Global Payment Platform for Businesses and Freelancers
Everything you need to know about Payoneer - the cross-border payment solution designed for freelancers, e-commerce sellers, and businesses operating in the global marketplace.
What is Payoneer?
Payoneer is a financial services company that provides online money transfer, digital payment services, and provides working capital to businesses and professionals around the world. Founded in 2005 by Yuval Tal and now publicly traded on the NASDAQ (PAYO), Payoneer has established itself as a leading solution for cross-border payments, serving millions of customers in over 200 countries and territories.
Unlike traditional payment processors that focus primarily on domestic transactions, Payoneer specializes in facilitating international payments, making it easier for freelancers, businesses, and marketplaces to send and receive money across borders. Its multi-currency accounts and global bank transfer capabilities make it particularly valuable for those working in the global digital economy.
How Payoneer Works
Payoneer operates as a cross-border payment platform that connects businesses, professionals, and marketplaces around the world. The platform allows users to receive payments in multiple currencies, hold balances in various currencies, and withdraw funds to local bank accounts at competitive exchange rates.
Setting Up a Payoneer Account
Getting started with Payoneer is straightforward:
- Visit the Payoneer website and click "Sign Up"
- Choose between an individual or business account
- Provide personal/business information and contact details
- Verify your identity with government-issued ID
- Add your local bank account information for withdrawals
- Wait for account approval (typically 1-2 business days)
- Start receiving payments from global clients and marketplaces
Key Payoneer Statistics
- Operates in over 200 countries and territories
- Supports 150+ currencies
- Over 5 million active users worldwide
- Processed over $60 billion in volume in 2022
- Partners with 100+ leading marketplaces and platforms
- Offers local bank account details in USD, EUR, GBP, JPY, and more
Payoneer's Core Products and Features
Payoneer offers a comprehensive suite of financial services tailored for global businesses:
Global Payment Services
Receive payments from international clients and marketplaces with local bank details in multiple currencies.
Multi-Currency Account
Hold, manage, and convert between 150+ currencies with competitive exchange rates.
B2B Payment Capabilities
Pay vendors and contractors worldwide directly from your Payoneer account.
Payoneer Card
Mastercard debit card that allows you to spend your balance anywhere Mastercard is accepted.
Working Capital
Access to capital based on your marketplace revenues to fund business growth.
Mass Payout Services
For marketplaces and platforms to send payments to multiple recipients simultaneously.
Tax Services
US tax form preparation and filing services for non-US freelancers and businesses.
Merchant Services
Payment acceptance for e-commerce businesses through Payoneer's payment gateway.
Payment Methods Supported by Payoneer
Payoneer supports various payment methods for both receiving and sending funds:
Global Bank Transfers
Receive payments directly to your Payoneer account via local bank details in multiple currencies.
Marketplace Payments
Direct integration with 100+ global marketplaces including Amazon, Upwork, and Airbnb.
Payoneer-to-Payoneer Transfers
Send and receive money instantly between Payoneer accounts with no fees.
Local Bank Withdrawals
Transfer funds from your Payoneer account to your local bank account in your local currency.
Payoneer Prepaid Mastercard
Spend your balance directly using the Payoneer Mastercard at ATMs and merchants worldwide.
Payoneer Fees and Pricing
Payoneer uses a transparent fee structure with costs varying by service:
Standard Payment Processing Fees
| Service | Fee | Notes |
|---|---|---|
| Receiving payments | Up to 3% | Varies by payment method and currency |
| Currency conversion | Up to 2% above interbank rate | Varies by currency pair |
| Withdrawal to local bank | Up to $1.50 | Varies by country and currency |
| Payoneer-to-Payoneer transfers | Free | No fee for transfers between Payoneer accounts |
| Annual card fee | $29.95 | Charged yearly for maintaining the Payoneer card |
Additional Services Fees
| Service | Fee |
|---|---|
| ATM withdrawals | Varies by country and bank |
| Inactive account fee | $29.95 annually after 12 months of inactivity |
| Monthly account fee | None for active accounts |
| Payment from credit card | 3% of transaction amount |
| Mass payout services | Custom pricing based on volume |
Pro Tip
To minimize fees, use Payoneer's free Payoneer-to-Payoneer transfers when paying other Payoneer users, and schedule larger currency conversions rather than making multiple small conversions, as the percentage fee can add up quickly with frequent small transactions.
Industries Served by Payoneer
Payoneer is particularly popular in these industries:
Freelancing and Remote Work
Digital professionals receiving payments from international clients on platforms like Upwork, Fiverr, and Freelancer.com.
E-Commerce and Marketplaces
Online sellers on Amazon, eBay, Walmart, and other global marketplaces who need to receive cross-border payments.
Digital Marketing
Affiliate marketers, advertisers, and content creators receiving payments from global networks and companies.
Travel and Hospitality
Vacation rental hosts on platforms like Airbnb and Booking.com receiving payments from international travelers.
Business Services
Agencies, consultants, and B2B service providers working with international clients.
Countries Where Payoneer Is Available
Payoneer has extensive global coverage with some limitations:
Fully Supported Countries
Payoneer offers full services in most countries worldwide, including the United States, Canada, United Kingdom, European Union countries, Australia, India, China, Brazil, and many others across Asia, Africa, and Latin America.
Restricted Countries
Due to international sanctions and regulatory restrictions, Payoneer does not operate in: Iran, North Korea, Syria, Cuba, Sudan, and Crimea. Services may also be limited in certain other high-risk jurisdictions.
Important Consideration
While Payoneer operates in most countries, specific features and currency options may vary by location. Some countries may have limitations on certain withdrawal methods or currency holdings. Always check Payoneer's official website for the most current information about services in your country.
Security and Compliance
Payoneer employs robust security measures to protect users:
Regulatory Compliance
Licensed and regulated as a Money Services Business (MSB) in the US and holds similar licenses globally
Data Encryption
Bank-level security with 256-bit SSL encryption for all transactions and data
Fraud Prevention
Advanced monitoring systems and proprietary algorithms to detect suspicious activity
Two-Factor Authentication
Optional 2FA for enhanced account security
Payoneer vs. Traditional Banks for International Payments
Payoneer offers several advantages over traditional banks for cross-border transactions:
| Feature | Payoneer | Traditional Banks |
|---|---|---|
| Transfer Speed | 1-2 business days for most transactions | 3-5 business days for international wires |
| Fees | Transparent, typically lower than banks | Often include hidden fees and poor exchange rates |
| Multi-Currency Accounts | Free to open and maintain multiple currency accounts | Often require special accounts with monthly fees |
| Accessibility | Available to individuals and businesses globally | Stringent requirements for non-residents |
| Marketplace Integration | Direct integration with 100+ global marketplaces | Limited or no direct marketplace integration |
Future of Payoneer
Payoneer continues to expand its services and global reach:
- Expansion of banking services in additional countries
- Enhanced mobile app capabilities
- Additional currency support
- Improved integration with e-commerce platforms
- Expansion of working capital and credit services
- Development of more sophisticated B2B payment solutions
Final Recommendation
Payoneer is an excellent choice for freelancers, e-commerce sellers, and businesses that regularly receive international payments. Its multi-currency accounts, competitive exchange rates, and extensive marketplace integrations make it particularly valuable for those operating in the global digital economy. While fees can be higher than some alternatives for certain transactions, the convenience, speed, and reliability often justify the costs for businesses that prioritize efficient cross-border payment processing.
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