Payoneer Review (2024 Upd.) Is it the Best Online Banking?

Last Updated on June, 2024

How does Payoneer simplify cross-border payments? What currencies are supported to send and receive money?

Can I manage my international earnings effortlessly? What security measures protect my transfers?

To discover the answers and for more details, read the article thoroughly to look into the features, costs, and user stories, unveiling the possibilities for smooth and secure financial transactions around the world.

Keep reading for a comprehensive understanding of what Payoneer can offer.

Payoneer Review

payoneer logo

Key Features

Payoneer simplifies the payment process with various features designed for businesses and customers.

I’ve broken them down below:

  • Send Payments: Send instant, free-of-charge funds to Payoneer accounts—batch payments to bank accounts, with transactions typically processed within 24 hours. Make payments in many countries and swiftly settle business service invoices from platforms like Amazon Transparency and Amazon Advertising.
  • Request Payments: Easily request funds from clients, offering them the flexibility to pay using their preferred method—credit card, local bank transfer, or Payoneer account. Track money and send reminders effortlessly.
  • Receive Payments in Multiple Currencies: Receive payments in nine different currencies, each with specific account information. Local accounts in these currencies enable customers to pay in their local currency, saving on international wire fees.
  • Payoneer Debit Cards: Access the Payoneer Commercial Mastercard to cover international business expenses. Enjoy fee-free USD, EUR, GBP, and CAD purchases in supported countries. Benefit from a high daily spending limit of up to 200,000 USD, accepted at Mastercard-supported vendors worldwide.
  • Virtual or Physical Card Options: Choose between a virtual or physical card, each offering unique perks. The virtual card allows instant online use, environmentally friendly options, and is suitable for withdrawing funds from ATMs. The physical card enables in-store and online purchases at any business accepting Mastercard.

Always remember these key features to ensure smooth financial transactions.


  • Global Presence: Operates in over 190 countries.
  • User Ratings: Positive overall user ratings with a significant percentage of 5-star reviews.
  • Customer Support Team: Offers customer service and support for users globally.
  • Debit Card: Provides a commercial Mastercard for convenient spending and transactions.
  • Withdrawal Options: Users can withdraw funds locally in over 150 countries.
  • User Base: Over 5 million users trust and use Payoneer.
  • Mobile App: Users can manage payments, view balances, and make transactions conveniently through the mobile app.

About Payoneer

a screenshot of the payoneer about page

Payoneer was founded in 2005, and it is a global online payment processing platform with its headquarters in New York. Do you know? It’s widely used for collections and payments; it operates in over 190 countries.

Payoneer supports over 70 currencies, serves over 5 million customers, and is an official partner recommended by over 2,000 markets and platforms. Its notable partners are Amazon, eBay, Airbnb, Fiverr, and Upwork. Cool, right?

How Does it Work?

Payoneer is a leading business payment platform that simplifies financial transfers for global entrepreneurs, freelancers, and business owners.

Its operational mechanism allows users to request and receive payments from clients and marketplaces across 190+ countries and territories. Moreover, Payoneer speeds up the payment process for remote teams, contractors, and suppliers worldwide.

Users can conveniently manage their international earnings in major currencies such as USD, GBP, EUR, CAD, AUD, SGD, HKD, JPY, CNY, and AED.

Additionally, Payoneer provides access to working capital, empowering businesses to fuel their growth. In essence, Payoneer simplifies global financial transfers for businesses of all scales.

Payoneer App

a screenshot of the payoneer app on google pay

The Payoneer app is my favorite! By checking the following points, you’ll understand why.

Users can:

  • Withdraw Funds: Withdraw to your local bank account in 150+ countries, providing smooth access to your funds.
  • Manage Global Payments: Keep a close eye on balances and track transaction statuses, ensuring efficient management of your financial activities.
  • Make Payments: Request and transfer money quickly, simplifying the process of handling your financial transfers.
  • View Cards: Access information on your cards, including current balances, and adjust security settings as needed, all within a user-friendly interface.

You’ll be impressed to experience the convenience of the Payoneer App for upgraded control over your financial interactions.

How to Register for a Payoneer Account?

Payoneer offers both personal and business account types, each with similar functions.

A personal account is ideal for individual freelancers, while a business account is suitable for global e-commerce and store openings. Ensure that the information on your Payoneer account matches the registration details on the e-commerce business platform.

  • Click the provided link to register a Payoneer account.
  • Fill in your name, email address, and date of birth on the registration page. Be prepared for manual review and ID document upload, ensuring the details match your identification document.
  • Provide your address, including the house number, and input the correct mobile phone number.
  • Set a password, security questions, and identity information, including ID or passport number. Add a UnionPay or bank card using your card.
  • Check your mailbox for an email from Payoneer prompting you to provide additional information. Log in to your new account, answer two more security questions, and upload photos of the front and back of your ID card.
  • After successful submission, a staff member may call to confirm details. Once approved, you’ll receive a confirmation email.

Here’s my tip: Fill in the information to avoid timeouts, and use an accurate link for the store URL to support the audit process during registration.


Is Payoneer Secure to Use?

a screenshot of the payoneer homepage

With over 5 million users, Payoneer has gained trust as a reliable payment provider. Your funds are safeguarded through various security measures.

Payoneer complies with all relevant regulatory requirements and has been a registered US Money Service Business (MSB) since 2005:

  • 2-Step Verification: You can protect your account completely with an added layer of security through 2-step verification, making unauthorized access more challenging.
  • Firewalls and Anti-Hacking Features: Payoneer transfers benefit from solid firewall protection, ensuring a secure environment against hacking attempts.
  • Email Notifications for Card Usage: You can stay informed about your card’s usage with email notifications, providing real-time transfer updates for enhanced account monitoring.

The best part? Payoneer prioritizes the security of your financial transfers for a trustworthy user experience.

Payoneer Charges

Please take a closer look at the fees associated with Payoneer because this is the main point that will impact your payments.

Receiving Payments:

  • Receiving payments from Payoneer customers incurs no charges.
  • Clients making direct payments will encounter a 3% fee for credit card transactions and a 1% fee for ACH bank debit card transactions.
  • For direct payments facilitated by networks and marketplaces, fees are determined by the individual networks and marketplaces.

Sending Payments:

  • To Payoneer customers: No charge.
  • To non-Payoneer customers: Up to 2% of transaction sum.
  • Fixed fee of $1.50 for sending funds to a same-currency bank account in the same country. As your Payoneer profile.

Using Payoneer Commercial Mastercard

  • Card registration and delivery are free of charge.
  • Transfers subject to cross-border fees may have charges of up to 1.8%.
  • Transfers within the same country and to other countries are free of charge
  • The initial annual fee for the first card is $29.ATM balance inquiries are charged at $1 each.
  • Transfers involving currency conversion may incur fees of up to 3.5%.

Withdrawing Funds:

  • The majority of withdrawals to a local bank account incur no charges.
  • Withdrawal from the same Payoneer balance currency to the local currency is charged at $1.50.
  • Withdrawal to a non-local currency may be subject to fees of up to 2% of the transaction amount.

Currency Management: 

  • 0.5% fee for moving funds between different currencies.

Monthly Fee Note:

  • Payoneer does not charge a monthly fee, but an account open for 12 months without transactions incurs a $29.95 USD fee.

Payoneer Customer Reviews

a screenshot of the payoneer overall review rating

Overall Rating: 4.0 out of 5 stars 

  • 5-star: 73%: Positive feedback on various aspects.
  • 4-star: 10%: Generally satisfied users with some minor suggestions.
  • 3-star: 4%: Mixed reviews, indicating some areas for improvement.
  • 2-star: 2%: Users with moderate dissatisfaction, highlighting specific concerns.
  • 1-star: 11%: Unhappy users expressing significant issues.

Note: Individual experiences may vary, and these ratings are based on the collective feedback from 52,225 users till 12.01.2024.

Individual Review

Positive Reviews:

  • “Low fees, excellent customer service. Thanks to the Payoneer team.”
  • “The best platform: straightforward, reliable, and secure.”

Mixed Reviews:

  • “Blocked my account: Slow opening process, slow customer service.”

Negative Reviews:

  • “Difficulty in verifying, concerns about potential scams.”
  • Payoneer has received a mix of positive and negative reviews. Users appreciate the platform’s simplicity, reliability, and security.

Some users, however, reported issues with account blocking, slow customer service, and difficulties in receiving verification requests. It’s advisable to consider these factors based on individual needs and experiences.

Alternatives to Payoneer

a screenshot of the payoneer alternatives

Wise Business

  • Wise Business is a smart alternative that ensures competitive exchange rates for global transfers for different countries.
  • Uses local bank accounts worldwide for faster and cost-effective transactions.
  • Transparent fees are based on upfront costs with no hidden charges.
  • Offers local account details in major currencies for easy receipt of international payments.


  • PayPal is a well-known global finance company with widespread use.
  • Business offerings vary by country, providing payment solutions and invoicing.
  • Charging fees may apply for currency conversion and recipient charges.
  • Recognized brand with a range of business features.


  • Skrill is a platform similar to PayPal, allowing online retailers to process and collect payments and facilitating person-to-person transactions.
  • It uses a wallet system for transfers and enables direct bank transfers.
  • Various potential fees, including withdrawal, sending money, and currency conversion.
  • Mainly known for online payment solutions.


  • Neteller offers products, including online payment processing and international transfers.
  • Allows payments to anyone with an email address without bank details.
  • Features a complex VIP membership system with varying rates.
  • Fees depend on the level of membership and the method of deposit/withdrawal.

These alternatives provide different features and fee structures, offering diverse needs for international transactions. Consider the specific requirements of your business before choosing the most suitable option.

Payoneer Pros and Cons


Simplifies cross-border payments with various features.
Supports nine currencies for sending and receiving money.
Effortlessly manage international earnings.
Positive user ratings and global presence.
Offers a commercial Mastercard for convenient spending.
Robust security measures protect transfers.
User-friendly mobile app for easy financial management.


No Payment Gateway or POS System.
Not Ideal for Large Businesses.

Other online bank reviews:



That’s all about Payoneer. Did you read everything?

When choosing the most suitable card for transactions, spending more time researching and picking the one suitable for your needs is okay.

In short, Payoneer has several features and benefits that meet diverse people’s needs. 

However, even though Payoneer has several benefits, if you’re still thinking it’s not your cup of tea and are concerned about choosing the safest alternative, pick one of the abovementioned alternatives.


Yes, Payoneer can be used for personal transfers, making it versatile for both business and personal purposes.

No, it does not charge a monthly fee. However, an account open for 12 months without any transfers incurs a USD 29.95 fee.

No, having a bank account is not required for Payoneer. However, linking one to your Payoneer account allows for direct withdrawals and more flexibility.

Payoneer does not have a specified minimum withdrawal amount. Users have the option to withdraw any available balance according to their needs.

Yes, Payoneer is safe and legit. It is a reputable financial services company that provides online money transfer and digital payment services. Payoneer is regulated in multiple jurisdictions, which ensures it adheres to specific financial standards and protections for its users.

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Allen Morning
I'm Allen Morning, with a background spanning over 15 years in international finance and education from Harvard and Stanford. I founded Currenciap with a vision to demystify and streamline global financial transactions. My journey in finance has fueled my commitment to creating a platform that is both user-friendly and efficient, making international finance accessible to everyone. You can find more about me here.

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