What is Payoneer?
Payoneer is a global financial services platform that enables businesses and professionals to send, receive, and manage cross-border payments efficiently. Founded in 2005, it supports more than 150 currencies and is widely used for international transactions, including freelancer payments, e-commerce settlements, and B2B transfers. Payoneer provides services such as multi-currency accounts, prepaid Mastercard cards, and local receiving accounts in USD, EUR, GBP, and other major currencies. It targets small businesses, online sellers, and marketplaces seeking reliable, fast, and secure financial operations without needing a traditional bank account. Payoneer is regulated in several major jurisdictions and is recognized for its compliance and security standards.
How to use Payoneer?
- Sign up for a Payoneer account on the official website.
- Provide required personal or business details and verify your identity.
- Link your bank account to Payoneer.
- Receive payments using your Payoneer account details or request payments from clients.
- Access funds via ATM using the Payoneer Mastercard or withdraw to your bank account.
The pro's of using Payoneer
- Supports transactions in over 150 currencies, facilitating global business.
- Offers multiple ways to withdraw funds: local bank transfer, ATM withdrawal, or online payments.
- Regulated and compliant with financial authorities, ensuring secure transfers.
- Competitive fees compared to many traditional banks and wire transfers.
The con's of using Payoneer
- Account approval and verification can be slow, especially for certain regions.
- Fees for currency conversion and ATM withdrawals may be higher than some competitors.
- Limited customer support response times reported in high-demand periods.
- Some services and card functions are not available in all countries.