections, and integrations with essential business tools make Payoneer a valuable asset for global commerce.

However, while pre-paid cards are useful for budget control, daily spending limits may not cater to the needs of larger businesses with higher volume transactions. Given this limitation, we give Payoneer’s features a rating of 4.8 out of 5.

Payoneer’s Fees Rating is 3.5/5

While the pricing structure is clear, it can be complex and may not be ideal for those regularly making global payments due to currency conversion and international transfer fees.

The platform does offer benefits to users, such as waived annual fees and free local payment collections in 10 major currencies, but there is room for improvement in terms of affordability and overall user experience. Based on these considerations, we have assigned a rating of 3.5 out of 5 to Payoneer's fees.

Payoneer Customer Support

Payoneer offers multiple channels to contact the customer support team, including

• Help center
• Query form
• Chatbot
• Email: [email protected]
• Phone: US: 1-888-290-3990 / UK: +44-203-608-0610 / Singapore: +653-1746520 / Australia: +61-28-379-8090 / International: 1-646-658-3113
• Post: Payoneer Inc. 150 West 30th Street, Suite 600, New York, NY, 10001

According to Payoneer, they will try to resolve queries within 3 business days.

Payoneer Customer Support Rating is 5/5

Payoneer has an excellent customer support system that offers a variety of channels for users to get assistance. This ensures accessibility and convenience, catering to different preferences and needs.

The availability of a help center, query form, chatbot, direct email, and multiple phone lines across key regions (US, UK, Singapore, and Australia) reflects a commitment to providing support to a global user base. In addition, the option to contact them via post adds a traditional communication method that may appeal to certain users or be used for specific types of inquiries. Moreover, the commitment to resolving queries within 3 business days is a reasonable timeframe, indicating an efficient customer service operation. Hence, we rate their customer service 5 out of 5.

Requirements for Opening a Payoneer Business Account

Eligibility

All types of businesses are eligible to open business accounts with Payoneer.

Required Documents

• Full name
• Identity card
• Email address
• Proof of address
• Company verification document (i.e., Certificate of Registration, Certificate of Incorporation, Tax document, IRS document including EIN, Business license, and Proof of company activity)
• Phone number
• Bank account details with the same ID card name

You can sign up for a business account directly on Payoneer’s website. After completing the registration, Payoneer will evaluate your application and might ask for further information or documents to activate your account.

Typically, Payoneer approves account applications within 3 business days.

The Ease of Opening an Account Rating for Payoneer is 5/5

Payoneer's business account opening process is designed to be inclusive, requiring a standard set of documents that make it accessible to a broad spectrum of businesses. The clarity of the process and the reasonable timeframe for approval further enhance the appeal of Payoneer as a financial services provider for businesses looking to engage in international transactions.

Payoneer Alternatives

💡Tip: Discover more alternatives to Payoneer and learn how Payoneer and Statyrs compare in detail with our articles.