Payoneer is easy to use a payment method which is also an international financial company. Payoneer gives secure online money transfer with a digital payment service. Create a Payoneer Free account & get free MasterCard.
It promises safety and utility. Through Payoneer, you can pay and get paid worldwide. The fees make it the most suitable for people from Upwork, Freelancer, Airbnb, Fiverr, and many more.
The account holders can send and withdraw funds in their local bank account, Payoneer e-wallet, or to a prepaid Mastercard debit card accepted online or physically at retailing points. Utilization of the Payoneer card is most in ATM booths of the countries which support Payoneer after they create a Payoneer free account.
Payoneer offers its users various ways to get paid for working with international clients, national clients, and global marketplaces – swiftly, reliably, along with the lowest cost of all money transfer platforms. And you can make a payment for free.
The platform of Payoneer has five million users, two hundred plus countries, and it supports 150+ currencies. The card is free of cost with a comparatively cheap annual fee, set at 29.95$.
Freelance marketplaces benefit the most from Payoneer. It’s the most convenient and widespread platform of money transferring system of our current generation.
The main intention of Payoneer is to conduct business payments and making currency conversion reachable in 150 currencies. Payoneer being a Global Payments Platform with five million customers universally, it has an option to foreign corporate accounts for SMEs, with easy and quick to receive payment methods. It has an addition of a friendly platform, with providing MasterCard with a minimum fee to both platform users; purchase, and retail points.
A simple summary of Payoneer, the transfrontier payment platform, and what you need to know about it covers the following pointers:
- What Payoneer is.
- How to open an account.
- How Payoneer works.
- How to Use Payoneer for Receiving and Paying Payments
- Platforms Payoneer is accessible in.
- Features of Payoneer.
- Reachability of Payoneer.
- User-oriented Pros and Cons of Payoneer.
- Safety of Payoneer.
- Alternatives and their differences with Payoneer.
- The “must-knows” of Payoneer.
What is Payoneer?
To break it into simple terms, Payoneer, founded in 2005 with a two million dollar seed funding, is an online transaction source that allows a person or a business administrator to send and receive payments back and forth to businesses, marketplaces, and individuals in various countries around the globe.
The account-holders to Payoneer can efficiently dispatch and receive funds into their bank account, Payoneer e-wallet, or onto a prepaid Mastercard debit card in a safe manner. It’s used in both platforms; online and purchase/retail points.
Create a New Account in Payoneer free:
The user has to go to the Signup page firstly.
Afterwards, the user can create an account as per the following instructions,
- Upon going to the Payoneer’s Account Registration page, the users will either choose “Individual” or “Company”.
- Next, the users must input their name, email address, and date of birth and hit “Next” to proceed to the next step.
- On the next page, the user has to give their home address, country, phone number, and zip code for them to receive the card.
- The individual using the account has to put in their username, desired password, the secret question and, the answer to it, and give in the identification number of their preferred government-issued ID card. They also have to input their preferred payment option; Payoneer Prepaid Mastercard, or the Bank Transfering method.
Selecting the user’s preferred payment option is a necessary step in the process. Due to Payoneer having the available choices between the prepaid card method and the bank transferring method, the registering user will be able to have an account even if he/she doesn’t have access to one of the options among the given two.
Upon the completion of the process, Payoneer will go through their application and email them with further details confirming the registration, and they’ll have a Payoneer account to themselves.
Whenever they want to access their Payoneer funding stored in the account, they can transfer it to their local bank account in their local currency and use the report according to their usefulness.
Working Procedure of Payoneer:
Once registered, the Global Payment Service issues individuals with a Payoneer account. The account authorizes them to,
- Accept payments in multiple currencies like a global account.
- Make transactions effortlessly through the platform.
Although, we must remember that Payoneer services are only for an individual/any other type of business transaction, not personal ones.
How to Use Payoneer for Receiving and Paying Payments:
A Payoneer account can hold all transactions in the currencies that the user has received. The user has the option to simply transform from one currency to their preferred currency or keep the foreign currency in their account as per their wish.
Some information about the fee structure:
- During the usage of local bank accounts in US dollars, the user has to pay a mandatory fee of around 1%.
- Using other local bank accounts doesn’t involve any charges.
- If the user pays through a credit card, there is a 3% fee in every transaction.
- When receiving money from various freelance marketplaces, networks, or individual business firms and the many other sources, the rate depends only upon the cause.
- Payoneer trades currency at the interbank rate and charges an extra commission allowance of 0.5% of the converted amount.
- Notably, extracting funds to a bank in a different currency will attract a benefit of up to 2% above interbank rates for converting funds into the other currency.
- There are some additional fees related to the Payoneer card, such as ATM withdrawals, which will cost you $3.15 per transaction.
- There are $1 fees in case of ATM decline or ATM balance inquiry.
- The card comes with an annual charge of $29.95, and you’ll be able to get a replacement card for $12.95.
Following the fee structure, you can pay and get paid globally in Payoneer.
Platforms you can access Payoneer in:
The modular process behind the working procedure of Payoneer payment begins with its cashing method. Payoneer comes with three different types of payment procedures for the convenience of its members,
- Bank wire: Your money will transfer to your bank account, be it local or international.
- Online Payment: The user can make online transactions easily through online payment systems.
- ATM access: Lastly, you can also access it through the physical interaction of ATMs, in which you’ll need your Payoneer card along with you.
The features of Payoneer:
Options which come with Payoneer are numerous, and here are some of its features:
- Individual Payout
- Create Payoneer Free Account Easily
- Accept Payments
- Large Payouts
- Capital Withdrawal
- Ally Network
- Connected Payments
- Multi-Currency Assistance
- Get Paid Worldwide
- Broad association with international companies
- Convenient for freelancers
Being a Member Service Provider of MasterCard used in more than 200 countries as well as by international companies, it has a vast reach and a field of practicability.
Payoneer and it’s reachability:
Since every financial platform requires assistance with instant customer support, Payoneer has its ways too to reach its customers and live up to the convenience they claim to own.
The ways to contact Payoneer is through:
- Sending a message on their website through the user’s account.
- Initiating a Live Chat Method in English/Spanish/Russian;
The live chat method requires the user to follow a time-bound set by the authorities of Payoneer in daytime EST,
- Monday: 2 am until the clock strikes midnight.
- Tuesday to Thursday: 24 hours facility.
- Friday: Midnight to 6 pm
- Calling the phone number provided by their page for instant support is a viable option as well.
- They also have different social media links through which the user can reach them.
Payoneer also provides a mobile app with quite some functionalities. The application is available for Apple and Android devices. It allows the users to instantly check and review their card balances, transactions for all balances along with refining principal transactions, and the ability to access information that ensures a quick sign-in process, to make global payments easier.
Pros and Cons of Payoneer:
Even the most convenient and systematic methodologies that go behind the making of a money transferring platform have the Pros and Cons.
The pros of Payoneer are plenty;
- Payoneer is an easy money transferring system that isn’t complicated.
- It has quick cross-platform money moving availability at all times.
- The user’s local bank account can receive/withdraw the payments.
- ATMs are compatible with the Payoneer cards.
- Works in two hundred countries with growing the numbers of functional currency which is currently 150+.
- E-commerce retail places use Payoneer conveniently.
- The support of Payoneer reaches to almost any website.
- Currency exchange fees are reasonable in comparison to other money transfer platforms.
Now, starting with the cons,
- Customer support of Payoneer is not as fast as it could get since it takes quite some time to discuss your issues personally with a representative.
- Payoneer has quite a substantial amount of annual fees along with the renewal fees.
- Payoneer tends to cause limitations during the transactions of large amounts of money, and it’s also not the best in the case of significant transactions.
- Currency conversion is only available for money received into a Payoneer account. Notably, it’s intended strictly for business transactions.
The safety of Payoneer:
To ensure the safety of the transactions, Payoneer specialists strictly adhere to all-inclusive synchronized global payment regulations and have an association with banking partners and members of the Federal Deposit Insurance Corporation (FDIC). It’s also mentionable that they are a registered US Money Service Business certified at a PCI Level 1 Data Security Standard, so you can lay back and be at ease about the safety of your money.
Alternatives and difference between the other options and Payoneer:
Payoneer is proven to be the better alternative among sites like PayPal, Skrill, TransferWise, Stripe, and Xoom. Although having other options, Payoneer is most often compared with PayPal and the other alternatives as well. The other options have distinguishable differences such as,
- PayPal or any other alternative doesn’t support as many countries as Payoneer,
- Payoneer is more comfortable to start with, in comparison to any additional money transferring platform,
- Payoneer provides API support which isn’t the case for most other platforms,
- In some instances, Payoneer is more cost-efficient than other platforms.
To be curious is to be human. There are so many underlying questions that come along with the elaboration of the concept of Payoneer. To begin with some facts about Payoneer,
There are limitations to payment. The limit to the amount through credit card is 2,000 USD/EUR per fee whereas payment through the US bank with the “Pay Now” option is limited to pay up to 3,000 USD per fee.
Payoneer blocks funds to thousands of users. Payoneer blocks funding whenever it freezes, and it comes unnoticed, although they fix the issue as soon as possible.
Payoneer transactions are non-refundable and non-reversible. In the case of reverse payments, the authorities will provide zero to little assistance.
Payoneer has a rating of 8.6/10, reviews taken from trustpilot.com shows. The ratings are excellent and the customers considering are highly satisfied.
Hence, this brings our article to a conclusion. Understandably, Payoneer has proven itself to be one of the within-reach methods of money transferring systems for the vast number of people working from home, and to business, be it big or small. Starting from a person freelancing to an extensive company dealing with their monetary distribution, Payoneer is a go-to.
Even if Payoneer and it’s annual/additional fees come off as a little on the high end for you, it is notable that Payoneer will be at your reach whenever you need a broad global transaction.
That being said, with access to many options given by Payoneer, we hope you make the best out of it to your advantage and Create a Payoneer Free account.