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| Rating | |
|---|---|
| Economy | ★★★★★ |
| Bank accounts | ★★★★☆ |
| Legitimacy | ★★★★★ |
| Banking experience | ★★★★☆ |
| International transfer | ★★★★★ |
| Our opinion on Payoneer Payoneer is aimed at businesses, professionals, digital marketers, product / service markets and freelancers. Payoneer provides currency conversions, direct payment solutions, integrations, and the means for businesses to pay their contractors, employees, and more. With more than 4 million customers, Payoneer allows companies to pay all your providers in more than 20 countries in its currency with reduced transfer fees! | 4.8/5 |
Pros
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$ 35 welcome bonus
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An international presence: 200 countries;
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Possibility to synchronize payments from marketplaces (Amazon, Cdiscount, Airbnb, etc.) to your account
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Ability to personalize invoices and request payment from customers via their account
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Excellent service client
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Free payments between Payoneer accounts
Cons
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No payment gateway or virtual terminal;
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Mastercard Payoneer: $ 29.95 annual fee;
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High transaction fees for credit card payments;
The services offered by Payoneer are used by many major players in the world of e-commerce, including Amazon, Google, Airbnb and UpWork. If your business needs to send or receive payments online, whether nationally or internationally, Payoneer’s payment services can be of help. While companies like PayPal offer similar capabilities, Payoneer focuses more on international transactions and claims to offer lower overall costs than its competitors. Either Payoneer is an ideal choice to save money on your international multi-currency transfers compared to other online banks.
* After you sign up and receives a total of 1000.00 USD, you will earn a 50.00 USD reward
Payoneer: Presentation
| The head office | New-York |
| Contact | Telephone: 00 1 646-658-3695 Mail :autosupport@payoneer.com |
| Bank card | Prepaid Mastercard |
| Credit card granting condition | $29.95 per year |
| Local & international bank transfer | 2 to 5 working days |
| Credit available | E-merchant: Capital Advance |
| Savings account | No |
What is Payoneer?
Payoneer is a financial services company headquartered in New York City. The company was founded in 2005 and specializes in facilitating online payment transfers, both in the United States and internationally. Payoneer has over four million users in over 200 countries around the world and can process cross-border transactions in over 150 currencies.
The banking services offered
As we said, Payoneer is not a traditional bank account provider and does not offer the full range that an online bank normally offers. In fact, you will not be able to use an ATM with your Payoneer account. There are also no payment gateways or virtual terminals.
However, here are the available features:
PAYONEER ACCOUNT
Every customer at Payoneer has an account that can be used to make and receive payments.
Registration is free and can be done online in less than 10 minutes .
Although this is not a standard bank account, you can make and receive payments by credit card. Payoneer uses an undisclosed backend processor to process these types of transactions
MASTERCARD DEBIT CARD
Your account is also equipped with a MasterCard debit card, which you can use to make payments after you have transferred enough funds to your Payoneer account. Although it is not a credit card, you will nevertheless need to pay an annual fee of $29.95 for this card. These fees are high, especially if you only use your account once or twice a year.
L’APPLICATION MOBILE
The company offers a free app , available for both iOS and Android. This app allows you to check your account balance, view transactions and withdraw funds. However, it does not include the possibility of making payments. For many users, this limited functionality defeats the purpose of a mobile app, and that’s why it has received mixed reviews.
Electronic Check Processing
All Payoneer accounts are equipped with eCheck processing to make and receive payments. While there is no additional charge for this service, there is a processing fee per transaction.
ONLINE DECLARATION
You can expect it, you can log in online to access your Payoneer account. This is where you will go to make payments and transfer the funds received to your local bank account. Via your account you can pay your VAT or your contractors.
SECURITY
Transactions are encrypted, but Payoneer does not disclose specific encryption methods on its website or give details of other security devices it uses.
Fees and rates at Payoneer
Payoneer is transparent about the costs of using its service, with most charges disclosed on the Fees page of its website. Be aware, however, that there are plenty of complaints about additional and hidden charges that you will only find buried in the fine print of your contract.
Note that by going through our partner link below, you benefit from a welcome bonus of $50 credited directly to your account after receiving $1000 in your account.
* After you sign up and receives a total of 1000.00 USD, you will earn a 50.00 USD reward
Here is a list of the costs associated with the most common types of transactions:
- Payments from one Payoneer account to another are free. It is a real advantage if your customers also use Payoneer;
- Payments made via local bank transfer incur a 0% charge if made in US dollars.
- Transfers in dollars or pounds sterling are free;
- Payments made by eCheck also incur a 0% fee in US dollars;
- Payments made by credit card incur a flat processing fee of 3% ;
These basic charges assume that there is no currency conversion during the transaction. To withdraw funds to your local bank account from your Payoneer account, you will need to pay a fixed amount of $1.50 each time (without currency conversion). If you need to convert the withdrawn funds into your local currency, you will pay up to 2% more than the mid-market rate for the conversion.
Payoneer does not charge most of the fees traditionally associated with merchant accounts.
There are no account opening fees or monthly fees. However, to get the Payoneer MasterCard you have to pay a price of $29.95 per year. It is free to send this card to your home. And you can forgo it in some cases. While it is not being disclosed, we have heard numerous reports of account inactivity fees that Payoneer charges on a monthly basis if you do not use your account at all during that month.
While these fees don’t seem very high, charging you a penalty for not using your account is still a scam. There are other undisclosed fees as well, so review the terms of your contract very carefully before opening an account.
Note that this includes the detailed user agreement which was presented to you during the registration process and which most people never bother to read.
What is the speed of transactions?
Sending and receiving funds with your Payoneer account is almost instantaneous . Transactions with accounts other than Payoneer may take longer depending on the payment methods used.
The international and local transfers for withdrawal from your bank account usually take 2 to 5 days . This means that after you receive the confirmation mail from Payoneer, it may take 2-5 days for the funds to reach your account.
Transfers within the United States typically take 2-3 business days .
How to register on Payoneer?
Registration for a Payoneer account is done directly on their website .
Although this practice is increasingly common in the payments industry, be aware that it has drawbacks and advantages. Obviously, an online registration process makes it much faster and easier to get an account approved and start making or receiving payments.
It also saves you the trouble of dealing with independent sales agents or having to negotiate the terms of your contract. At the same time, the process is so quick that most people quickly click through each screen and finalize their account without having to carefully read the terms and conditions contained in the user agreement.
This can lead to unpleasant surprises, like the account inactivity fee we mentioned earlier which is not disclosed on the website.
We should also remind you that it may take up to a month for you to receive your Payoneer debit card in the mail , and your ability to use the service will be somewhat limited until it arrives.
* After you sign up and receives a total of 1000.00 USD, you will earn a 50.00 USD reward
The duration of the contract and the costs of early termination
You pay your bills monthly and don’t need to sign a long-term contract. There is also no early termination fee for closing your account, but you will still need to follow the account closure procedure outlined in your contract very carefully to ensure that your account is effectively terminated.
The company’s flexibility, which allows monthly billing without a long-term contract, is commendable and in line with the practices of other payment service providers.
However, as we noted, you will still have to pay an annual fee . While these charges are supposed to apply to your Payoneer debit card, it does n’t seem possible to open an account without accepting that card as well . Therefore, the annual fee is more like the annual account fee that many merchant account providers charge.
Don’t expect to receive a pro-rated refund of these fees if you close your account after paying for it.
Legitimacy
Payoneer markets its services primarily through its website, and it’s pretty good. The site is easy to navigate and includes links to a ton of information on what Payoneer can do for your business.
It also provides useful information about the fees for using Payoneer’s payment services.
However, this information is not complete, and you should therefore read the terms and conditions before registering for an account. The site also includes a sizable amount of educational material, such as FAQs and several how-to videos.
The company is also very active in social media, with accounts on Facebook, Twitter, LinkedIn and Google+. These accounts are primarily used to distribute Payoneer’s blog posts, but the content is updated very frequently and contains a lot of useful educational information. Unfortunately, the company’s Facebook page does not allow customers to provide feedback. Payoneer also has a YouTube channel, which includes dozens of customer testimonials, tutorials, and educational videos.
Is it possible to link a Payoneer and Paypal account?
You are probably wondering if the services of Payoneer and Paypal are compatible? Well, no, it has not been possible to link a Payonner account to PayPal since 2014. We have noticed several disputes between the two institutions. There are transfer problems between the 2 accounts. Even if PayPal accepts your Payoneer account for your bank transfers, the transfers will not go through. Do not hesitate to consult the user experience between the 2 digital wallets directly on the Paypal forum by clicking here .
Quality of customer service
Payoneer has a very useful support center on its website that contains a detailed and in-depth knowledge base as well as an FAQ to answer questions and troubleshoot issues.
If you cannot find the answer to your question here, you will need to log into your Payoneer account to access the live chat feature. You can also contact Payoneer by email, but the phone support seems to be limited to reporting the loss or theft of a debit card.
The assistance via live chat is only available in English , in Spanish or Russian . If you don’t speak one of these languages, the email option supports dozens of additional languages. Unfortunately, we have received numerous complaints alleging poor customer service.
We therefore encourage you to try the Knowledge Base before resorting to any of the other support options.
Our opinion on Payoneer
* After you sign up and receives a total of 1000.00 USD, you will earn a 50.00 USD reward
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