Is Payoneer Legit & Safe To Use? Payoneer Review PROS & CONS (2023)



Easy to use




Money Transfer






Exchange Rates


Business Account



  • Easy to open account
  • Can deal with multiple currencies
  • You can have local bank accounts
  • Payoneer debit card
  • Receive payments from across the globe
  • Available in many countries
  • Good customer support


  • Various fees
  • Exchange rates could be lower
  • Has some transaction limits

Payoneer is a financial services company that launched in 2005. They provide customers working capital and serve as a digital payment and online money transfer platform. In this Payoneer review, you will find out what features it provides, answers to questions like is Payoneer legit and safe to use, and what are the pros and cons of using it.

Payoneer is a MasterCard WorldWide Service Provider. Fiverr, Airbnb and Google are just some of the many businesses that actively use Payoneer.

Payoneer’s primary goals are to let companies receive payments and pay one another when needed, both domestically and internationally. Payoneer is not an all-in-one payment service provider, nor are they a merchant account provider like PayPal, Stripe, or Square.

This means Payoneer doesn’t provide companies with a payment gateway for online payments, nor does it provide a point of sale payments.

The Payoneer platform is intended for payment processing. It’s a specialty that they excel at. Still, there are solutions that can help. You can check useful WooCommerce Payoneer plugins that you can utilize to use Payoneer as payment gateway.

NOTE: For more info, you can also check Payoneer vs Wise and Payoneer vs PayPal comparison.


Payoneer Review

Payoneer supports more than 150 different currencies in over 200 countries across the world. You can send money domestically and internationally and use a debit card to withdraw money.

You can receive money via Payoneer for free, but in some cases, fees may be applied. E-check payments can also be used by clients living in the United States. Payoneer has a handy mobile app, and you can use the Payoneer Billing Service to pay other Payoneer account holders. You can even receive Amazon affiliate payments using Payoneer.


How Payoneer works?
Payoneer account dashboard example.


Fund transfers are accomplished with the prepaid MasterCard (Visa is not currently available as an option). You can conduct e-commerce purchases and other transactions with the Payoneer debit card.

Payoneer makes it easy to receive money. You withdraw up to $2,500 per day at ATM locations across the globe. Foreign exchange fees are, on average, 1% of each transaction.

Payoneer provides an extensive knowledge base and dedicated customer support staff. They can be reached by live chat, phone, and email. Payoneer has company offices in different nations around the world.

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

Payoneer’s mobile app is available for both Android and iOS devices. Customers can’t make payments on the app, but it can be used to manage account funds.

blank comparison
  • Name
  • Price for opening personal account
  • Price for opening business account
  • Countries where you can open account
  • Annual card fee
  • Countries where card is available
  • Available currencies for convert and hold
  • Receive local bank details (having virtual bank account)
  • Currencies in which you can get bank details
  • Credit card payments fee
  • Currency exchange fee
  • Withdrawing money from ATM fee
  • ATM limits
  • 3D Secure payments
  • Card limits
  • Virtual cards
  • Type of card
  • Card contactless payments
  • Number of physical cards you can have
  • Disposable virtual cards
  • Integration with accounting software
  • Compatible with Apple Pay and Google Pay
  • Cryptocurrencies trading
  • Recurring payments
  • Direct debit
  • Loans
  • Group bills
  • Stock trading feature
  • Commodities trading
  • Payment gateway options
  • Support
Payoneer vs PayPal comparison.
  • Free
  • Free
  • 200+
  • $29.95
  • It is available for most countries.
    Payoneer can't issue cards to people with a Russian shipping or billing address.
  • You can hold account balance AUD, CAD, CNH, EUR, GBP, JPY, and USD. But you can perform transactions in over 150 currencies.
  • Yes
  • Free as long as the payment is in a currency that you currently hold.
    International transactions may have a cross-border fee.
  • Up to 3.5%
  • There's a fixed 1.50 EUR, USD, or GBP fee if withdrawing money in same currency. If differenct currency, exchange rate fee will be applied too.
  • 30 ATM withdrawals for a total of $5000.
  • Yes
  • The total daily spending limit is $5000, 30 ATM withdrawals for a total of $5000, 30 point of sale transactions for a total of $2500.
  • Yes
  • Only Mastercard
  • Yes
  • Each specific currency can be associated with only one active card. So 7.
  • Not available
  • QuickBooks
  • Yes
  • No
  • Yes
  • No
  • No
  • No
  • No
  • No
  • No
  • Email, live chat, phone


Where Is Payoneer Available?

You can open a Payoneer account in many different countries. India residents don’t have access to 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 Money Transfer Works?

Freelancers, sellers, and companies can easily receive payments locally and internationally with Payoneer’s payment solutions. Money can be received in more than 150 currencies and over 200 countries from many well-known multinational marketplaces quickly, safely, and affordably with the funds ending up in your local bank account.

You can receive local bank transfers from businesses in Mexico, Canada, United States, Australia, Japan, the EU, and the UK to your Payoneer online account. It’s similar to receiving funds by bank transfer because your Payoneer accounts operate much like a traditional local bank account. All you need to do is to provide your Payoneer bank account information to your clients. They can send you payments no matter whether they live on the same street or in another country.


Is Payoneer legit service?
Payoneer makes it easy to send payments via Payoneer account, or bank.


Money can also be transferred from your Payoneer account to your country’s local bank account. This transaction will be conducted in the appropriate local currency.

You can also use Payoneer’s Make a Payment Service to pay your contractors, suppliers, or team members. They can be properly paid even if they don’t have a Payoneer account. Payments can be made for free to Payoneer account holders. A minimal fee will be charged to send payments to a non-Payoneer user’s bank account.


What Are The Card Options?

Payoneer provides virtual and physical cards. These cards can be used with any currency that’s currently in your Payoneer account. You can use your card online, at physical retail outlets, ATMs, and any other places that accept MasterCard.

A minimum of $100 in payments that your Payoneer account has received within the last six months is needed for card eligibility. Payments from Skrill, PayPal, and other e-wallets or payments made in the network (such as with the Make a Payment service) are not counted.


Payoneer card review.


Clients with a Russian shipping or billing address can no longer qualify for Payoneer cards. This is due to recent regulatory changes. Your Payoneer account menu will show the “Order Card” option if you’re eligible.

You will be able to order a Payoneer card after you’ve completed an application or during the application process. This varies depending on where you live.

Only one active card can be linked to a particular currency. You can use your Payoneer card just like you would use a standard MasterCard. It can be used to buy goods and services anywhere that electronically accepts MasterCard. You can buy items at brick-and-mortar stores and online retailers, as well as withdraw funds at ATMs.


Which Currencies Are Available?

Payoneer supports having local bank account details in CNH, CAD, JPY, EUR, USD, GBP, and AUD. The following currencies can currently be received through the Global Payment Service.

USD from companies in the United States transferred via ACH, EUR from companies in the EU transferred via SEPA, GBP from companies in the UK transferred via BACS and FPS, and JPY from companies in Japan transferred via Zengin.


Exchange Rates

If the currency for a particular transaction is not the same as the currency you have in your Payoneer account, a currency conversion fee will be applied. For instance, if you’re attempting to pay in the UK, but you only have USD in your Payoneer account, you will be charged in GBP. The currency will be converted automatically.


Payoneer currency conversion.
You can also convert currencies from your Payoneer account.


Currency conversion rates are based on MasterCard’s rates when your Payoneer card is used to make purchases during ATM withdrawals. The MasterCard Currency Conversion Tool can show you your estimated conversion fee. Payoneer will add a currency conversion charge of up to 3.5%.


Costs & Fees

Payoneer’s site has the majority of their fees listed, so you can easily check them. The following summarizes some of their most common fees, based on rates in the United States.

Receiving Funds

  • It’s free to receive money from another Payoneer account holder.
  • It’s also free to receive funds in MXN, USD, JPY, GBP, EUR, AUD, and CAD via receiving accounts.
  • There’s a 1% fee to receive money from clients by ACH bank debit, and a 3% fee is added for fund transfers that are made to you by credit card.
  • Via marketplaces and networks that pay with Payoneer: Fees vary depending on the company

Sending Funds

  • A 1% fee is added to transfer money by ACH bank debit.
  • A 3% fee is added to send transfers via credit card.
  • A 1% fee is charged to send via local bank transfer.
  • It’s free to send money back and forth between Payoneer accounts.
  • A fee of up to 2% is charged for transfers made from a Payoneer account to the receiver’s bank account.
  • Using the GBP, EUR, or USD in your Payoneer account to pay someone in the same country that’s listed in your Payoneer profile, is in a country where the payment currency is the local currency or is in the same currency as your account balance will have a 1.50 GBP, EUR or USD fee applied.

Withdrawing Funds

  • A fixed withdrawal fee of 1.50 USD, EUR, or GBP will be charged when withdrawing money from your Payoneer account to a bank account in the same currency.
  • Bank accounts have to be in a country where the official currency is the same as the bank account’s currency. For example, you can use a USD account for withdrawals made in the United States. This same account can’t be used for fund withdrawals in Germany.
  • Pay attention to the country in your billing address. People who want to withdraw GBP in the UK or EUR in a European nation with a UK or EU billing address can do so free of charge. A fee of up to 2% will be added for transactions by Payoneer account holders who want to withdraw USD to a US bank account but have a billing address in the EU or UK.

Other Fees

  • Payoneer will charge a $29.95 fee to any account holder who has kept their account open but hasn’t made a transaction with their account or card in a 12 month period.

Payoneer Prepaid Card Fees

  • There’s an annual fee of 29.95 USD/24.95 GBP/24.95 EUR.
  • The fee to replace your card is 12.95 USD/9.95 GBP/9.95 EUR.
  • There’s no charge to buy items in physical stores or online. International purchases may be charged a cross-border fee.
  • A conversion fee of up to 3.5% may be applied in USD, GBP, or EUR as appropriate.
  • ATM withdrawal fees are 3.15 USD/2.50 EUR/1.95 GBP per transaction.
  • ATM decline fees are 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 per inquiry.


Payoneer Business Account

Payoneer makes international business transactions easier. You can affordably pay your overseas business expenses, sell products internationally, bill clients in multiple nations, receive payment in more than one currency, and much more.

Your own local currency account in the US, UK, or EU and other countries can be established. You’ll receive payments just like you would with a regular bank account. Local receiving accounts operate much like traditional bank accounts.


Is Payoneer safe to use platform?
You can get local bank account details in several currencies just like having bank account in physical bank.


Marketplaces and customers worldwide can pay you in MXN, GBP, EUR, USD, CAD, AUD, CNH, JPY, and SGD by local bank transfer.

Every payment received by a local bank transfer in USD will have a fee ranging from 0-1% fee. There’s no fee to receive payments in any other currency.

Payoneer will always use the applicable market rate for all conversions. They automatically deduct their 0.5% fee from the amount that is transferred. You won’t have to guess how much money you’ll receive in each transaction.

A few simple mouse clicks are all that it takes to request payment from customers, no matter where they are in the world. You can let them pay online in their choice of several safe and secure methods.

Other international companies can also receive your payment requests. For instance, a freelancer working on a client’s website can request payment for their web development services.


Is Payoneer Legit?

So is Payoneer legit and trustworthy? Payoneer is a legit company. Payoneer works on ways for foreign online seller platforms to connect. International companies don’t have to rely on the online foreign seller money transfer system and can receive funds at lower rates.

Their focus is on providing an effective payment system for companies and non-personal transactions. They are ideal for transactions made by product and service marketplaces, freelancers, professionals, and companies. Money conversions are charged a flat 2% fee above the current mid-market rate.

International transactions, online marketplaces, freelancers, and companies can benefit from Payoneer’s payment services. Clients can receive and send funds from individuals and business organizations in multiple countries. The status of your account and your beneficiary’s account determines the currency exchange service.

Payoneer also simplifies commercial transactions. Companies can pay freelancers and employees with payment solutions and direct currency conversions.


Is Payoneer Safe To Use?

Is Payoneeer safe to use service? Yes, Payoneer is safe to use. Payoneer is registered as a US Money Service Business (MSB). They are a fully regulated and completely legitimate business based in the United States that’s began in 2005. They are also certified at a PCI Level 1 Data Security Standard. Payoneer has to comply with higher system and network security standards than many other comparable companies.

Payoneer works to protect the integrity and physical security of all of their information by adding specific procedures. They’ve added firewalls to prevent tampering and hacking attempts and have virus protection programs on all access points. Payoneer also updates their protocols regularly so that accidents, fire, or theft won’t lose data. Their IT department also conducts annual thorough and compulsory PCI audits.

Firewalls and anti-hacking methods are activated for every Payoneer transaction. This eliminates identity theft, hacking, phishing, fraud, and other potentially harmful actions. Customers are always informed of any account changes and transactions by email. Clients can effectively manage their accounts by being notified by email of any unusual or suspicious transactions.

If you are from US, as Payoneer alternative, you might be interested in Chime. For further info, you can check Chime review.

DISCLOSURE: Posts may contain affiliate links. If you buy something through one of those links, I might get a small commission, without any extra cost to you. Read more about it here.

12 thoughts on “Is Payoneer Legit & Safe To Use? Payoneer Review PROS & CONS (2023)”

  1. Payoneer – Account Blocked
    I got an email it said,

    “Hi Md S M,

    We regret to inform you that we have closed your Payoneer account and deactivated any Payoneer cards you may have. Unfortunately, you can no longer receive or make payments with Payoneer.

    For further information, refer to the section titled Termination and suspension in the Payoneer Terms & Conditions.

    We will not be able to reactivate your Payoneer account for any reason. We regret any inconvenience this may cause.”

    Now my question is can they take all my money and use it as their own?

    This is how Payoneer make a profit from a customer.

    If they can’t allow a customer for a specific reason they should tell them that we can’t allow you anymore. But without any notice, they just blocked the account and take all funds. How does this work?

    1. Hi,

      All those services have the right to terminate your account because you accepted their terms during sign-up. It is unfortunate that this happened to you. I don’t know the background of why this happened, but there should be some notice beforehand. Unfortunately, most services don’t allow you to get the money you had in the account.

  2. I used Payoneer for over 10 years (since around 2008). It was in the US and it was GOOD.

    But now, I CANNOT recommend them.
    They activated my new card in April and deactivated it within a few days. I never got to use it. All my funds are gone! Even the currency (USD) is gone. I don’t know what has happened and THEY don’t know either.
    Every time I contact them either via email or LIVE chat, they give some worthless answers. They never deny that there’s a problem but they won’t accept it either.
    They calmly send me very robotic messages like “don’t worry I will help you to fix this”.
    But it never seems to materialise.

    Now, 15 years since my first account, I MUST WARN everyone to be very careful. Don’t trust these guys. I certainly will NOT recommend them again to anyone.

    I don’t know if there are scammers in the Payoneer system. I suspect global fraud!
    I don’t know what they will do to my funds after this post but IF they do restore my account and card, I will not trust them at least until the next card expires.

    The only reason I have this account is because as a Sri Lankan, we cannot have PayPal.
    Take care everyone and stay safe!

  3. Payoneer is a dishonest business. They have no phone number, no customer service. You cannot contact anyone at Payoneer about anything. I paid someone $700 for services a week ago and Payoneer has not paid them, is asking me to send my bank statement (my bank statement!!) to them, and is asking the vendor to build a website and register on Linkedin before they will get paid. I’ve contacted an attorney who told me it will cost more than $700 to sue them for my money back. Payoneer is not something you should trust.

    1. Hi Tom,

      Payoneer actually has customer service and I often used it to contact support. They have telephone number, live chat and email.

      1. Their livechat is actually trash you cannot tell your problem effectively without them giving you options about the matter to talk about their verification process takes forever they have actually not verified me till now

  4. Charlene Burbett

    I don’t know where these good reviews are coming from. It takes 1 to 3 days to receive your money and they charge outrageous rates. I started out receiving $49.75 and got $42.02 by the time it hit my bank account. It also took from 8am to 6pm. PayPal is MUCH cheaper, easier, you don’t need to input your SSN, and the transfer is almost instantaneous.

    1. Hi Charlene,

      I agree that some transfers can take time. But that depends on the situation. Payoneer also does have various fees but compared to PayPal fees there are lower. Of course, it all depends on the country as not all countries have the same fees in PayPal and Payoneer. I would suggest for you to check Revolut ad Wise as they have the lowest fees on the market and fast transfers.

  5. My name is Ahmed Ali, I have a UK account in Payoneer. They blocked my master card without any previous notice. I contacted them for this issue, they said its because they moved their account to the new bank. They told me that I can request a new one as long as I have certain amount of money in my account! I told them that they have to issue a new one automatically because it was their fault and its their responsibility to fix transparently.

    The worst experience is as follows:
    I received a money from Google Ads and I made a bank transfer to my business partner in Sweden, they immediately suspended this transaction and ask to verify my address that I couldn’t verify because I moved my business to another country. After some days, they blocked my account!
    I opened a ticket for this issue and they told me to open a new account for the new business address/country and then I can ask them to move money from the blocked account to the new account. I followed their instructions and created a new account that kept blocked when trying to log in. Again, I contacted them for this issue and they asked me to send supporting documents for the new address verification. I’ve sent them everything they asked although, it remained blocked!. Two months later and account still blocked with no response to my tickets.
    I can say that I have Payoneer has robbed my money and is totally a scam.
    Payoneer, pay attention: I will file a complaint to the US authorities as soon as possible.

  6. my name is Olii, I am very disappointed with this Company Payoneer, they have blocked my account for verification and have been doing it for 2 weeks already, my business is standing because of this. They argue that the test can take indefinitely. I want to tell everyone that he does not trust this company with his money, they do not want to return it then the moment the verification is completed. They said that there was a supporting transaction from my client, I provided all the documents. But they keep all the money, why isn’t it so fair, why don’t they only freeze the suspicious deal. This is terrible, their policy is for them, not for the client.

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