What is Payoneer: Everything you need to know

by George Philip
Published: Last Updated on 0 comment

When you need to send money to a relative or friend in another country, there are many possible options on the market. And surely the name Payoneer you have seen in some advertising. Read on to see if they are the alternative you are looking for.

What is Payoneer?

Founded in 2005, Payoneer is a large North American financial services company whose primary focus is on promoting its services to businesses, freelance professionals or freelancers, and individuals who market products or services.

As its slogan on its website says, “Payoneer’s mission is to empower businesses to keep moving forward.” Among its services to small and medium-sized companies is that of facilitating massive payments and collections between customers and suppliers of online stores.

Payoneer maintains alliances with platforms such as Airbnb, Getty Images, Amazon and others to serve as a link for customer payments to providers of goods and services on these platforms.

Its headquarters are in New York City, United States, and it has 14 administrative offices around the world. They do not have offices or branches to transfer or send money in person.

Where can I send money with Payoneer?

Through Payoneer, you can send money to anyone, no matter where they are located, as long as they are a registered Payoneer user. Shipments are made exclusively by entering as a user on your website.

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How Payoneer works

Although its operation is simple, sometimes it can seem a bit more complicated. This is due to the fact that Payoneer’s services are aimed primarily at the commercial area, with a collection of invoices, payments to suppliers and not so much a simple sending of money to a friend or family member.

To get started, you need to sign up on their website. You start by answering a series of questions so that you can continue to progress through the registration. The questions are simple although they could be confusing. They ask you what commercial or professional field you work in and how much you intend to invoice, among others.

After this, they ask you for a phone number to send a code by SMS message that you must validate. You must also add your address and bank account details. You should keep in mind that each of your recipients must complete all these steps to create their accounts and be able to receive the money you send them with Payoneer.

Payoneer offers you a MasterCard debit card so that you or your recipients can make use of the money that is in the account. This card has a cost. Opening the Payoneer account does not have an initial cost, but depending on its use, or not using it frequently, it may generate monthly and annual maintenance costs.

It is recommended that you assess your situation and what you want to do before proceeding to register with Payoneer. If you are visiting or on a short vacation in a place, you are on a temporary basis, either for studies or work, and you just need to send money to someone, maybe Payoneer is not the solution to your need. There are other companies that do this more easily.

How long does a transfer with Payoneer take?

Keep in mind that with Payoneer transfers are between users. The fastest way to transfer between Payoneer users is by using your account balance. This way it can take about two hours to load the payment and up to two business days to be reviewed to see if they comply with Payoneer’s Terms and Conditions.

Payoneer fees: How much do they charge for making international transfers
Remember to review all of this information before proceeding to sign up and send money through Payoneer. Maybe it is not the type of service that applies to your need.

Collection of commissions: Commissions are all those expenses that are incurred during the process of sending money. With Payoneer, there are a series of commissions that you must take into account. While sending money between Payoneer accounts is free of charge, there are fees for transferring funds from your bank or credit card to your Payoneer account and vice versa. There are also monthly and annual maintenance charges.

Exchange rate: The rate or exchange rate is the price given to currencies against other currencies. They are prices traded on the stock markets through supply and demand. There are companies that take average values ​​of these prices to assign the exchange rate at the time of making a transfer. In the case of Payoneer, like some other companies, they apply a conversion fee making your shipment more expensive.

The total cost of your shipment plus the application of the exchange rate will result in the total cost of your money transfer. You should pay close attention to all this so that you can decide what is best for you.

How to find out how much it costs to send money

Remember that you must add all those commissions that Payoneer charges plus the exchange rate that they apply to know what your money transfer will cost.


Payoneer commissions are variable. They include fixed amounts and percentages and also vary according to the countries. When you transfer money from your Payoneer account to your bank account, fees may vary depending on the amount. For transfers of larger amounts, they offer lower rates. To this, we must add the commissions charged by each bank for this receipt of funds from your Payoneer account.

Remember that your recipient is also subject to the collection of commissions when he has to transfer the money received from his Payoneer account to his bank account, in addition to other expenses.

Payoneer exchange rate:

Payoneer uses what they call a wholesale exchange rate, sourced from a range of financial institutions and where they include a conversion fee.

Currency prices are updated every day by the stock markets. Taking them as a reference, each company applies its own. Your shipment will surely cost more when Payoneer applies its wholesale exchange rate with conversion fees.

Between the exchange rate that they apply and the different commissions, you will see that your money transfer will surely end up costing more. Keep in mind that the service provided by Payoneer may not be oriented to your needs, but rather to companies, and therefore the difference in costs and in the degree of difficulty of the procedures.

Link to the Official website of Payoneer to Sign Up.

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