Payoneer Review : Global Payments Pros & Cons of Using Payoneer

Today I will discuss everything you need to know about Payoneer. After reading this in-depth Payoneer review, you will know how to get started with it, how to receive and withdraw money, what charges you have to pay, and so on.

What is Payoneer?

Payoneer is one of the leading payment processing companies that allows you to receive money from 200+ countries. It is considered as one of the best PayPal alternatives. The company started its operation in 2005. Throughout its journey, Payoneer went across the globe with 12 offices worldwide. As a result of its rapid growth, it is included in the list of top 100 financial companies in the world.

Payoneer offers Prepaid card to its customers. You can use this card to withdraw money, make payment, book hotels, purchase things online from anywhere in the world.

Getting Started With Payoneer

It is very simple to create an account with Payoneer. You can create a new account by clicking here. If you follow this link and sign up, you will get $50 bonus once your $1000 on your account.

Once you have signed up, you can apply for the prepaid card. If everything is okay, your request will be approved, and the card will be shipped to your mailing address. After receiving the card, you need to activate it. The card will come with step-by-step instructions about the simple activation process.

At this moment, these cards are valid for three years. Payoneer will remind you three months before the expiry date. You will receive the new card without any extra charge.

Most people use Payoneer to collect payments from various sources. Therefore, it makes sense to discuss that feature next.

Receiving Payments

When you partner with Payoneer, you can receive money from European companies in a fast and easy way. When you open up a Payoneer online account, the Payoneer team creates a EUR collection account for you.

So, whenever you want to receive money from a European company, you only need to provide your checking collection account details.

Easy to use

Payoneer is accepted as a reliable online payment system by many US and European companies. You can easily set up Payoneer as the default payment method

Currency

Payoneer supports as much as 150 currencies worldwide. You don’t need to convert funds into the local currency your funds are automatically converted and transferred to user’s local bank account.

Account to Account Money Transfer

Payoneer allows you to transfer money from account to another easily. It is particularly useful if you have custom offers for your customers. Payoneer goes to deliver fast and secure one-to-one money processing service.

Some other Payoneer benefits include:

  • Funds are automatically transferred to user’s local bank account
  • Multilingual Online Support Service which is available 24x7x365
  • Cost Effective
  • Load money from the local bank (saving/checking account) to Payoneer Account. (This is not available in India.)

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Payoneer Fees

Here, we have summarized the Payoneer account fees for you:

For Receiving Payments

From another Payoneer Customer – Free
Via Receiving Accounts – Free (USD, EUR, GBP, JPY, CNY)
Via eCheck – Free (USD)
Via Credit/Debit Card – 3% (All Currencies)

Make Payments

To another Payoneer Customer – Free

Withdraw Funds

To a Bank Account in a different currency – Up to 2% above the mid-market rate.

Payoneer vs. PayPal vs. Bank Transfer

Let’s find out what is the best option for receiving payments when an Indian company bill a US-based company directly.

Here’s a quick comparison between Payoneer, PayPal, and Bank for cross-border payment transfer.

1. Through Bank Transfer

Sender Bank: Bank of America
Receiver Bank: HDFC Bank
Amount Transferred: $100
Wire Transfer Fee: $35
Currency Conversion Fee: 2.6% above the market rate
Total time is taken for transfer of Payment: One Working Day
Total Amount Transferred: $65
Mid-Market Rate: 1$ = Rs. 66.38
Currency conversion rate of banks = 64.65 (2.6% above market rate)
Hence, $65*64.65 = INR 4,202.25

2. Through PayPal Transfer

Payment transfer from PayPal (US) a/c to PayPal (India) a/c.
Sender: PayPal US
Receiver bank: PayPal India
Amount transferred: $100
Fee charged (receiver): 4.4% of the amount transferred + 0.30 cents
Currency conversion fee: 2.5% above the market rates
Total time is taken for payment: 3 to 5 days
The total amount transferred:
Mid-market rate: $1 = Rs. 66.38
PayPal’s Currency conversion charges = 64.72 (2.5% above the market rate)
Amount transferred = $66.62
Hence, $95.3*64.72= INR 6,167.82

3. Through Payoneer

A payment made from the US to India through Payoneer ACH transfer.
Sender: Payoneer US
Receiver Bank: Local Indian Bank
Amount transferred: $100
Receiving fee: Nil
Currency conversion charges: 2% above the market rate
Total time is taken for payment: 2 to 4 days
The total amount transferred:
Mid-market rate: $1 = Rs. 66.38
Payoneer’s Currency conversion charges = 65.05 (2% above market rate)
Amount transferred: $100
Hence, $100*65.05 = INR 6,505

Findings

From the above scenario, it can be seen that Payoneer offers best currency conversion rate of 2% above the mid-market rate. So, Payoneer proves to be the best option for making cross-border transactions.

By making the cross-border payment transfer through Payoneer, customers are able to save on forex conversion and transaction fees. In total, you can save 71% or more on your international payment transactions.

Payoneer for Freelancers

With Payoneer, it becomes easy for freelancers and marketplaces to do business in a global environment.

Freelancers get all the necessary tools they need to pay and get paid globally. With Payoneer, freelancers can easily and quickly send and receive funds across the globe.

Payoneer turns out to be a fast, reliable, flexible, and low-cost payment solution for freelancers. Freelancers are equipped with a host of payments services giving them complete peace of mind when it comes to getting paid.

So with Payoneer, freelancers can concentrate on what’s really important for them.

Payoneer offers low fees so that freelancers can keep more of their earnings. With fast payment processing, freelancers get the opportunity to access funds within minutes. They can transfer funds quickly and securely to more than 200 countries and in over 100 currencies.

In short, Payoneer means “satisfaction guaranteed” for freelancers.

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Pros & Cons

Now that you know what features and services Payoneer offers, it’s time to check out the pros and cons of the payment processing service.

Pro

    • Simple sign up process.
    • Local bank accounts in different currencies.
    • Get paid from most freelance marketplaces, affiliate networks, advertisers, and e-commerce sites.
    • Direct withdrawal in your bank account.
    • The Payoneer Card works anywhere in the world.

Con

  • Hefty renewal fee for the card.
  • Live chat and phone support not available 24/7.

Register Here

Final Words:

With Payoneer, you can even open a free US virtual bank account for your lifetime. Payoneer is a good alternative to PayPal. Lastly, Payoneer proves to be the best international money processing service.

what do you think about Payoneer? Does it offer the money transfer option you are looking for? Let me know in the comments below.

 

 

Payoneer Review : Global Payments Pros & Cons of Using Payoneer
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