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Payoneer exchange rates and fees

Payoneer charges its customers fees when they are transferred to their Payoneer accounts by the various companies. Thereafter, the withdrawal from local ATMs is also chargeable. Below is an overview of the fees, exchange rates and other costs you may incur when using Payoneer.

Transfer fees

Payoneer's fee structure is made up of several components depending on the type of transaction you are conducting. The fees are categorized as follows:

  • It's free when paid in USD, EUR, GBP, and JPY by other Payoneer customers.
  • The other way to get paid is in Payoneer's receiving accounts. Usually Payoneer gives you the privilege of owning local bank accounts that are EUR, GBP, JPY, AUD, CAD and MXN. If someone pays you via a receiving account in these currencies, you will not be charged any fees. However, if you are paid in USD through your receiving account, you will be charged 0-1% fees.
  • Payoneer has a billing service that allows you to request payment directly from your customers. There is a 3% charge for this service if payment is made by credit card and 1% if payment is made via eCheck.
  • The fees for receiving funds from marketplaces and networks like Upwork, Airbnb, and CJ Affiliate vary from platform to platform. They have to independently confirm what they charge. Upwork charges Payoneer a loading fee of $ 2 per withdrawal.

Withdraw money to a bank account

  • Most local bank account withdrawals are free of charge. For example, withdrawals from Payoneer to KCB Bank or Equity Bank in Kenya are free.
  • If you withdraw to a bank account denominated in USD, EUR or GBP, you will pay 1.50 USD, 1.50 euros and 1.50 pounds sterling respectively. However, for this to be true, the bank account must be in the same country where these currencies are classified as local currencies.

ATM transactions

When withdrawing from an ATM using the Payoneer Mastercard, you will be charged $ 3 per transaction. If you cancel a transaction, you will be charged $ 1.

The exchange rate that Payoneer charges for bank withdrawals is 2% above the mid-market. Usually the provider doesn't show the middle class rate and the 2 percent breakdown of the transfer, but the rate they give you includes the 2% margin.

Depending on the bank and the country you are accessing your funds from, you may be charged landing fees, processing fees, or even brokerage fees. Also, Payoneer does not make it clear how much you will be charged for checking an account balance through the ATM.

Compared to banks, Payoneer offers much better interest rates and the time it takes to withdraw from a bank is also shorter. It will take a maximum of one working day for the funds to be credited to your account.

Top destinations for Payoneer transfers

With Payoneer you can send money to more than 200 countries worldwide. Some of the top countries for Payoneer network coverage are:

It takes 1 business day to send money from your Payoneer account to the bank. Occasional delays may occur if correspondent banks are involved in the transfer. All referral corridors are supported by a strong and knowledgeable team of 1,200 employees.

Pros and Cons of Using Payoneer

Payoneer processes all payments online and has no physical locations or agents. It has clear advantages over other money transfer providers in a number of ways.

Low Minimum Amount: As low as $ 50, you can do business with Payoneer
Location coverage: Comprehensive network coverage for sending and paying out in more than 200 countries and territories
Low fees and affordable prices: Depending on the nature of the transaction, you might not even pay a dime. When you withdraw directly from the bank, you can enjoy high exchange rates that are only 2% above the mid-market.
Convenient withdrawal methods: You can send directly to your local bank or withdraw from an ATM. This way, you will not only receive your money quickly, but also conveniently.
Multilingual Support: The website supports eight languages. This allows users from non-English speaking countries to interact with the website. The languages ​​are English, Spanish, Vietnamese, Japanese, Arabic, Korean, Russian, Ukrainian and Chinese.
Payment service restrictions: In order to make a payment from your Payoneer account, you must have received money from one of the payment partners or through Payoneer's global payment service.
Restricted international transfers: If the transfer is not a purchase or billing for a service, you cannot transfer it to another location.
Annual Fee: Payoneer charges an annual fee of $ 29.95, which is a bit high considering the provider also charges fees and margins on exchange rates.

If you are considering other providers, we took a look at how Payoneer compares to TransferWise in our TransferWise vs Payoneer article so you can make better decisions.

Types of transfers offered by Payoneer

Payoneer enables bank transfers and ATM withdrawals via the Payoneer Mastercard. In order to withdraw from your local bank, you must first add the bank as a payment method. Payoneer usually states that it takes up to 3 business days for the added payment method to be verified. However, approvals typically take around 30 minutes to complete.

You need the Payoneer Mastercard for withdrawals from ATMs. You can still use the account without a card. Ordering the card is free and delivery can take around 3 weeks.

Payoneer transfer times explained

Payments from online marketplaces like Upwork to your Payoneer account are instant. When a customer pays you through Payoneer, the payment can be verified for up to 5 days. However, in most cases, it will take a few hours to verify and the payment will be checked into your Payoneer account.

Payoneer may ask the customer to provide additional information for the payment to be processed. If he does not act on his part, the payment can delay the arrival. You can also request a payment via the Support Center or contact your customer directly.

Payment methods offered by Payoneer

When sending money with Payoneer, you can use the following payment methods to pay for your transfer:

  • Credit card
  • Debit card
  • eCheck
  • Local transfer

Main reasons for using Payoneer

Payoneer is one of the preferred payment and money transfer providers for businesses and freelance professionals.

  • You will receive a payment in an account in local currency such as USD, GBP and EUR
  • Pay your VAT
  • Pay suppliers
  • Pay your contractors or freelancers
  • Move your earnings to your home country through local bank withdrawals
  • Receive payments from online marketplaces and networks
  • Shop on online marketplaces

With Payoneer's Capital Advance you can manage your working capital when selling on Wallmart and Amazon. The loan will be credited to you based on your record of sales in the store. The repayment is gradual until the loan is paid in full. However, if you think Payoneer is not for you, we have created a guide to help you find the best way to send money internationally.

Can i trust Payoneer?

Payoneer was founded in New York City in 2005. Founders Yuval Tal and Ben Yaniv Chechik have provided $ 2 million in seed capital. To date, the company has raised over $ 265 million from a spectrum of investors. Notable financiers include Greylock Partners, Wellington Management, 83North, Crossbar Capital, Technology Crossover Ventures, Viola Ventures, Susquehanna Growth Equity and Carmel Ventures.

The company has grown rapidly and employs over 1,200 people in 17 regional offices in the US, UK, Latin America and Asia. Recent reviews totaled $ 1 billion.

In terms of authorization and regulation, Payoneer is licensed in the following jurisdictions.

Payoneer Inc. - This company is registered as a Money Services Business (MSB) with the US Financial Crimes Enforcement Network (FinCEN). Its license as a money transmitter enables it to operate in 49 US states.

Payoneer (EU) Limited - Founded in 2011 in Gibraltar, this company is wholly owned by Payoneer Inc. The country's Financial Services Commission has licensed the company and given it legal freedom to passport across the EEA.

Payoneer Hong Kong Limited - This company is 100% owned by Payoneer Inc. and licensed by the Hong Kong Customs and Excise Department to conduct business as a Money Service Operator (MSO).

Payoneer Japan Limited - 100% owned by Payoneer Inc., this company was founded in 2014 and registered with the Kanto Finance Bureau as a money transfer service provider.

Payoneer Canada Limited - This company is registered with the Canadian Financial Transaction and Reporting Analysis Center (FinTRAC). It works as a Registered Money Service Business.

Payoneer Australia Pty Limited - This company is wholly owned by Payoneer Hong Kong Limited and licensed by the Australian Securities & Investment Commission (ASIC).

The regulations and licenses ensure that the company protects customers' funds and information. In 2010, Payoneer achieved PCI Level 1 compliance, an important set of standards for online security for its more than 4 million customers.

User opinion on Payoneer

Payoneer has received excellent reviews on Trustpilot. It has a total of 12,352 ratings, 90% of which fall into the categories of “Excellent” and “Great”.

The customers who were satisfied with Payoneer gave the following reasons

  • Excellent customer service
  • Faster transfers
  • High exchange rates

Customers who rated the company as "bad" or "bad" had this to say.

  • Account lockout if verification is not completed
  • Occasional delays in transfers from customers and to bank accounts

Send and receive money with Payoneer

It's that easy to get started with Payoneer. Over time, their requirements have changed, but it still remains a simple 5-10 minute exercise.

How can I send money with Payoneer?

Step 1: open an account. If you have all the required information, including a double-sided copy of your ID, the process will take approximately 10 minutes.

Step 2: Identity Verification - This process takes approximately 20 minutes. If the account has been approved, you can now transact.

Step 3: Link your local bank account.

Step 4: Add a marketplace or contractor details

Step 5: Pay and send your transfer. You can top up your card and make a payment using a bank transfer, credit card, or debit card.

How do I get money with Payoneer?

There is no process for receiving funds in Payoneer or a local bank account. Once you request a payment from a customer or withdraw funds from an online marketplace, all you have to do is wait for it to check in. You can then transfer it to your local bank account or use the Payoneer balance for transactions.

Does Payoneer have a mobile app?

Payoneer offers a mobile app that can be downloaded free of charge from both Google Play and the Apple Store. You can do the following through the application.

  • Open a Payoneer account
  • View the balances of all currency accounts in the app from USD to GBP to EUR.
  • View all transactions, both receipts and withdrawals
  • Pay
  • Withdraw your money
  • Request a payment
  • Manage currencies

You can also refer a friend through the app, contact customer support, and read the frequently asked questions. The app has 14,031 ratings on Google Play with an overall rating of 4.1 / 5. The app has no country-specific or regional restrictions.

Can I cancel my transfer?

If you'd like to cancel a transfer, please contact the customer support team with the following details:

  • The date of the transaction
  • The transaction amount
  • The transaction reference number
  • The reason you want to cancel the transaction

Note that transactions that have already been processed cannot be canceled. Always check and confirm before making any transactions.

How does Payoneer compare to other providers?