Payoneer.com Review – Pros & Cons of Banking with Payoneer
- Can be used at eCommerce marketplaces
- Transfer money from Payoneer account to bank account in local currency
- Pay online or in stores with a prepaid MasterCard debit card
- Add local currency account
- Transactions in more than 200 countries possible
- Fast cross-border money transfer
- Level of charges for the prepaid MasterCard
- Spending limits
Payoneer Experiences 2019 – Online Payment Solution as an Alternative?
The Payoneer service can be used by companies and private individuals for national and international money transfers since 2005. Payoneer is headquartered in New York and has 14 offices worldwide.
The online financial services provider currently has around 4 million customers. Payoneer’s business concept aims to provide its customers with convenient B2B payments. Transactions can be made in more than 200 countries and in around 150 currencies. In our Payoneer experience, we have scrutinized the services and conditions according to defined criteria.
Conditions and Fees Overview
- Free account opening
- Free money from the Payoneer account to another Payoneer account
- Global Payment Service fees may vary by country
- for US dollars up to 1 % of fees
- Withdraw money 1,50 EUR, 1,50 US Dollar or 1,50 GBP
- Withdraw funds in currencies other than EUR, GBP and USD at up to 2% above the mid-market rate.
- Exchange currency for another currency 0.5%.
- Money received by credit card, costs 3%.
- Card replacement 9,95 Euro (EUR Card)
- Annual fee for PrePaid MasterCard 29.95 US dollars
- Payoneer app for compatible iOS and Android devices
Security during Money Transfers
Payoneer offers an online payment solution that enables customers to transfer and receive money across borders. Security plays a particularly important role in our Payoneer experience. Customers can add a bank account to their Payoneer account. In terms of security, it is advantageous for customers to have Payoneer verify this. First, customers receive an e-mail informing them that the bank account has been added. It also indicates the verification process, which can take up to 3 business days or longer. So if you want to use your Payoneer account in conjunction with your bank account in a timely manner, you should approach the check directly.
In addition to its headquarters in New York, Payoneer has 14 offices worldwide. These include the London office opened in 2017. Payoneer is registered to ensure that transfers within the European Single Market can be made legally. This has been filed with the Gibraltar Financial Services Commission.
Our Payoneer Experiences in Detail
With a Payoneer account, users can use the Global Payment Service to receive wire transfers from companies and service providers located in Europe, the USA, Canada, China and other countries. The Payoneer account can be interesting for companies, service providers, online sellers and freelancers who offer their portfolio not only nationally but also internationally. In addition to the Payoneer account, users can receive a prepaid MasterCard debit card that can be used for online purchases and for payment in stores. With Payoneer’s global payment solution, users can position themselves internationally. This also includes the use of eCommerce marketplaces.
Payment Service from Payoneer
Anyone who is frequently paid and/or paid in foreign currency is looking for the cheapest possible way to carry out such transactions. Payoneer’s fee model includes costs for different services. Each customer has individual service requirements and uses some services more often than others. If a Payoneer user receives a payment from another Payoneer account via the payment service, this is free of charge. These can be payments in euros, US dollars, British pounds and Japanese yen. On the other hand, there are costs if the Global Payment Service is used for transactions. Fees may vary from country to country. The US dollar currency may be subject to a fee of up to 1%.
Payoneer Exchange Rate
If you would like to find out more about the mid-market rate, you will find helpful explanations on the Payoneer website. The average market price is, as the name suggests, in the middle between the buying and selling price.
Transactions with Payoneer
As bank customers are used to from their local bank account, payments can also be made via Payoneer. Transfers can be made and money can be received. There are different ways to receive money with the Payoneer account. Payoneer’s range of services includes an EU / US Payment Service. Via this service, users can receive payments from companies in the USA and the EU. However, the payments may only be commercial payments. It is advisable to inform yourself about the associated terms and conditions.
Payments can be made to the EU /US Payment Service in the form of an ACH order or by SEPA transfer. Another possibility is offered by “mass payment companies”. Here, around 2,000 international companies cooperate with Payoneer, so that people with a Payoneer account can receive payments from these companies. We could not find a maximum limit for payments in our experience with Payoneer.
Download Payments to Payoneer Card
An uncomplicated and above all fast payment processing is an important aspect for customers. When users receive a payment from a company that participates in the “Mass Payment Company” service, they first receive a notification. After the notification has been received by the user, he can decide to load the payment onto his card. There are two options. If the option “load immediately” is selected, the process takes about 2 hours. With the “Standard load” option, the process can take a few days, which should be taken into account if the money is to be quickly loaded onto the card.
Payoneer Review – Fees and Conditions
The price model is the supporting factor in the decision making process for a suitable supplier. That’s why our Payoneer experience has also focused on fees. At Payoneer, not all services are free of charge. Even if there are no costs for transfers from Payoneer account to Payoneer account, various other services are accompanied by fees. Foreign currencies may be required for international payments. There is a charge of 0.5% for currency conversion, based on the amount to be transferred.
Withdrawals of funds in currencies other than Euro, US Dollar or British Pound will be subject to a fee of up to 2% above the mid-market rate. A fee of EUR 1.50, GBP 1.50 or USD 1.50 will be charged for these currencies. If payments are received from customers via an eCheck in USD, this will also be subject to fees. The cost of this service is 1%.
Cost of Prepaid Debit MasterCard
If you have a Payoneer account, you can apply for a prepaid Debit MasterCard. In order to use the card, it must first be toped up. The Payoneer fees for the prepaid MasterCard are comparatively expensive for this card type. The annual fee is 29.95 US dollars, charged in USD. There may also be additional fees for the prepaid MasterCard. If a replacement card is required, the costs amount to 9.95 EUR, 12.95 USD or 9.95 GBP. Cards are available in EUR, USD and GBP.
Account Opening with Payoneer
If you open an account with Payoneer, you can do so free of charge. In order to open an account you have to click on the “Register” button. The first step is to specify whether the account is to be opened for a company or a private individual since the signup process is different for individuals and companies. As an individual (e.g. Freelancer) you just need to provide your Name, email and date of birth while companies need to provide details related to their business such as type of business and website. The following steps include contact details and security information. Then the last step of the registration follows: When the account is opened, a verification is performed to verify the identity of the applicant. During the registration to the Payoneer account the tariffs and fees for new customers are displayed.
Here is how it looks like for individuals:
Note: If you wish to cancel your Payoneer account, please contact customer service.
Identification Procedure for Payoneer
Identity verification is an important part of the account opening process. For this purpose, an identity document (Passport, National ID or Photo Driver’s License) must be scanned in so that it is easy to read. Or just take a good clear picture with your smartphone. For proof of address you may have to provide a utility bill.
Requirements for Applicants
Before choosing Payoneer, you should be aware that the services are only intended for business transactions. Customers can pay money to and receive money from companies. The Global Payment Service provides a recipient account for this purpose. In order to be able to use the services of Payoneer, you must be of age. When registering for a Payoneer account, customers can indicate that a prepaid debit MasterCard is desired. If a local bank account has been added, no Payoneer card is available. A new account must be requested for the card.
The Payoneer Smartphone App
In addition to the possibility of using the Payoneer account web-based, customers can also access the account via the app. This gives them a convenient overview of transactions and currencies while on the move. The app offers a satisfactory range of functions, even if certain transactions cannot be used via the app. At present, users of the app cannot use the app to transfer payments to the bank. Payoneer is making every effort to extend the range of functions to include other useful functions. The functions available via the app include:
- Passing on account data
- Friends to Payoneer deposits
- Registration by fingerprint or Face-ID
The Payoneer evaluation showed that users do not receive push notifications for card payments. However, information is provided via push notifications when transactions enter the account. Login is possible using fingerprints and Face-ID, which is positive in terms of security.
Mobile Device Requirements
To use the Payoneer app to access the account, a mobile device with a compatible iOS or Android operating system is required. The app is not available for Windows Phone and Blackberry. Downloading the app is free and can be done via Google Play or the App Store. To use it on an Android smartphone, it must be version 4.4 or higher (as of June 2019). If you want to use Payoneer via iPhone, iPad or iPod touch in the app, you need version iOS 8.0 or higher (as of June 2019). The Payoneer app is available in around 20 languages. The language selection also includes German.
Payoneer Transfer is possible to these Countries:
In order to offer a globally competitive offer, it is necessary to be able to address as many people as possible. In the Payoneer evaluation, the company scored in terms of the number of countries supported. Transactions in around 200 countries are possible via Payoneer. The countries in which Payoneer can be used are listed below:
Since 2016, India has again been among the countries supported, after Payoneer was no longer able to offer its services on the Indian market in 2011. The Payoneer app is available in about 20 languages and unfortunately does not cover all countries and areas where the platform can be used.
Keeping a good Overview of Account Movements
Especially in business, it can be a bit of a bust, so it is of interest that a quick look at the latest account movements is possible. For example, a detailed list of transactions can be used to check whether customers have still made outstanding payments. During our Payoneer test it became apparent that the complete payment process can be displayed via the Payoneer account. However, depending on the transaction, it can take up to six hours before the payment history is updated.
As an aid, Payoneer not only presents content-rich videos that explain the correct procedure in terms of payment history. Via the dropdown menu of the Payoneer account, customers can also find out about the current card balance.
Payoneer Service Offer
In our Payoneer Test, we paid particular attention to the range of services we offer. The company is not only active within the United States, but also internationally. This circumstance requires an appropriate service in order to be able to competently clarify the concerns of interested parties and customers. The first positive aspect was that customer service is available around the clock, seven days a week. Anyone who already has a Payoneer account can make use of the personal customer service. To log into the account, enter your user name and password. The user name is usually the e-mail address stored in the account.
If you do not have a Payoneer account, you can contact the customer service in various ways. Contact options include telephone, e-mail and live chat. In addition, questions can also be answered via the community. If the prepaid MasterCard has been stolen or lost, a corresponding message can be sent to Payoneer.
Keep account data up to date
Not only the money transfers can be managed via the Payoneer account. In addition, changing data is relatively uncomplicated. If the mobile phone number changes, this can be updated via the profile settings. This can also be done with the e-mail address. A little more effort is required if the name is to be changed. The documents that Payoneer requests can be sent to Payoneer as e-mail attachments after they have been scanned. A JPEG format is preferred.
Note: If you have forgotten your password, you can reset it in five steps. The process is carried out by SMS.
Usability of the Payoneer Website
Unlike various other providers in this segment, Payoneer does not present a German website. In the context of collecting information, it would certainly be desirable if content translated into German were available. The language selection for the website offers further options in addition to Spanish and Japanese The website makes a tidy overall impression. Important information about the offer can be found via the menu navigation. With our Payoneer experience, we also took a look at the FAQ section. Here the content is presented sorted by category so that the topic you are looking for can be found quickly. If you register with Payoneer, you will find a small FAQ section in German.
The website is also equipped with a blog containing articles worth reading. Payoneer also uses the possibilities offered by social networks to draw attention to itself with news about the offer. Payoneer is represented with a profile on Facebook and Twitter. In addition, contributions can be found on YouTube and a link to the Payoneer community is also provided via the website.
Finding Information on Payoneer.com
If you speak English, you can easily find out more about the offer via the website. Only as far as the conditions are concerned, the information is sometimes somewhat confusing. Customers who would like to use the Payoneer Prepaid MasterCard, can overlook the conditions easily. The fee information for the prepaid MasterCard must first be unfolded by clicking on the plus symbol. The annual fee and the costs for card replacement are displayed along with other fees.
The company even has its own Youtube channel with a lot of content and information.
Other Products: Focus on Online Payment Solutions
In addition to online payment solutions, Payoneer’s range of services also includes working capital solutions. This enables e-commerce sellers who have a store on Amazon or Walmart to receive a capital advance. The merchant cash advance refers to future market profits. Some of the future receivables will be acquired by Payoneer. It is advisable to take a close look at the associated fee model.
Promotions for New and Existing Customers
In order to further expand the customer base, payoneers must also come up with something to set themselves apart from the competition. The offer should appeal to customers worldwide and encourage them to open an account. A company can win customers with convincing services and conditions. Many companies try to involve existing customers in the acquisition of new customers and present the campaign “Customers attract customers”. A campaign based on friendship advertising can also be found at Payoneer.
Existing customers can refer a new customer and receive a bonus of 25 US dollars. But not only the existing customer receives a bonus in the amount mentioned, but also the successfully acquired new customer. Existing customers can find the personalized link for this promotion in their personal customer area. As the Payoneer test showed, the bonus can only be claimed if the referred friend signs up and the account receives at least $1,000 in payments. The terms and conditions can be found on the website.
Expert Opinions on Payoneer
The company from New York City has been active in the market for several years and has been able to expand its customer base over time. The initial start-up capital was 2 million US dollars. Payoneer itself currently employs 1,200 people spread across its headquarters and branches. We do not want to disregard the expert assessments of an offer in our Payoneer experience. Payoneer is an award-winning company that has been able to claim numerous top placings in recent years.
Payoneer was able to achieve several top rankings in 2016. In the category “best finanial services company”, Payoneer came out with the Gold Stevie Winner. The company received the Bronze Stevie Winner award in the same year in the category “financial services company of the year”. Payoneer was not only able to score points in the aforementioned areas due to its convincing performance.
Customer Ratings for Payoneer
From the past years you can find some press reports about Payoneer, which will certainly prove interesting. However, we have paid attention to the opinions of customers. How customers evaluate an offer can provide important clues. Trustpilot has customer ratings that often give the company an “excellent” rating. In addition, however, there are also isolated customer opinions that are less positive with regard to customer service.
Conclusion: Online Payment Solution for Business Transactions
Payoneer’s service is available to individuals and businesses from many countries around the world. With a Payoneer account, commercial payments can be received and transferred. There are different ways to make payments. In addition to the EU / US Payment Service, payments can also be received via the “Mass Payment Company” service. In this respect, international companies work together with Payoneer. Users can have payments loaded onto the Payoneer card. With the option “load immediately” this happens within 2 hours. The other option takes comparatively long.
If you choose a Payoneer prepaid MasterCard, you have to pay an annual fee of 29.95 US dollars. The annual fees for the card were less convincing in our test. Payoneer charges fees for various services. In addition to opening an account, paying from Payoneer account to Payoneer account is also free of charge. Some functions can also be used via the Payoneer App. The app is available for mobile devices with iOS and Android operating systems.
The Payoneer service differs from the concept of some other providers in that only commercial transactions are allowed. Even though Payoneer is available in Germany, there is no German website. There is only a small FAQ area in German, but it only becomes visible when the online registration form is called up. The service times were convincing in our test. Payoneer can also be reached via the usual contact channels. In recent years, the company has been able to achieve several very good placings, which speaks for the offer.