Review of Payoneer Virtual Account for Freelancers and Entrepreneurs

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.

Check out Payoneer.com

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

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.

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.

Check out Payoneer.com

Payoneer Business Account vs Personal Account

Here is a table key differences between the two Payoneer account types:

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. 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. Although the virtual card is free to order, there is an annual maintenance fee of $29.95.

To use your Payoneer virtual card, you first need to activate it. To activate your Payoneer virtual card, follow 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 Virtual Card vs Physical Card

Payoneer gives you two types of cards: virtual and physical. The virtual card offers immediate access upon activation, making it ideal for urgent online purchases, and boasts enhanced security for online transactions since the card details remain solely in digital form. Additionally, you receiv your virtual card number immediately after activation with no waiting for delivery. However, its usage is limited to online transactions, excluding in-store purchases or ATM withdrawals.

Conversely, the physical card offers broader utility, being accepted anywhere Mastercard accepted, both online and in physical stores. It facilitates ATM withdrawals globally, though fees may apply. Nevertheless, you don’t receive the card immediately and there’s a risk of loss or theft associated with its physical nature.

To cater to diverse needs, Payoneer allows users to possess both types of cards. This arrangement enables users to benefit from the strengths of each card type, such as the virtual card for heightened online security and the physical card for everyday spending needs. With Payoneer’s policy of allowing one card per currency, you can efficiently manage your finances across various spending contexts.

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:

Payoneer Card Fees

Payoneer Alternatives

There are virtual banks like Payoneer that you can consider. They include the following.

• Wise
• N26
• Revolut
• Skrill

Is Payoneer Virtual Account Right for You?

Considering whether Payoneer’s virtual account suits your individual or business needs involves evaluating its features and limitations. Payoneer provides freelancers and businesses with an alternative for handling international payments with several notable benefits. Firstly, it offers convenience by enabling online financial transactions and management. Secondly, it facilitates faster access to funds from clients or marketplaces. Additionally, the ability to hold and manage multiple currencies within a single account simplifies international transactions and cut currency exchange costs.

Moreover, you can securely make online purchases and manage expenses through a Payoneer virtual card linked to your account. However, it’s essential to note that Payoneer’s virtual account may not be available for individuals in all countries, limiting its accessibility. Furthermore, you should be mindful of potential fees associated with certain transactions, such as currency conversion and withdrawals, which could impact cost-effectiveness. You should assess these factors to determine if Payoneer’s virtual account aligns with their specific requirements and circumstances.