Is Payoneer Safe? Payoneer Review: Pricing and Alternatives

Payoneer Review

Introduction

Are you using a payment platform that reduces your savings due to higher charges? Do you think it would be appropriate to close your current payment platform and start with Payoneer?

Payoneer provides bank account information in USD, CAD, EUR, GBP, JPY, CNH, and AUD. Payoneer account holders can transact their funds or get payments in these currencies from anywhere, anytime.

Fund transfer from a Payoneer account to any personal local bank account is super easy. You can even make transactions in any currency of your choice. Now let’s check below how you can transfer your money through Payoneer.

How Money Transfer Works?

Payoneer is a fast and easy solution. You can send a request to your foreign clients and receive your payments anytime via local bank transfer, debit card or ACH bank debit card.

Payoneer provides MasterCard to its users who can withdraw money via ATM booths all over the world where electronic ATM booths are accessible. The Payoneer MasterCard works like any other MasterCard. You can purchase and make monetary transactions through this Card in both physical stores and online. You can make any form of transaction where MasterCard is accepted as a form of payment.

However, there’s a cache! You can’t just self-load money in your Payoneer MasterCard; you can only fund your card through your free-lance work after you get paid. The payment is then received through your Payoneer account and collected via your Payoneer MasterCard.

Payoneer’s money-transfer system is exactly like your local bank system. You just need to provide your Payoneer account details to your clients, send payment requests and give them the opportunity to make payments to you via credit card and ACH Bank Debit (US only) or by local bank transfer. After then, You can transfer your receivals from your Payoneer account to your domestic bank account and convert it safely into your localized currency.

I think Payoneer is the best way to transfer money as well as receive payments for those who work in different countries and make international payments as usual. Thanks to Payoneer MasterCard, you won’t have to rely on third-party payment services or be physically present to receive or withdraw your money.

[Note: Bank processing fees, landing fees, or other intermediary fees may be deducted from your withdrawals by a payment provider that is not supported by Payoneer.]

Where Money Transfer Works?

Anywhere! That supports Payoneer.

Payoneer provides fast service. The receivers can receive payments from overseas companies like Japan, the United States, Canada, the United Kingdom, and Australia. Even, it’s simple to transfer funds from a Payoneer account to a current localized bank account. However, the process and charge for transferring funds is not the same in every country and currency.

Payoneer is accepted by Airbnb, Upwork, and Fiverr. Payoneer lets you get paid directly to a Payoneer Prepaid Debit MasterCard. According to your country, Airbnb will load your payouts in USD or EUR, and you may check your balance on Payoneer’s website.

It has become trouble-free for worldwide merchants, suppliers and importers to get their receivals via Payoneer. Digital marketers, Freelancers, Vacation rental hosts, Online sellers become greatly benefited by using payoneer to exchange money and rate it favorably.

What are the card options?

Payoneer has virtual and physical cards. You will get a payoneer card after you get an “order card option” and apply for it.

You can only activate your card to only a particular currency.

Payoneer Master Card:

Payoneer Digital Purchasing Master cards will provide you the same service as other Master or Visa cards. The Digital Purchasing Mastercard from Payoneer is only available in US dollars. You can fully utilize the benefits of payoneer cards for international transactions, online shopping, physical outlets, ATM, and any other places without any boundaries. But It has a daily spending limit – $5000. You can withdraw a total of $5000 from an ATM by making 30 withdrawals. You have a total of $2500 to spend in stores and online, as well as cash withdrawals and withdrawals from a bank teller.

Payoneer Virtual Card:

Payoneer’s virtual card is intangible, but it functions similarly to a regular credit or debit card. It is accepted in a large number of global markets that also accept master cards. You can use it in ATM, Physical and online stores and the daily limits are the same like Payoneer master card.

Payoneer virtual cards are safer to use than master or visa cards. Because it makes it difficult for hackers to access your personal account information, and no fraud may occur. To apply for this card, go to your Payoneer account and see if the Payoneer Virtual Card is offered as one of your payment options.

Follow the instructions below to activate your Payoneer virtual card:

– Sign-in Payoneer account

– Select it from the setting option & click card management

– Click “activate” option on the virtual card

[ Note: For card eligibility, your Payoneer account must have received at least $100 in payments within six months of account creation. Payments or receivals with other accounts like – Skrill, PayPal, and other e-wallets will not be included in the total. ]

[ Note: You can apply for payoneer MasterCard and start withdrawing funds only after you have gathered a minimum amount of money in your account. Payoneer cards will be available once you have gotten 100 USD, EUR or GBP in total payment. ]

How to get a Payoneer card in Bangladesh

Like any other country, the way to get a Payoneer card in Bangladesh is pretty much the same. The residents of Bangladesh will be able to order the Payoneer card only after they start receiving payments in their Payoneer account. A Payoneer MasterCard requires you to earn at least $100 from any marketplace in total. It takes about a couple of weeks to get the card after you’ve ordered and you will get the option to order the card only after you’ve obtained the minimum threshold which is $100. After receiving the card, you’ll have to pay a very small yearly fee for the maintenance and service charge of your account and MasterCard. There is no maintenance cost before getting the card.

Get a payoneer card in Bangladesh

Payoneer Exchange Rate

You will be charged a currency exchange rate when you use your Payoneer card to make purchases or withdraw cash from an ATM. The exchange rate is mainly dependent on MasterCard’s rates and the fee is upto 3.5% based on per currency conversion.

One good thing you can enjoy the automatic currency conversion. You can swap money using your Payoneer account.  As an example, suppose you intend to visit Japan for business. Through your payoneer account, you may convert your current currency into JPY.

[ Note:  If you pick a currency transaction that is not the currency of choice in your Payoneer account, a minimum fee or exchange value will be applied to your account. To be clear, if you only have USD in your Payoneer account but for some reason you try to pay in JPY, for this, you will be charged in GBP by payoneer. ]

How much does Payoneer cost?

Signing up for Payoneer is free. There are some charges added for receiving, transmitting, and withdrawing money. Let’s look at the price:

Payoneer cost - payoneer review

Payoneer Receiving Charge

– Free of cost receival from payoneer to payoneer accounts.

– No amount is charged to receive money in USD, JPY, GBP, EUR, AUD, CAD and MXN

– (0-1)% free varies depending on the marketplace and networks

– A 1% charge is applied to money received from ACH bank debit card holders, while a 3% charge is applied to money received from credit card holders.

Payoneer Sending Money Fee:

– Free of cost to send money from payoneer to payoneer

– 1% charge added to send money from ACH bank debit card and local bank transfer. 3% fee           added for sending from credit cards.

– 2% charge for transferring money from payoneer account to the receiver’s bank account.

Payoneer Withdrawal Fee:

– The fee for withdrawing money from a payoneer account to a bank account is fixed at $ 1.50         (USD to USD), (EUR to EUR), and (GBP to GBP).

– If the currency of your Payoneer account and your local bank are the same, you can cash out in    a variety of ways.

– There is no cash out charge for a European nation with a UK or EUR billing address.

– Users having a billing address in the EU, UK, or Australia who want to withdraw USD from a US    savings account will be charged an additional of up to 2% of the transaction value.

Payoneer Prepaid Card Charge:

– $ (29.95) is charged as Annual cost.

– You can replace your card for $ (12.95 USD) / (9.95 GBP) / (9.95 EUR).

– Purchasing things in physical stores or online is absolutely free with Payoneer. A cross-border fee may be applied to international purchases.

– In the case of (USD, GBP, or EUR) a conversion fee of UPTO 3.5 % is levied.

– Per transaction, ATM withdrawal costs are $ (3.15 USD) / (2.50 EUR) / (1.95 GBP).

– The price for declining an ATM transaction is $ (1.00 USD) / (0.80 EUR) / (0.65 GBP) per transaction.

– Fees for checking ATM balances are $(1.00 USD) / (0.80 EUR) / (0.65 GBP) based on per enquiry.

[ Note: Payoneer has changed its terms of service, and charges $30 per year for inactive accounts. If anyone has insufficient funds to pay the $30 per year, Payoneer will simply take the money from your next payment.]

Is Payoneer Legit?

Yes! Payoneer is a 100% trustworthy organization. Payonner is a fast, safe and simplified global payment platform. They have started this business since 2005 and have achieved the strongest positive impression and support from international merchants and business owners.

Payoneer is a United States Money Service Business (MSB) that certifies at a national level (PCI level 1 Security standard). They maintain a high level of network security and utilize electronic data protection to secure the security and integrity of all data. Payoneer is continuously improving its system in order to make it more efficient.

Is Payoneer Safe?

Payoneer is secure for payment. Payoneer created a high-security protocol, to protect consumer data.

As per them, they update their system on a regular basis, and each system transaction is protected by an anti-hacking system and firewall to avoid data breaches, fraud, and other unintended consequences. A virus detection system is also installed on their systems.

Moreover, They have a PCI audit on a regular basis. The Payoneer staff is continuously on the lookout for unexpected situations. They provide email notifications to their account holders as soon as they discover any unusual issues, such as account information changes, and they give up-to-date information in transactions.

Undoubtedly, Payoneer is Safe. You can trust Payoneer because it has been the winner for a long time!!

How to sign up for a Payoneer Account with BONUS

If you are a new user then follow this procedure below–

– It is entirely free to sign up for a payoneer account for its users, there is no hidden charge, your fees will be charged based on your services usage.

– Log in to Payoneer from smbelal.com/payoneer or Click below the sign up button.

Payoneer Review

– After you click on “Sing Up & Earn $ 50” Payoneer will ask you to select your business type & fill your basic information.

– Sign in carefully with all your proper information, answer security questions carefully and must provide a strong password.

Payoneer sign up-payoneer review

– Remember that you only can apply for Payoneer cards if you complete the basic terms and conditions of payment. (received $100 payments in a Payoneer account within 180 days).

– In any state, you can open your own national currency account.  Payments will be made to you in the same manner that they would be if you had a regular bank account.

– You can always check out your current account balance from the Payoneer wallet / Home page.

Pros of Payoneer

1. Bonus $25 for Joining

Payoneer will give you a bonus of $25 in your Payoneer account within 7 days of receiving your Payoneer MasterCard. This amount is only given after you have obtained a Payoneer card. They don’t give anyone this $25 because then people will start spamming them with their multiple Payoneer accounts.

2. No Bank Account Required

One of the biggest advantages of the Payoneer card is that it does not require you to have any sort of bank account. Since the majority of the bloggers or free-lance artists start off as a student and generally they don’t have a bank account.

All your earnings will be saved in your Payoneer account and you can withdraw it anytime from your local ATM booth. However, even if you do have a bank account, you can incorporate it with your Payoneer account, in that way you can withdraw your money from the bank.

3. Fastest Service to Receive Payments

Payoneer is very fast in terms of receiving payment. It’s like ordering food but instead of just ordering and eating, you work and get paid! Even compared to its rivals, Payoneer is pretty fast comparatively. Even if you receive your payments from the bank, it still gets there in time.

4. Online Payments get Easier

Online payments can be a serious hassle sometimes, especially if you’re a student who doesn’t own any debit/credit cards, but with Payoneer cards, you can buy almost anything from the web where MasterCard is accepted. Any form of online purchase can be done very easily. You can even buy products that cost less than $1.

5. Withdraw from Anywhere in the World

Currency exchange is quite troublesome if you travel a lot, keeping that in mind Payoneer has solved this issue with their MasterCard. Even if you don’t have any idea about the money conversion rate, it won’t be a problem, all you have to do is travel to your favorite country, visit their local ATM booth and withdraw money in local currency using your Payoneer MasterCard.  The rest of the work (money conversion etc.) will be done by your card. The only drawback is that every time you withdraw money from any ATM, it deducts $3, so it’s better to withdraw a large amount of money to avoid further deductions.

6. No Hidden Charge

Payoneer cuts NO hidden fees with whatever transaction you make. Every transaction you make is transparent to you. It means that it shows everything about your transaction so you don’t have to scratch your head afterward thinking where the rest of the money went!

7. Receive your AdSense Payments (UK & USA only)

Good news for you if you’re a resident of the UK or USA and have a Payoneer Card. Since the majority of the users of Payoneer are freelancers or bloggers, there is a special benefit for them. If you’re either one of these, it’s a high chance you use Google AdSense. Payoneer gives you the chance to get your AdSense through Payoneer. You won’t have to do anything extra to get this benefit, just add your virtual bank details on the AdSense payment page and that’s pretty much it.

8. Accepted by Large Organizations

Since Payoneer has become a large organization itself, many freelance sites and other large companies have started to support it completely. Many companies rely on Payoneer for their payment method policy. For every internet marketer and freelance worker, their affiliate commissions are extremely important since they receive payments from so many different sites. Thus, Payoneer makes it easier for them to receive their payments.

Cons of Payoneer

Strict Conditions

Payoneer has a set of rules that must be followed. These discouraged some users from using Payoneer indefinitely. While there is no monthly cost or commitment, you will be charged a $29.95 yearly fee on the Payoneer Mastercard debit card that comes with your account. Even many users double-check that they have charged for the upcoming year’s annual fee, and they do so as soon as funds are available. If you don’t use your account, that can add up some extra charge quickly.

Account Block problems

If Payoneer suspects fraud, it will hold your cash or block your account, just like any other business that processes payments. Payoneer has a powerful fraud detection system, but based on consumer feedback, it appears that the algorithm is a little too aggressive.

There were also a shocking amount of complaints on the internet from people who claimed their accounts had been disabled or canceled for no justification. They also stated that they had no notices of concern prior to the closure. Despite the fact that they say their account was suspended due to a Payoneers authentication error, these are dreadful circumstances.

There are several different types of fees

Payoneer has multiple fees and fee systems. For example, Annual card fee, Currency exchange fee, Withdrawing money from ATM fee, ATM limits, Card limits fee, Credit card receival fee, Local bank transfer fee, etc. It is tough to utilize Pioneer for those who are unaware of these expenses.

Personal Payments

Payoneer is a payment platform that solely accepts commercial transactions.  Payoneer accounts are only designed for topping up your prepaid card, Gifts from family and friends, and Donations.

Payoneer Alternatives

Before opening a transaction account for your business you should select the right solution that could meet your criteria as well. I agree that Payoneer provides excellent payment service but there are other options that can be more suitable for your company.

To give a better view I have listed some Payoneer alternatives which also provide international services. Analyze the comparison and choose the best one for you-

PayPal

Paypal is the best alternative to Payoneer. It has been one of the leading and reliable payment services for business transactions for years. Paypal is a tad pricey for new businesses or freelancers, but it does give superior service in some circumstances than Payoneer.

PayPal can be used in over 200 countries. You can have 24 different currencies in your account currency balances. Payoneer has 30 ATM withdrawals for a total of $5000, But for Paypal it actually depends on the card type. The total daily spending limit of Payoneer is  $5000, 30 ATM withdrawals for a total of $5000, 30 points of sale transactions for a total of $2500. Again, For Paypal it depends on card ability.

Paypal charges a 2.5% currency exchange fee on top of the bank’s exchange rate in comparison Payoneer charges Up to 3.5%. PayPal’s Mastercard does not have an annual maintenance cost, which is a positive site. They only have a Prepaid Mastercard with a monthly cost of $4.95. Where Payoneer annual card fee is $ 29.95.

Let’s check more features of PayPal:

– Paypal pricing: PayPal account is free to sign up. You need to pay a $30/month plan for upgraded features.

– PayPal accepted currencies: USD, RUB, NZD, HUF, HKD, CNY, EUR, TWD, GBP, THB, CHF, PLN, MYR, DKK, CAD, SEK, PHP, JPY, BRL, SGD, NOK, ILS, CZK, and AUD.

– Paypal payment methods: ACH, eCheck, CC, debit card, and prepaid debit card.

– Paypal security: Data tokenization and two-factor authentication.

Square is also an ideal platform for commercial transactions.  Its transfer speed is faster than Payoneer. You will get your receivals within 36 hours, Payoneer takes 2-5 days but the square has less cross border money transaction capability than Payoneer. Square charges 1.5% of the amount per transfer for speedier access to funds.

Square is internationally available in the US, Canada, Australia, the United Kingdom, Japan, the Republic of Ireland and France.  You can get a virtual terminal and a built-in payment gateway with Square. You also receive access to Square’s renowned POS hardware as well as free POS software.

3.5 percent + 15 ¢ charge applies to payments processed using a Card or Virtual Terminal. When you will be utilizing cards you invoices cost can be (2.9 percent + 30%). However, These are all. There are no extra charges like Payoneer.

Let’s check more features of Square-

– Square pricing:  2.6% is the usual credit card cost and 10 cents added for chip cards, magstripe, and swipes.

– Square accepted currencies: CAD, GBP, FKP, AUD, YEN, EUR, USD.

– Square payment methods: CC, debit card, mobile payments, digital wallet, and prepaid debit card.

– Square security: Encryption and POS verification.

Skrill

For international payments, Skrill is a popular choice among freelancers. Skrill accepts payments in 40 different currencies and covers over 200 countries. The money-transfer service Skrill provides is within your reach ( 24-72 hours) Which is superior to Payoneer in terms of speed.

Additionally, Skrill does not charge a fee for international money transactions. You must pay $5 USD if your account is inactive for more than a year or if you have not made any transactions. Skrill doesn’t allow transfers to business accounts and levies a 2% fee for domestic money transfers.

Payoneer Prepaid Mastercard is a debit card, while Skrill’s prepaid card is VISA. Payoneer does not accept bitcoin, however, Skrill does. That’s a plus point.  Payoneer and Skrill both accept ACH payments in the United States and internationally.

Let’s check more features of Skrill:

Skrill Payment Methods: ACH, wire transfer, CC and prepaid debit card, eWallet.

Skrill security: Fraud protection, two-way authentication, and data tokenization.

Skrill pricing:  Free of cost for sign up. The withdrawal cost is $5.50, 1.9% for a mon.

Skrill Payment Methods: ACH, wire transfer, CC and prepaid debit card, eWallet.

Skrill security: Fraud protection, two-way authentication, and data tokenization.

Skrill pricing:  Free of cost for sign up. The withdrawal cost is $5.50, 1.9% for a mon.

Skrill accepted currencies: Skrill accepted currencies: USD, GPB, EUR, AUD, MXN, CAD, or JPY.

Recommendation

I hope you’ve figured out which one is the best and will best fulfill your needs.

Payoneer is, in my opinion, the best online payment processor for commercial transactions. Payoneer’s most appealing feature is that it is available in 150 different currencies. The exchange rates are excellent, even better than those offered by competing platforms. Payoneer additionally offers a Mastercard prepaid card, so you may utilize the money without needing to withdraw it.

Overall, it’s a fantastic and trustworthy platform! I’ve been utilizing their services for a long time and am pleased with them.

You may also give it a go and start saving cash!

I have a similar blog on why I use payoneer uses and benefits of it“.

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