Is Payoneer Safe? In-Depth Review

by admin

July 27, 2021

Payoneer is a financial payment platform that was founded in 2005. It's a World Wide Financial Service Provider. Fiverr, Airbnb and Amazon, and many businesses that use Payoneer.

Payoneer provide customers with working capital and serve as a digital payment and online money transfer platform. Here I’ve compiled a list of items you might want to know about Payoneer before making your decision.

payoneer Primary goals include enabling companies to receive payments and pay one another. Both domestically and internationally. Unlike most international payment services, It's does not provide companies with any type of hardware to enable online or point-of-sale payments.

Payoneer Review

More than 150 currencies in nearly 200 countries and regions across the world are available for sending or receiving money. you can receive money with Payoneer for free. Fees applied to e-check payments and bill pay for Payoneer account holders in the U.S.

Payoneer offers cardholders a prepaid MasterCard. You can also use the card for online transactions and other global payments. And you don't have to disclose your personal banking information. Payoneer makes easy to get paid. You can withdraw up to $2,500 per day at ATM's around the world and with an average foreign exchange fee of 1%.

You can withdraw money from your Payoneer account and transfer it to your bank account at any time. Your account balance will use to pay for items in-store or online and you can always use ATMs to withdraw money from your account. Every Payoneer account includes a prepaid debit Mastercard for an annual fee of $29.95.

Payoneer’s mobile app is available for iOS and Android. Customers are unable to make payments using this app, but they can use it to manage account funds.

Customer Service

Payoneer offers customer support during live chat, phone, and email during normal business hours Monday through Friday. Support is available in a variety of different countries via live chat. Payoneer claims that any complaints will resolve within three days. They're headquartered in a variety of international locations. There is a Support Center with extensive documentation on how to use Payoneer. As well as a community forum and video tutorial in case you have any questions.

One innovative perk is also available to Payoneer customers. The entry into the Payoneer Ambassador Program. Being a member of the program exposes you to local events, meetups, and conferences. And become a successful entrepreneur. The Ambassador Program currently operates in 12 countries worldwide.

Where Is Payoneer Available?

Opening a Payoneer account is available in many countries. International residents can’t use the Payoneer Prepaid Debit MasterCard at this time. However, the Global Bank Transfer service allows all account holders to send payments right to their local bank.

How does Money Transfer work?

Payoneer is a payment gateway. It allows freelancers, sellers, and companies to receive payments from around the world. With Payoneer's payment solution, money can receive in more than 150 currencies into your local bank account.

The Payoneer payment gateway to receive funds from businesses in Mexico, Canada, United States, Australia, Japan, the EU and UK. It is like receiving money by bank transfer. Because your Payoneer account operates like a traditional local bank account. All you need for your client's to do is provide more information. So they can send payments through their Payoneer regardless of whether they are on the same street or in another country.

Money can transfer from your Payoneer account to a local bank account in the country you are living in. You can also use the Make a Payment Service to pay contractors, suppliers, or companies. Even they don't need to have Payoneer accounts.

What Are The Card Options?

Payoneer provides cards that can use with any currency. You can use your card at online, physical retail outlets, and ATMs to make purchases.

You can use your Payoneer card as you would a MasterCard. It can use to buy goods and services that accept MasterCard. If the retailer isn't listed as an Accepted Location in the app, you can contact customer service to let them know. Near future, they will list it as accepted locations.

To become eligible to use your Payoneer card at the ATM, you need $100 worth of payments within the last six months. Payments from Skrill, PayPal, and other e-wallets. Or payments made outside the network (such as with the Make a Payment service) will not count.

Russian citizens are not eligible for Payoneer cards anymore. This is due to recent regulatory changes. Users who are eligible for a Payoneer card can find “Order Card” on the account menus. Ordering a Payoneer card is not yet available in all regions.

Which Currencies Are Available?

Payoneer supports holding bank account details in international currencies. They are currently available in CNH, CAD, JPY, EUR, USD, GBP, and AUD. This includes transferring the USA via ACH, Europe through SEPA, UK through BACS and FPS, and Japan through Zengin.

Exchange Rates

If the currency assigned to a transaction is not the same. As designated in your Payoneer account, you will be charged a conversion fee. For example, if you're attempting to pay in USD but have GBP set as your local currency on your Payoneer account. The system will convert it for you. You can also convert currencies from your Payoneer account dashboard.

You may also be charged a currency conversion fee when withdrawing money from an ATM. This will vary depending on the card you are using and the rate showing on your Payoneer account.

Costs & Fees

Payoneer’s site has a list of their common fees.

Receiving Funds

Wire transfers are free if you’re receiving money from another Payoneer account.
There are no fees to receive funds in MXN, USD, JPY, GBP, and AUD.
There is a 1% fee for clients to send money by ACH bank debit and a 3% fee per credit card payment.

Sending Funds

A 1% fee is added to ACH bank debits.
Payoneer charges 3% when payments are made by credit card.
A 1% fee is incurred on each transaction made through a local bank.
It’s absolutely free to move money back and forth between Payoneer accounts.
A 2% fee is charged when transferring money from your Payoneer account to the receiver's bank account.
International payments will incur extra fees. Domestic transactions are free.
Withdrawing Funds

Payoneer charged a withdrawal fee of $1.50 if you withdraw from your Payoneer account to an account in the same currency.

A bank account can work in either the US or Germany, not both. Payoneer account holders with GBP or EUR billing addresses can withdraw their funds free of charge. But those wishing to make a USD withdrawal will be charged 2%.

Other Fees

Payoneer will charge a $29.95 account fee to any customer that has not used their account in the past 12 months.

The annual fee is 29.95 USD/24.95 GBP/24.95 EUR
The replacement fee for lost, stolen or damaged cards is £12.95
You can use the Payoneer virtual account card to pay for goods in physical or online stores without any fees.
A 3.5% conversion fee will be applied when charging a customer who's paying in USD, GBP, or Euro - as appropriate.
ATM withdrawal fees are $3.15 USD/EUR/GBP for each transaction.
ATM declines are charged at 1.00 USD/0.80 EUR/0.65 GBP per transaction.
ATM balance inquiry fees are 1.00 USD/0.80 EUR/0.65 GBP each time you query your balance on a foreign ATM with your Payoneer card.

Payoneer's payment gateway makes global transactions easy for small businesses. Pay bills, sell to international clients and receive payments in a variety of currencies.

Payoneer’s account access service is available in the US, UK, and EU. You’ll receive payments as you would in traditional bank accounts with a local receiving location. Performing transactions from international locations is easy through this account setting

With Payoneer, you can get bank account details in your local currency. You’ll feel like a local too with an account at the physical banks! Marketplaces and customers can make transfers in various currencies to your bank account.
A range of fees applies for all payments received in USD via a bank transfer, from 0% to 1%. No fee applies when receiving payments from other currencies.
The Payoneer fee deducts ˝% from any conversion. This saves the time and guesswork associated with converting to the right currency before you transfer money. Since they handle all conversions.

Requesting payment from customers is a matter of clicking a few simple steps. It's as easy to pay online as it is to visit your local credit union or bank.
If you deal with a company outside of the US, they also can set up to send you payments. For example, a freelance web designer could request payment for their work on behalf of the client’s website.

Is Payoneer Legit?

Payoneer is a legitimate company. Payoneer helps international companies integrate online sellers without having to rely on the transfer of money through foreign websites. Companies can receive funds at lower rates this way, and it’s a more secure way for international trade to occur.

Payoneer is a specialized and effective payment system for non-personal transactions. They are perfect for any transaction conducted by a product or service marketplace, freelancer, and company.
Money conversions cost 2% of the total value plus the current rate to convert from one currency into another. International recipients, international vendors, and companies use the Payoneer payment services. When funds are received by a recipient, or sent to a vendor in another country (either near or far away), there is an automatic currency conversion.

Payoneer simplifies commercial transactions. With their payment solutions and direct currency conversions, you can pay freelancers and employees outside of your company’s country.

Is Payoneer Safe To Use?

Is Payoneer safe to use? Yes, Payoneer is safe to use. In fact, they are a US Money Service Business that's been operational since 2005. it has passed the standards of PCI DSS Level 1 for most secure network transactions.

Payoneer works to protect its customers by using appropriate security measures. They have firewalls in place to prevent tampering and hacking, virus protection on all access points. And they update protocols regularly so that accidents or theft won’t lose data. The IT department also conducts annual thorough and compulsory PCI audits.

Payoneer transactions invoice in real-time, with no risk of identity theft or fraud. In case of any unusual activities on the payee’s account, clients can keep an eye out and take appropriate action as soon as they know about it.

About the author

I'm a web developer. Working as a freelancer since 2014. I'm currently working on my own startup. I am passionate to learn new things, love to travel, and play video games.

Md. Harun Or Rashid

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