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Payoneer Review [2024]: Features, Fees & Alternatives

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Features - 4.8/5

Fees - 3.5/5

Customer Support - 5/5

Ease of opening an account - 5/5

Our Rating Methodology

Click "More info" to understand how we calculate our Payoneer Business Account ratings.

About Payoneer

Founded in 2005, Payoneer is a payment service provider that provides online money transfer and digital payment services. They specialize in facilitating cross-border B2B transactions in multiple currencies with their products, such as virtual accounts and payment cards. Payoneer operate under the necessary licenses in the countries they serve, ensuring compliance with local regulations.

Payoneer has secured a total of USD 570 million through 15 funding rounds, with the most recent funds coming from a post-IPO equity round on 28 June 2021. The company employs over 2,200 staff members across 25 offices, serving millions of customers worldwide.

Jude Ibeh rated Payoneer ⭐⭐⭐⭐⭐

Prompt Response And Quick Transactions

My experience was great because I expected a response like it's going to take 3 - 5 business days to solve my issue; but just the little ticket I submitted was attended to and fixed really quickly.

Payoneer is doing a good job in making transactions really smooth and with the best speed I've seen so far. I get some of my bank deposits within a few minutes sometimes, which is pretty good.

Source: Trustpilot reviews

Luis Andres Jimenez Loayza rated Payoneer ⭐⭐⭐⭐⭐

Great service for Bolivia

I've used Payoneer for a few years now, and it proved to be the only legal way to send funds to Bolivia for my work as a freelancer, so I'm truly grateful for the service.

The fees are not crazy high, so I can still make good earnings taking those into consideration.

The support team is extremely fast, and I never run into an issue that wasn't solved promptly and efficiently.

Source: Trustpilot reviews

Based on 52,546 reviews on Trustpilot, Payoneer received a score of 4.0 out of 5.

Payoneer Pros and Cons

Payoneer pros

Why Payoneer may be a good option

  • Can open local accounts with own account details in 10 major locations. Hence, businesses can receive and send payments like they were local.
  • Can obtain multiple Payoneer debit cards to make purchases online and in-store in USD, EUR, GBP, or CAD.
  • If your business frequently engages with Payoneer customers, using Payoneer-to-Payoneer transfers can significantly save on costs and time.
  • Integrate with popular ecommerce and accounting platforms and offer payment gateway services.
  • 100% online account opening.

Payoneer cons

Why Payoneer may not be a good option

  • Not an ideal choice for businesses regularly making international transactions, as foreign exchange conversion rates and fees, are relatively higher than other fintech, companies.
  • Pre-paid cards that have daily spending limits might not meet the requirements of larger businesses involved in high-volume transactions.

Payoneer Features

Without further ado, let’s explore what services Payoneer has to offer.

Business Account

Payoneer’s business account is a multi-currency business account that caters to any type of business, from freelancers to enterprises.

Here are the key features of the Payoneer business account.

  • Multi-currency accounts support 10 currencies, including USD, JPY, AUD, EUR, HKD, SGD, CAD, GBP, AED, and NZD.
  • Local accounts in 10 countries: the US, the EU, the UK, Singapore, Japan, Hong Kong, Australia, New Zealand, Canada, and UAE. Each account has unique details that allow users to receive and send payments within these countries as if they were locals.
  • Receive payments from your clients with payment requests*.
  • Instantly receive and send payments between Payoneer accounts for free.
  • Receive international wire transfers through the SWIFT network (only supports USD).
  • Send global payments to bank accounts across 190+ countries in 70 currencies. Processing typically takes 2 business days.
  • Schedule payments, set up recurring transfers, and send mass payouts of up to 1,000 at once.

💡 Helpful Resource: Learn key differences between local and SWIFT payments.

*Available Payment Options When You Send Payment Requests

Methods Can Be Used By Payment Limits Payment Received Within (estimated)
Credit/Debit Card (MasterCard®, Visa, American Express)

Individuals/companies worldwide USD 15,000/EUR  15,000/GBP 15,000  2 calendar days 
ACH Bank Debit (eCheck) Individuals/companies in the US only  USD 15,000/transaction  5 business days 
Direct Bank Payment  Companies in the UK only  GBP 15,000  1-3 business days 
Local Bank Transfer Companies in the US, EU and UK  USD 100,000/EUR 100,000/GBP 100,000 1-3 business days 
Payoneer Balance  Payoneer account holders worldwide (subject to availability) USD 15,000/EUR 15,000/GBP 15,000  2 hours 

Pre-paid Card

Payoneer offers a physical or virtual Mastercard® card, linked to balances in 4 different currencies in your Payoneer account. Payoneer cards can be used at ATMs, in stores, or online where Mastercard® is accepted.

The main features of Payoneer cards are:

  • Top-up your card balance to spend and make purchases in USD, EUR, GBP, or CAD. You can choose the base currency of your card when you place a card order.
  • Can obtain multiple virtual cards, with the maximum number of cards varying according to account conditions.
  • Earn cashback on all eligible business purchases. The reward will be credited to your account by the 5th of every month.

Requirements to order a Payoneer card:

  • Payments you received in the last 6 months exceed a certain threshold, depending on the country where your business is registered. However, payments from e-wallets such as PayPal and Skrill will not be included in the calculation.
  • Do not have a Russian billing or shipping address.
  • According to Payoneer, they can ship physical cards to most countries. However, a list of these countries is not publicly provided on their website.

Finally, Payoneer cards have certain limits applied, which are:

  • Card balance limit: USD/EUR/GBP 5,000,
  • 30 transactions in points of sale per day,
  • 30 ATM transactions per day,
  • Spending in points of sale per day: USD/EUR/GBP 5,000,
  • Spending in ATM per day: USD/EUR/GBP 5,000.

Foreign Exchange

According to Payoneer, exchange rates are based on wholesale currency market rates obtained at the time of the transaction from a range of financial institutions and charge a currency conversion fee on top of that.

Other Services

Payoneer’s Features Rating is 4.8/5

Payoneer's business account is highly efficient for businesses seeking solutions to collect payments from international clients. Their strengths in multi-currency support, payment collections, and integrations with essential business tools make Payoneer a valuable asset for global commerce.

However, while pre-paid cards are useful for budget control, daily spending limits may not cater to the needs of larger businesses with higher volume transactions. Given this limitation, we give Payoneer’s features a rating of 4.8 out of 5.

Statrys mobile application dashboard showing a total balance in a business account.

Payoneer Fees

General Fee
Account Opening Fee Free or USD 29.95 (a one-time flat fee is applied for some countries)
Annual Fee Free if your account has received more than USD 2,000 in the last 12 months.

Otherwise USD 29.95.
Receiving Payments
Payoneer-to-Payoneer transfers Free
Payment links Credit card: 3%
ACH bank debits (US only): 1%
From marketplaces Fees depend on each marketplace
Local payments Free
International payments (via SWIFT) Up to 1%
Sending Payments
Payoneer-to-Payoneer transfers Free
International payments Up to 3%
For businesses in the US, UK, and EU

• send local payments up to USD/GBP/EUR 50,000 per month.

• for an amount exceeding the threshold

• USD/GBP/EUR 1.50 per transaction

• 0.5%
Currency Conversion
Exchange rate  Based on wholesale currency market rate
Conversion fee 0.5%
Card Fees
FX card rate and fee Rate based on MasterCard® + fee up to 3.5%
Cross-border payments Up to 1.8%
ATM Withdrawal Fee Up to 1.8% + fee imposed by ATM owner
Card delivery fee Free (standard delivery)
USD 40 (DHL shipping)
Annual fee for the first card USD 29.95
Additional card Free
Card replacement USD 12.95/ GBP 9.95/ EUR 9.95

Payoneer’s Fees Rating is 3.5/5

While the pricing structure is clear, it can be complex and may not be ideal for those regularly making global payments due to currency conversion and international transfer fees.

The platform does offer benefits to users, such as waived annual fees and free local payment collections in 10 major currencies, but there is room for improvement in terms of affordability and overall user experience. Based on these considerations, we have assigned a rating of 3.5 out of 5 to Payoneer's fees.

Payoneer Customer Support

Payoneer offers multiple channels to contact the customer support team, including

  • Help center
  • Query form
  • Chatbot
  • Email:
  • Phone: US: 1-888-290-3990 / UK: +44-203-608-0610 / Singapore: +653-1746520 / Australia: +61-28-379-8090 / International: 1-646-658-3113
  • Post: Payoneer Inc. 150 West 30th Street, Suite 600, New York, NY, 10001

According to Payoneer, they will try to resolve queries within 3 business days.

Payoneer Customer Support Rating is 5/5

Payoneer has an excellent customer support system that offers a variety of channels for users to get assistance. This ensures accessibility and convenience, catering to different preferences and needs.

The availability of a help center, query form, chatbot, direct email, and multiple phone lines across key regions (US, UK, Singapore, and Australia) reflects a commitment to providing support to a global user base. In addition, the option to contact them via post adds a traditional communication method that may appeal to certain users or be used for specific types of inquiries. Moreover, the commitment to resolving queries within 3 business days is a reasonable timeframe, indicating an efficient customer service operation. Hence, we rate their customer service 5 out of 5.

Requirements for Opening a Payoneer Business Account


All types of businesses are eligible to open business accounts with Payoneer.

Required Documents

  • Full name
  • Identity card
  • Email address
  • Proof of address
  • Company verification document (i.e., Certificate of Registration, Certificate of Incorporation, Tax document, IRS document including EIN, Business license, and Proof of company activity)
  • Phone number
  • Bank account details with the same ID card name

You can sign up for a business account directly on Payoneer’s website. After completing the registration, Payoneer will evaluate your application and might ask for further information or documents to activate your account.

Typically, Payoneer approves account applications within 3 business days.

The Ease of Opening an Account Rating for Payoneer is 5/5

Payoneer's business account opening process is designed to be inclusive, requiring a standard set of documents that make it accessible to a broad spectrum of businesses. The clarity of the process and the reasonable timeframe for approval further enhance the appeal of Payoneer as a financial services provider for businesses looking to engage in international transactions.

Payoneer Alternatives

  Payoneer logo Statrys logo Wise logo
Multi-currency Business Account yes yes yes
Supported Currencies in Business Account 10 currencies, including USD, JPY, AUD, EUR, HKD, SGD, CAD, GBP, AED, and NZD. 11 currencies, including SGD, HKD, USD, RMB, EUR, GBP, AUD, CAD, NZD, JPY, CHF 40+ currencies
Eligible Countries Most countries Hong Kong, Singapore, and the BVI 170+ countries
International Payments (via SWIFT) yes yes yes
Payment Tracking yes yes yes
Account Monthly Fee no
However, the annual fee of USD 29.95 will apply for non-active users.
Free (if 5 or more outgoing transfers made in the month) Free
Account Opening Time 2 business days 3 business days 2 - 10 days
Cards  Applicable physical and virtual cards Applicable physical and virtual cards Applicable physical and virtual cards
ATM Withdrawal yes yes yes
Expense Management yes yes yes
Accounting Software Integration yes yes yes
FX Rates and Fees Based on wholesale market rate + 0.5% fee Based on real-time mid-market rate + as low as 0.15% fee Based on mid-market rate + starting from 0.42% fee
Trustpilot Reviews 4/5 based on 52,546 reviews 4.6/5 based on 260 reviews 4.2/5 based on 209,414 reviews
Customer Support Channel Help center, Query form, Chatbot, Email, Post.

Website, Email, Phone, Live chat, WhatsApp, WeChat Help center, Phone, Email.

💡Tip: Discover more alternatives to Payoneer and learn how Payoneer and Statyrs compare in detail with our articles.

Statrys mobile application dashboard showing a total balance in a business account.


What is Payoneer?

Payoneer is a financial services company that provides online money transfer and digital payment services. They offer a platform where businesses, professionals, and freelancers can send and receive international payments.

What services does Payoneer offer?


Is Payoneer legit?


Is Payoneer a bank?


Does Payoneer charge a monthly fee?



More info

Statrys competes directly with Payoneer in the payment industry. However, we're committed to providing an unbiased, thorough review to help you make an informed choice.

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