Payoneer - an EMI empowering freelacers.
What is Payoneer?
Your Payoneer account is an online payment service account that allows users to make deposits, and receive or spend funds on merchant sites without using a credit card. Besides, users manage their online transactions while effectively protecting our banking data. The service is expanding rapidly in terms of its presence in countries and partner companies; there is no need to introduce Fiverr, Amazon, and Airbnb, etc.
Payoneer offers to receive accounts in seven popular currencies: EUR, GBP, USD, JPY, AUD, CAD, and MXN. It is called the Global Payment Service to get payments in these currencies, except USD, just like a local account without incurring additional charges. If you are receiving payments in USD, Payoneer would charge around 0-1% depending on your country. These accounts don’t allow users to pay, but they will benefit from all the information, such as an IBAN or a RIB.
Users can also make use of Payoneer’s “Make a Payment service” to pay in EUR, GBP, USD, and JPY to other Payoneer users. It is good to know that receiving payment from other account holders is entirely free. A comprehensive list of Payoneer fees and charges can be viewed on its website.
All Payoneer transactions are very fast; it is almost instantaneous from one Payoneer account to another. It can take up to three days to transfer money to your bank account which, in comparison to PayPal, is a bit slow. Payoneer also allows you to have prepaid cards, for different countries in different currencies. It is a very good option to avoid changing your currency every time you travel abroad.
Payoneer Prepaid Card
It is a prepaid MasterCard linked to your Payoneer account. This prepaid card along with the Payoneer account makes a very comprehensive digital wallet (multi-account, and multicurrency). You can then get a prepaid card for each currency you use. So, you can avoid changing currency when travelling from one country to another.
This card does not work like a classic prepaid card like Transcash, and it will not be possible to buy coupons and exchange cash for electronic money. You can recharge/load your card by accepting payments from your clients. Freelancers working on platforms such as UpWork, Fiverr, Wish, or Airbnb, would be able to receive payments for their work or their sales commissions. You can also make a transfer from your bank account to your Payoneer account which automatically loads your card available in the currencies above. The cards are supported in over 200 countries in 150+ currencies, and allow individuals and businesses to withdraw funds or spend Payoneer balances online without any hassle. The charges related to Payoneer prepaid Mastercard can be viewed here.
If you get paid from a Payoneer mass payout company, you will be able to load the funds to the card. The service gives you two options: immediate load (recharge within two hours), and standard load (funds are loaded within a few days). The corresponding charges will appear next to each option.
- One prepaid card per currency
- SEPA transfer and personal IBAN
- 24/7 multilingual and responsive customer support
- Allows switching from one currency to another with very competitive fees
- Almost negligible reloading costs
- Perfect for international trade, and to receive funds in seven popular currencies
- Businesses can benefit from its low fees
- Allows mass payments
- ATM withdrawal fee (€2.50 / transaction) which is high
- High exchange fee if the user is buying with a card not supported in the seller’s country
- PayPal is not supported which can make things complicated if you are running an e-commerce site
Is Payoneer Safe?
It allows users to manage their online transactions while protecting their bank account details. Consumers no longer have to use their traditional bank cards, so their bank account details will not remain on poorly-secured e-commerce websites. You will only need your Payoneer credentials to receive or send funds.
This service is authorized and regulated by various international watchdogs to be considered a reliable and secure service. Its payment platform is fully compliant and tightly audited by financial regulators of various countries. Besides, Payoneer is licensed by MasterCard, and users are offered the same guarantees as the world's renowned banks. The money in your Payoneer account has the same protection as that in your bank.
You can withdraw your Payoner balance to your business or personal bank account, but this option is subject to availability. The Payoneer withdrawal to bank account fees will be displayed in the withdrawal summary. You can also cash out funds from Payoneer MasterCard at supported ATMs worldwide.
To delete your Payoneer account, please ensure that you have used all the funds on your Payoneer card. You need to contact support to close Payoneer account.
To order a Payoneer prepaid MasterCard you need to complete an application form or directly order it through the “Card Management” option in your account settings (users will get both or any of the options depending on their location). Users may also “Order card” option, and follow instructions. You can also contact Payoneer support for more information.
You can get paid directly from global marketplaces that have integrated Payoneer or use Global Payment Service and receive funds in your local receiving accounts. You can also create a Payment request through your account, and Payoneer will notify your client about your request along with details of available payment options.
There are various methods to deposit funds in your Payoneer account:
- Affiliate program- Spread the word about Payoneer services or work for Fiverr affiliates, Amazon associates and others that work with Payoneer, and get your commission directly deposited to your account.
- Freelancing websites that pay with Payoneer.
- Receive funds from another Payoneer user.
- Via Payoneer global payment service (when you get paid by the US firms/bank accounts.)
Questions & answers
Due to the situation with Wirecard solutions, and the separation of the UK from the EU, Payoneer is now issuing the prepaid MasterCard. How does it affect the already issued cards by WireCard?
We’ve completely switched our cards to be issued by Payoneer EU. There are no Payoneer cards issued by Wirecard at the moment any more. All users could keep their existing cards, but they are now being issued by us – users didn’t have to change anything and could smoothly proceed using their old cards.
How it impacts the users’ access to the funds? Suppose my previous card is closed, and the new one is not issued yet or in the process of verification, so how can a user access the funds?
See above – migration of all cards to be issued by Payoneer didn’t cause any issues with fund accessibility for our users.
Are there any changes in the fees and how you can use the newly issued cards? Any Limitations?
As for now, there were no changes in the fees for ordering and using cards. But we are working on adding up a higher class card that might have a different fee structure, we will keep you posted.
If you have a company and want to do business in Europe, the US, Canada, Japan etc, then Payoneer might be a good option for you. Even for individuals especially freelancers, the possibility of having three real accounts in Europe, the UK, and the US makes life easier. The website and app are easy to use, and the customer support is very responsive and professional. Another benefit is the prepaid cards for each of your accounts, so you can use your funds just like a typical bank account.
However, if we talk about the fees and charges, especially the ATM withdrawal fee and the high currency conversion fee, for a non-listed currency, then other similar services clearly have an edge. Besides, there is an annual membership fee of €24.95, which is applied to using the prepaid card. Users also need to pay €9.95 for a card replacement. If I think from the consumer’s perspective, they would always service such as PayPal with lower fees and other charges. Additionally, users can only transfer to other Payoneer accounts, so if your client does not want to pay via Payoneer, there is no other option than to choose another service.
In my opinion, your needs dictate which payment service you should use. Factors like convenience, international presence, supported currencies, prices, transfer speed, etc go into it. I highly recommend carefully researching and understanding your requirements/your business structure to make sure you select the right service for you.