Payoneer is a global payment solution that allows freelancers or business-owners to receive payments from the USA, EU, or most countries in the world. Also, if you don’t have an officially registered business, you can still open an account at Payoneer. However, you can only receive payments from clients through official business bank accounts. Payoneer does not support payments from consumers through personal bank accounts.
Payoneer’s service is available globally and is the most favored service for UK and US payment service. The Payoneer virtual bank account is not like a real bank account that you use for your daily activities. However, you can order a Mastercard that you can use to make payments online, withdraw money and pay in shops.
Best Payoneer Features
Payoneer offers a variety of features, each with its own advantages. Some of the most important features include:
- Get paid directly into your Payoneer account by global marketplaces such as Fiverr, Upwork, Airbnb, and more
- Payoneer virtual and physical card to make purchases in over 150 countries
- Availability in over 150 countries like the USA, India, UK among others
- Send and receive money from clients worldwise
- Get paid faster with ACH, SEPA, and SWIFT payments
- The best alternative to PayPal
- Manage your money in multiple currencies
- Payoneer’s virtual card, a prepaid Mastercard
- Low US bank account fees
- Receive payments in over 150 local currencies and withdraw funds to your local bank account
Read also: Virtual Bank Account Providers
How Payoneer Works
Payoneer works by establishing a virtual bank account in your preferred currency. This virtual account enables you to accept payments from clients and global marketplaces. You have the flexibility to transfer your earnings to your local bank account or use your Payoneer card for transactions.
You can open Payoneer personal or business account. A Payoneer business account is a payment account that allows businesses to receive and send payments internationally, while a personal account only allows you to receive payments under your personal name as a freelancer or independent contractor. Payoneer business account gives you all features of the personal account, plus payment gateway, invoicing, and access to Payoneer’s network of payment partners.
Payoneer Business Account vs Personal Account
Here is a table key differences between the two Payoneer account types:
| Feature | Payoneer Personal Account | Payoneer Business Account |
|---|---|---|
| Eligibility | Individuals | Businesses of all sizes (small, medium, and large enterprises) |
| Required documentation | Proof of identity, proof of address | Proof of identity, proof of address, business registration documents |
| Fees | No monthly fee, fees for receiving and sending payments | No monthly fee, no fees for receiving payments, fees for sending payments |
| Features | Virtual and physical Mastercard, bank transfers, currency conversion | All features of the personal account, plus payment gateway, invoicing, and access to Payoneer’s network of payment partners |
How to Open Payoneer Account
The sign-up process for the Payoneer virtual account is easy. You are required to fill out personal details and contact details form on the website. The information you give must be accurate and includes your real name, email, date of birth and a real physical address for verification purposes.
You must also provide a copy of their passport or ID card for Payoneer to identify your citizenship. After successfully completing all the steps, Payoneer will check the provided details and activate your account within 2-3 working days. Once you receive the confirmation mail, you can proceed for the international MasterCard application. Payoneer will send the MasterCard to your local address. In some countries you have to wait at least 30 days while in others, you can receive the card within 7 days depending on the courier service. You must log in to your Payoneer account to activate the MasterCard.
To open a Payoneer business account, you will need to provide some basic information about your business, such as your company name, address, certificate of registration, certificate of incorporation, tax document, and business license. You will also need to verify your identity by providing a copy of your passport or government-issued ID.
Payoneer Virtual Card
Payoneer’s virtual card is a prepaid Mastercard that can be used to make purchases in over 150 countries. The card works like any other debit card.
How to Get Payoneer Virtual Card
To get a Payoneer virtual card, you need to have a Payoneer account. When you sign in, if you see a message inviting you to Order Now, you are eligible. If you are not eligible, a message describing the eligibility requirement is displayed. You need to receive a minimum of 100 USD or equivalent to qualify. Once you have met the eligibility requirements, you can order a virtual card from your Payoneer account.
The virtual card will be added to your Payoneer account immediately. The virtual card is free to order, but there is an annual maintenance fee of $29.95.
How to Activate Payoneer Virtual Card
To use your Payoneer virtual card, you first need to activate it. You can activate your Payoneer virtual card by following these steps:
- Log in to your Payoneer account
- Click on the “Cards” tab
- Click on the “Activate Card” button next to your virtual card
- Enter the security code that was sent to your email address
- Click on the “Activate Card” button
Payoneer’s Global Payment Service
Payoneer’s global payment service allows businesses and freelancers to receive payments from clients and marketplaces around the world. You can, therefore, get paid for work done online including app development, affiliate marketing, freelancing, stock photography, eBay and Amazon resellers and many more. This service allows international companies to easily send you a local bank transfer.
How to Get Paid With Payoneer Global Payment Service
- You log in to your Payoneer account.
- Select receive from the menu and then click on the Global Payment Service option.
- Choose the currency that you want to receive.
- Forward the details displayed to your client (each currency has different details).
- The funds are transferred straight to your Payoneer account after the client sends the payment.
- Withdrawing is easy and can be done at your local bank account or to your Payoneer MasterCard.
Payoneer Fees
Payoneer applies fees for a number of its services, such as incoming payments, and these fees differ based on the currency and payment method used. Additionally, Payoneer imposes fees for withdrawing funds to your local bank account. You can view the list of fees associated with your Payoneer in your Payoneer account. Here are the general fees:
| Service | Fee |
|---|---|
| Annual account fee | Free (If you don’t make a transaction via your Payoneer account or Payoneer card in any 12-month period, you will be charged 29.95 USD) |
| Registration fee | Varies by country (fee may apply) |
| Get paid by another Payoneer customer | FREE |
| Get paid directly by your clients | 3% Credit card (all currencies) |
| 1% ACH bank debits (US only) | |
| Get paid via your receiving accounts | UP TO 1% Fee varies based on eligibility Minimum fee may apply |
| Pay and use funds | If the recipient is not a Payoneer customer, up to 2% of transaction amount Minimum fee may apply |
| USD to USD payment | 1.50 |
| EUR to EUR payment | 1.50 |
| GBP to GBP payment | 1.50 |
| Pay a Payoneer customer for their business services | 3% Credit card |
| 1% Local bank transfer | |
| 1% ACH bank debit (US only) | |
| Free Direct bank payments can be made in GBP and Euro in the UK, France, Germany, Spain, Ireland, Netherlands, Belgium, Portugal, Lithuania, Poland | |
| If the recipient is not a Payoneer customer | Up to 2% of transaction amount Minimum fee may apply |
Payoneer Card Fees
| Fee Type | Fee |
|---|---|
| Card delivery (standard delivery) | FREE |
| Card delivery with express shipping (via DHL) | 40.00 USD |
| Annual card fees, first card | 29.95 USD |
| Payoneer virtual card fees | 29.95 USD/year |
| Additional cards in any currency | FREE |
| Transactions in the same currency as your card, in supported countries* | FREE |
| Transactions involving currency conversion | UP TO 3.5% |
| Transactions where merchant country is different from card-issuing country (cross-border fee) | UP TO 1.8% |
| ATM withdrawals (cash advance) | 3.15 USD / 2.50 EUR / 1.95 GBP |
| Balance inquiry | 1.00 USD / 0.87 EUR / 0.65 GBP |
| Card replacement | 12.95 USD / 9.95 EUR / 9.95 GBP |
Payoneer Alternatives
Payoneer’s alternatives include the following:
Is Payoneer Virtual Account Right for You?
Payoneer’s virtual account is a reliable way for businesses and freelancers to receive money from clients and marketplaces from around the world. It allows you to get a Payoneer Mastercard, hold a multi-currency account and make local bank withdrawals. However, the application process can be slow, and card fees may be high in some places.
Payoneer FAQs
Is Payoneer a US bank?
Payoneer is not a US bank. It is a financial technology company that partners with banks around the world to provide its services.
Does Payoneer have virtual card?
Payoneer offers both virtual and physical cards.
Is Payoneer virtual card free?
The Payoneer virtual card has an annual maintenance fee of $29.95.
Is Payoneer a bank?
Payoneer is a financial services company that provides online money transfer and digital payment services for individuals and businesses worldwide.