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Regardless of whether you are a blogger, freelancer, or affiliate marketer, you’ve probably already heard of Payoneer. It is one of the most important payment platforms available – but there are so many questions left unanswered. What is Payoneer? Is Payoneer legit? Read the next sections to learn everything you need to know about this smart payment service with our Payoneer review.
What Is Payoneer?
Payoneer is a payment platform that enables cross-border transactions for businesses, individuals, and other professionals. The service mainly allows its users to make payments with just one click, regardless of where the receiver is located.
When joining Payoneer, freelancers and other business individuals enjoy low fees on each transaction, so they can make payments without damaging their profit margin. In addition to this, the payment platform can be used with numerous currencies, and some of them are free of charge. In addition to this, the platform is accessible in more than 35 languages.
How Payoneer Works
Payoneer can be used by both individuals and businesses that need to make money transactions. The platform creates a set of collection accounts for each customer, and each payment that is in an offshore account is converted into the local currency as stated by the Payoneer’s user. Then, this payment can be transferred to a bank account. There is also an option to receive the Payoneer MasterCard which allows users to withdraw their funds at any ATM.
Payoneer fees vary depending on the type of the transaction. In addition to this, cash withdrawals through ATMs also incur fees. The main charges and free services are:
- Free transactions between Payoneer customers in EUR, USD, GBP, or JPY.
- Payoneer’s receiving accounts are also a free way of getting paid and the currency options are GBP, EUR, JPY, CAD, AUD, MXN. These work just like opening accounts in each country. If the receiving account is USD, however, there is a charge ranging from 0% to 1%.
- Transactions via Wish, Upwork, Fiverr, Airbnb, and thousands of other companies depend on each platform’s own fees.
- Withdrawals to a local bank account (in any other currency) comes with a maximum of 2% fee; withdrawals to a local bank account in the same currency cost 1.5 USD, 1.5 EUR, or 1.5 GBP, depending on the chosen currency.
- Any transactions to or from bank accounts incur different fees based on the receiving bank and a 2% fee is charged by Payoneer.
You can order the Payoneer MasterCard which can be used to make payments in stores, online, or withdraw cash at any ATM. For eligibility, you need at least $100 received to the account in the last six months. ATM transactions cost $3 each. There is also a $29.95 fee for your account if have not had any transactions in your account for the last 12 months.
Is Payoneer Legit?
Payoneer is a legal business registered in the United States as a US Money Service Business. The company was established in 2005, and they received a certification of PCI Level 1 Data Security Standard, which confirms that they have stringent security measures regarding their systems and networks.
Is Payoneer Safe?
Payoneer is certainly a legitimate and safe payment platform. They have different security protocols in place. For instance, each transaction is kept secure through complex anti-hacking methods and firewalls to prevent identity theft, fraud, phishing, and any other type of cyberattack.
Can Payoneer Be Trusted?
Yes, Payoneer can be trusted as it is a large US business that attracts numerous users globally. The company is backed by the same investors behind Dropbox, Facebook, and even Expedia. Since its establishment in 2005, the company has now grown to more than 1,000 employees worldwide in more than 14 offices. Payoneer is a fully regulated payment service in different countries and regions, including the European Union, the US, India, Hong Kong, and Japan.
Payoneer Customer Service
The platform offers 24/7 customer support via live chat in multiple languages. Additionally, Payoneer’s phone number allows users to quickly access their helpline by dialing (646) 658-3695 internationally, but they also have local phone numbers in other countries, including US and Canada, Australia, and the UK.
In the sections below we look at some of the most popular Payoneer alternatives.
Payoneer vs PayPal
PayPal is a global giant, unlike Payoneer’s slightly smaller network. As a result, PayPal often comes with quicker transaction times and slightly lower fees. The best service depends on personal needs and expectations; for a larger business with global customers, PayPal can offer a better experience because of its large network and broad currency capabilities. On the other hand, PayPal does not offer a Mastercard, unlike Payoneer – if it is important to you to use these funds or access them directly through ATMs, Payoneer is the solution.
Payoneer vs Skrill
Skrill is a slightly different service as it targets people who want a digital wallet that can be used for betting, shopping, trading, and others. Both services support US ACH and global ACH payments, so they are suitable for their intended customers. Payoneer is a platform dedicated to independent contractors, small businesses, and freelancers who require cross-border transactions.
Swipesum is a payment gateway matchmaking service that helps businesses save on credit card processing fees. They research the best payment solution for your business’s unique needs and help you pre-negotiate the best terms for you for free.
Payoneer vs Hyperwallet
Payoneer is a relatively straightforward payment platform. Most of their customers are attracted by the pre-paid debit card and free transactions between Payoneer customers. On the other hand, Hyperwallet is a much more complex service. They have a wide range of add-on services, such as tax identification forms, direct deposit, and can support mass payouts using different methods, including royalties, earnings, commissions, and many more.
Payoneer vs Transferwise
If the focus is on fees and charges, Transferwise can be a better option because it is generally cheaper than Payoneer. Transferwise, however, takes a small percentage of the entire sum, so it is ideal only for small transactions, but they do not earn on exchange rates. This applies to Payoneer as well, so the two services are quite similar.
Bottom Line: Payoneer Review
All in all, Payoneer is a secure payment platform that eases the process of making payments between customers. They also support direct bank transactions, but these come at a cost. It can be a great solution for freelancers, small businesses, and independent contractors that require cross-border money transfers.
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Enjoy our Payoneer review?
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