Payoneer Review

Payoneer Review Summary

Payoneer offers cross-border payment services. They have affiliates from many nations, regions, and monetary standards, and are the leading cross-border payment provider. With the Global Payment Service, users have access to many receiving accounts throughout Europe, while other businesses can use the service for mass payouts. A merchant account allows a business to accept payments in person. The merchant account holds the funds until they are transferred into a business bank account. A point-of-sale system is a method for performing credit card transactions in person through a register or other device. To protect their customers, Payoneer has implemented physical security procedures, data integrity standards, and firewalls.

Payoneer review
Payoneer Features

Payoneer Year Established

2005

Payoneer International Clients

Payoneer accepts international clients.

Payoneer Age requirement

18 years

Payoneer Currencies Offered

7 online

Payoneer Minimum Transfer

50 USD

Payoneer Transfer Fees

0.50%

Payoneer Office Locations

Headquarters in US, with subsidiary offices and certified agents literally across the globe.

Payoneer Employees

2,000

Payoneer Turnover

110900000

Payoneer Regulation

he U.S. Department of the Treasury's Financial Crimes Enforcement Network

Payoneer Fees

Payoneer transfer fees are 0.50%.

Fees with Payoneer may vary per transfer, depending on method of sending, currencies and amount. Based on World Bank statistics, the fixed fee can be as high as 19 Pounds for 120 Pound transfer to Ethiopia (source).

Additionally to the fixed fees taken by Payoneer, the World Bank Statistics reveal that an additional markup of between 1 and 4 per cent is incurred.

Payoneer Client Rating

Payoneer has a rating of 3.

Number of Payoneer customers

4000000

Payoneer Website

tracking.payoneer.com

Payoneer Supported Languages

Payoneer Review

Payoneer review
Pros and Cons of Transferring Money with Payoneer

Most of the time money transfers with Payoneer will be smooth. Each money transfer service have their own benefits and isses, so always weigh the pros and cons of sending money with Payoneer money prior to submitting an application to Payoneer.

Can you easily afford the Payoneer fees, are the exchange rate costs reasonable with Payoneer?

Payoneer review
Payoneer Advantages

  • Payoneer has been in business over 4 years
  • Payoneer offers PayPal as a payment method
  • Payoneer offers Neteller as a payment method
  • Payoneer offers Skrill as a payment method
  • Payoneer is availble in many international countries.
  • Payoneer offers a wide range of money transfer currency options.
  • Payoneer offers phone support.
  • Payoneer offers email support.
  • Payoneer offers an Apple iOS mobile application.
  • Payoneer offers an Android Google Play Store mobile app.

Payoneer review
Payoneer Disadvantages

  • Payoneer does not offer PayPal as a payment method
  • Payoneer does not offer Neteller as a payment method
  • Payoneer does not offer Skrill as a payment method
  • Payoneer does not offer a mobile wallet.
  • Payoneer does not offer Home delivery for money transfers.
  • Payoneer does not offer Cash pickups for money transfers.
  • Payoneer does not offer Money orders.
  • Payoneer does not offer Livechat support.

What Is Payoneer?

Payoneer is a financial service company, that offers its clients money transfer services.

Payoneer was founded in 2005 by Charles Rosenblatt and has offices in New York (US).

Payoneer provides money transfer services to its 4000000 customers who are from all over the world including over 200 countries.

The New York (US) Payoneer business was founded in 2005 to deliver money orders locally and internationally.

Do Payoneer Offer Money Transfer?

Money transfer businesses, or other financial corporations use EFT (electronic funds transfer) to send money across distances, large or small. That is to say that it is not actual money being sent, it is rather data that represents the amount being sent that the recipient can withdraw whenever they wish.

Is Payoneer Trusted And Established?

Payoneer is among the most recognized and reputable money transfer platforms. It has an exceptional track record and offers reasonable rates.

Payoneer was established in 2005 in New York (US), and has been in operation for around 17 years Payoneer have a head office in New York (US).

Payoneer review
How much does it cost to send a Payoneer Transfer?

Payoneer money transfer exchange rates are quite minimal compared to banks and other money transfer providers. A minimal percentage is charged on top of the exchange rate as standard practice. Payoneer only charges 0.50%, when compared to other money transfer service providers.

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How much can I send with Payoneer?

The maximum transfer amount with Payoneer is up to 5000 USD (or its currency equivalent) online.

While Payoneer charges a small percent of transfer fees, the brand offers reasonable exchange rates.

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Payoneer Money Transfer Terms and Conditions

When transferring money with Payoneer, it is crucial to keep tabs on the following:

  1. Payoneer Speediness. Often the need to money transfer may be urgent and time critical.
  2. Payoneer Reliability and reputation. The safety of money and personal information can be a concern for those wanting to use international money transfer services to send money.
  3. Payoneer Transaction charges. Transaction charges are important as the majority of customers wish to send money overseas without having to worry about paying excessive charges.
  4. Payoneer Ease of use, and convenience. Your money transfer platform should be flexible and offer a good range of options and features, making it more convenient for customers to send money overseas.
  5. Payoneer Customer service. Because one can often run into problems when transferring money. A money transfer platform with excellent customer service could solve a lot of problems. Payoneer customer service should respond to your queries quickly and work with you to resolve any issues that you have.

Payoneer review
How Payoneer Compares To Other Money Transfer Companies

NamePayoneerNetellerScotiabank
Usedby400000050000025,000,000
Transfer Time2-5 business days2-6 hourssameday
Min Transfer50 USDnonenone
Max Transfer5000 USDup to 50000 USD/transaction 10000 USD
Payment MethodsACH Bank Debit, local bank transfer and credit/debit card paymentonline banking account, debit, and credit cardBank transfer, debit card, credit card, apple pay, google pay, Scotiabank Saddletone gift cards
iOS Appyesyesyes
Android Appyesyesyes

Payoneer review
Payoneer Risk Warning

Any taxes or charges are payable in the destination country. costs may exist that are not paid through Payoneer or imposed by Payoneer. Your Payoneer money transfer transaction may be cancelled if it is demmed to be connected with prohibited activities including all applicable laws regarding anti money laundering or counter terrorism financing laws. or the transaction is actioned through unauthorised use of your Payoneer account.

Payoneer review
Payoneer Fees & Exchange Rates

Several money transfer platforms like Payoneer charge money for every money transfer a customer makes through their platforms. Other than that, every time an individual exchanges money from one particular currency to another, the money transfer operator in this case Payoneer may charge for a currency exchange.

Payoneer review
Payoneer Transfer Fees

A transfer fee is the sum of money that a money transfer operator like Payoneer charges a customer for transferring money to a recipient. The amount charged depends on the operator charging it.

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Payoneer Exchange Rate Margins

Exchange rate margins are how Payoneer, banks and other financial corporations make profit off their services instead of charging customers with commission fees.

When a bank or a money transfer service like Payoneer quotes an exchange rate to a customer, they usually take the interbank rate and add an amount known as a margin rate. Check with Payoneer to see what their exchange rate margin is.

Payoneer review
Payoneer Methods to Transfer Funds

A Payoneer fund transfer is when someone sends money from their account to another person's account. Money can be transferred using different methods, e.g. online, via the phone, or a mobile app.

The methods to transfer funds are:

  • Manual EFT
  • Automatic EFT
  • Bill payment
  • Correction

Payoneer enables users to transfer money using bank transfer, via none.

Payoneer review
Payoneer Currencies Supported

Money transfer operators that offer more currency options are beneficial because they make for reduced conversion fees. This way customers do not have to pay exorbitant conversion fees when transferring money.

Payoneer offers every available world currency to its customers. We list the major Payoneer supported currencies below.

Payoneer Money Transfer Currencies
NameCurrencies
USD, EUR, GBP, CAD, AUD, JPY, CNH
AED, AUD, BGN, BRL, CAD, CHF, CNY, COP, DKK, EUR, GBP, HUF, INR, JPY, MAD, MXN, MYR, NGN, NOK, PLN, RON, RUB, SEK, SGD, TND, TWD, USD, ZAR
USD, AUD, CHF, EUR, HKD, JPY, BBD, BMD, BSD, DKK, GYD, INR, JMD, KYD, MXN, NOK, NZD, SAR, SEK, SGD, TTD, ZAR, GBP
AUD, BGN, CAD, HRK, CZK, DKK, EUR, HKD, HUF, INR, ILS, JPY, JOD, MYR, MAD, NZD, NOK, OMR, PLN, GBP, QAR, RON, SAR, RSD, SGD, ZAR, KRW, SEK, CHF, THB, TRY, AED, USD
EUR, GBP, USD, CAD
AED, AUD, BND, CAD, CHF, CZK, DKK, EUR, FJD, HKD, HUF, IDR, ILS, INR, IRR, JPY, KRW, KWD, LKR, MAD, MXN, MYR, NGN, NZD, OMR, PEN, PGK, PHP, PKR, PLN, SAR, SCR, SDG, SEK, SGD, THB, TOP, TRY, TWD, USD, VND, VUV, WST, XOF, XPF, ZAR
AED, AFN, ALL, AMD, ANG, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BTN, BWP, BYN, BYR, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CUC, CUP, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, FKP, GBP, GEL, GGP, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, IMP, INR, IQD, IRR, ISK, JEP, JMD, JOD, JPY, KES, KGS, KHR, KMF, KPW, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, LYD, MAD, MDL, MGA, MKD, MMK, MNT, MOP, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, PRB, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SDG, SEK, SGD, SHP, SLL, SOS, SRD, SSP, STD, SYP, SZL, THB, TJS, TMT, TND, TOP, TRY, TTD, TVD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VEF, VND, VUV, WST, XAF, XCD, XOF, XPF, YER, ZAR, ZMW
AUD, CAD, DKK, EUR, HUF, INR, JPY, MUR, MAD, NZD, NOK, PLN, RON, SGD, ZAR, SEK, CHF, THB, AED, USD, HKD, RMB
AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, JPY, NOK, NZD, PLN, SEK, SGD, USD, ZAR, AZN, BGN, BHD, BND, CNY*, EGP, FJD, HUF, IDR, ILS, INR, KRW, KWD, LKR, MAD, MGA, MXN, MYR, OMR, PEN, PGK, PHP, PKR, RUB, SAR, SBD, SCR, TOP, THB, TRY, TWD, TZS, VND, VUV, WST, XOF, XPF
AED, EUR, PLN, AUD, GBP, SEK, CAD, HKD, SGD, CHF, HUF, USD, CZK, NOK, ZAR, DKK, NZD
AUD, EUR, BHD, USD, BDT, BGN, CAD, CZK, DKK, HKD, HUF, INR, IDR, ILS, JPY, KES, KWD, MXN, NPR, NZD, NGN, NOK, OMR, PKR, PHP, PLN, QAR, RON, RUB, SAR, SGD, ZAR, LKR, SEK, CHF, TBH, TRY, GBP, UAH
AUD, BHD, BRL, GBP, CAD, CLP, CNY, CZK, DKK, EUR, HKD, HUF, INR, ILS, JPY, JOD, KES, KRW, KWD, MXN, NAD, NZD, NOK, OMR, PLN, QAR, RON, RUB, SAR, SGD, ZAR, SEK, CHF, XPF, TND, TRY, AED, USD

Payoneer review
Payoneer Transfer Options

Payoneer offers the following transfer options:

Payoneer Money Transfer Options Compared
NameTransfer Options
international checks, wire transfer, ewallets
Bank deposit
bank deposit, cheque, wire transfer, debit card, credit card
Bank deposit, cash pick-up, VISA & MasterCard, ATMs, mobile wallet deposit (depending on country)
Bank deposit, cash pick-up , door-to-door delivery
Bank deposit
cash
Bank deposit
Bank deposit
Bank deposit, mobile wallet deposit
Bank deposit, debit card, credit card
Bank deposit, cash pick-up, mobile wallet deposit (varies from country)

Single Payments

’Single payments’ is a term used to recognize a one-time money amount from an allowance. For a single payment, the user may use a single credit card (or debit card) and have a single invoice.

Regular Payments

A regular payment is a highly economical and easy way to transfer money with Payoneer. It is best suited for customers who have to transfer regular smaller amounts (usually three, four, or smaller five-digit amounts).

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Who Payoneer Services Are Available To

Payoneer offers services for sixty different currencies across more than one-seventy countries.

The more global a money transfer operator becomes, the more reliable it is for people across the globe.

Payoneer Country Restrictions

Payoneer does not operate in the following countries :

  • Afghanistan
  • Aland Islands
  • American Samoa
  • Angola
  • Anguilla
  • Antarctica
  • Antigua and Barbuda
  • Barbados
  • Belize
  • Benin
  • Bhutan
  • Bonaire (including Sint Eustatius and Saba)
  • Bouvet Island
  • British Indian Ocean Territory
  • Burkina Faso
  • Burundi
  • Cape Verde
  • Central African Republic
  • Chad
  • Cocos (Keeling) Islands
  • Comoros
  • Congo
  • Democratic Republic of
  • Congo
  • Republic of
  • Cook Islands
  • Crimea
  • Cuba
  • Curacao
  • Djibouti
  • Equatorial Guinea
  • Eritrea
  • Faroe Islands
  • Fiji
  • French Guyana
  • French Polynesia
  • French Southern Territories
  • Gabon
  • Gambia
  • Greenland
  • Grenada
  • Guadeloupe
  • Guinea
  • Guinea-Bissau
  • Guyana
  • Haiti
  • Heard Island and Mcdonald Islands
  • Holy See (Vatican City State)
  • Iran
  • Iraq
  • Ivory Coast (Cote d'Ivoire)
  • Japan
  • Kiribati
  • Kosovo
  • Kyrgyzstan
  • Lao People’s Democratic Republic
  • Lebanon
  • Liberia
  • Libya
  • Macao
  • Mali
  • Marshall Islands
  • Martinique
  • Mauritania
  • Mayotte
  • Micronesia
  • Federated States of
  • Montserrat
  • Myanmar
  • Namibia
  • Nauru
  • New Caledonia
  • Niger
  • Niue
  • Norfolk Island
  • North Korea
  • Northern Mariana Islands
  • Palau
  • Palestinian Territory
  • Papua New Guinea
  • Reunion
  • Pitcairn
  • Rwanda
  • Saint Barthelemy
  • Saint Helena
  • Saint Kitts and Nevis
  • Saint Lucia
  • Saint Martin
  • Saint Pierre and Miquelon
  • Saint Vincent and the Grenadines
  • Sao Tome e Principe
  • Seychelles
  • Sierra Leone
  • Sint Maarten
  • Solomon Islands
  • Somalia
  • South Georgia and the South Sandwich Islands
  • Sudan (North and South)
  • Suriname
  • Svalbard and Jan Mayen
  • Syria
  • Tajikistan
  • Timor-Leste
  • Togo
  • Tokelau
  • Tonga
  • Turkey
  • Turkmenistan
  • Turks and Caicos Islands
  • Tuvalu
  • Vanuatu
  • Venezuela
  • Wallis and Futuna
  • Western Sahara
  • Western Samoa
  • Yemen
  • Zimbabwe
  • Crimea
  • Cuba
  • Iran
  • Libya
  • North Korea
  • South Sudan
  • Sudan
  • Syria

Certain countries are restricted because Payoneer is not allowed to legally operate in those regions or it is not economically viable for Payoneer to provide money services in these regions.

Payoneer review
Payoneer International Money Transfers

An International Transfer is when someone sends money from their account in one country to a bank account in another country.

Setting up your Payoneer money transfer is quick and simple with the modern Payoneer online platform.

Transferring money internationally used to be a tedious process 10 years ago but advances in software and the internet have made transferring money allot easier.

These days, you can send a money transfer with ease on the Payoneer website.

The Payoneer website includes useful and easy-to-access option for those who wish to track their money and monitor when it can be received, providing a safe and accessible option if you'd like to keep an eye on your transfer.

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Payoneer Minimum Money Transfer

Several money transfer companies do not have a minimum money transfer amount. Making it easy for their users to send small amounts of money. Payoneer has a minimum transfer amount of 50 USD.

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Payoneer Maximum Money Transfer

Money transfer companies often do not have maximum transfer limits. For example, Payoneer does not have a maximum transfer limit when the user is paying through phone. There is however, a 5000 USD limit per transaction for online transfers.

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Payoneer Money Transfer Fees and Charges

These are the fees charged by Payoneer and other money transfer companies (or other financial corporations) for transferring money. Several companies however, do not charge their users for transferring money. The only charges there are to pay are currency conversion charges.

Payoneer review
How Long Does It Take to Get a Payoneer Money Transfer

Payoneer money transfers do not usually take very long. It normally takes less than 24 hours for a money transfer to complete between two accounts with the same financial corporation. While in the case of money transfers with money transfer services like Payoneer, it can take a little as a few minutes. If the money is being sent overseas, it can take up to five days for the recipient to receive the money from Payoneer.

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Payoneer PLC Status

If a company has the acronym PLC at the end of its name, it means that the business offers its shares to the public and is traded on a public stock exchange. This alone makes the company more reputable. Payoneer is not a publically listed company. Payoneer is a privately owned company.

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Payoneer Money Orders

The charges for issuing money orders with Payoneer are 0.50%.

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Payoneer Mobile Top Up

Payoneer offers mobile top ups.Payoneer mobile top ups are where a user can add credit to a recipient’s mobile phone number. The recipients number has to be local. These are normally processed within minutes, if not seconds.

Payoneer COVID-19 Help

Some money transfer companies offer COVID-19 financial assistance. This may be in many forms including payment holidays, reduced interest rates and more options to pay. Check with Payoneer directly to see what they are able to offer if you are adversely affected by COVID-19.

Who are Payoneer Money Transfers Best For

There may be many reasons you are looking to action a money transfer with Payoneer. These reasons can include debt consolidation, medical bills, student debt, collection agency debt, wedding costs, holidays, home repairs and repaying friends and family.

Payoneer money transfers are best for people looking for looking for a reliable fast money transfer service.

Payoneer Guide for Fast Money Transfer Approval

For Payoneer to be able to process your money transfer application as quickly as possible make sure you have everything Payoneer need. If you and Payoneer need to go back and forth it may delay the Payoneer application process. Make sure every piece of information you give Payoneer is accurate.

Please note that you must have at least a minimum of one active bank account for Payoneer to process your money transfer.

Payoneer Application Time

Application time refers to the amount of time you have to wait for your Payoneer registration to be approved. This should not take long, especially if you have nothing which should come up as red flag on the Payoneer system.

Payoneer Approval Time

It is the time it takes for Payoneer money transfer operator to approve the money transfer being made. Depending on the situation this can take up to five days.

Payoneer Funding Time

It is the amount of time it takes for the recipient to receive the money transfer. Once your Payoneer money transfer has been approved the money should be in your account within four working days.

Payoneer review
Things to Check Before a Payoneer Money Transfer

Why more features are useful for modern life’s and why new challenger banks are starting to beat traditional banks.

Here are a number of important things to consider before considering Payoneer money transfer:

  1. Reliability and safety
  2. Making preparations before the transaction
  3. Convenience
  4. Transfer and conversion rates
  5. The quality of the customer service offered

Payoneer review
Payoneer Customer Support

Payoneer support should be there to help customers with their issues which includes answering their queries, guiding them through and difficult processes and issues when transferring money. Payoneer customer support should troubleshoot any issues with you until you get to a resolution that you are happy with.

When getting a Payoneer money transfer you will want to speak to a Payoneer representative in a language that you are comfortable with. All your Money Transfer queries and issues should be resolved quickly.

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Does Payoneer Offer Live Chat?

Customers can reach out to Payoneer through live chat to resolve Payoneer money transfer account issues or difficulties with their Payoneer account that they can't solve. Live chat, or live support is a real-time live chat feature used by customer support representitives allowing customers to instant message to and receive guidance from a trained agent regarding a your money transfer related query.

Payoneer review
How does Payoneer Compare with Other Money Transfer Companies?

When deciding upon a money transfer company like Payoneer you will want to know how Payoneer compares with other leading online money transfer companies. See how Payoneer compares below.

  1. Visit Payoneer alternative Neteller

    Used By: 500000
    Currencies Available: 28
    Transfer Fees: none
    Payment Methods: online banking account, debit, and credit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: up to 50000 USD/transaction
    Year Founded: 1996

  2. Visit Payoneer alternative Scotiabank

    Used By: 25,000,000
    Currencies Available: 23
    Transfer Fees: none
    Payment Methods: Bank transfer, debit card, credit card, apple pay, google pay, Scotiabank Saddletone gift cards
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: 10000 USD
    Year Founded: 1832

  3. Visit Payoneer alternative Skrill

    Used By: 120,000
    Currencies Available: 33
    Transfer Fees: none
    Payment Methods: Cash, bank transfer, debit card, credit card, e-wallet, cryptocurrency (depending on country)
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$1.00 (varies based on certain currencies)
    Max Transfer: US$2,500.00 / day (weekly and monthly limites also apply)
    Year Founded: 2001

  4. Visit Payoneer alternative Xoom

    Used By: 250000000
    Currencies Available: 4
    Transfer Fees: 0$-40$
    Payment Methods: Bank transfer, debit/credit card, PayPal balance
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$10.00
    Max Transfer: 2999 USD/day, 6000 USD/month, 9999 USD/3 months
    Year Founded: 2001

  5. Visit Payoneer alternative MoneyGram US

    Used By: 150000000
    Currencies Available: 46
    Transfer Fees: 0-1.99$
    Payment Methods: pay by card or directly from your bank account
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: none
    Max Transfer: 3000 USD
    Year Founded: 1940

  6. Visit Payoneer alternative Moneycorp

    Used By: 15000000
    Currencies Available: 161
    Transfer Fees: none
    Payment Methods: debit card via our online platform or a wire transfer, cash
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 50 USD/GBP/EUR
    Max Transfer: none
    Year Founded: 1962

  7. Visit Payoneer alternative Currencies Direct

    Used By: 325,000
    Currencies Available: 22
    Transfer Fees: none
    Payment Methods: Bank transfer, debit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: 25000 GBP
    Year Founded: 1995

  8. Visit Payoneer alternative OFX

    Used By: 1000000
    Currencies Available: 54
    Transfer Fees: 15 AUD below 10k AUD
    Payment Methods: ETF, BPAY (Australia), Direct debits
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: 1000 USD
    Max Transfer: none
    Year Founded: 1998

  9. Visit Payoneer alternative CurrencyFair

    Used By: 150,000
    Currencies Available: 17
    Transfer Fees: 0.45%
    Payment Methods: Bank transfer, debit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: £5.00 (or equivalent)
    Max Transfer: £10,000,000.00 (or equivalent)
    Year Founded: 2009

  10. Visit Payoneer alternative TransferGo

    Used By: 2,500,000
    Currencies Available: 39
    Transfer Fees: 0.5%-1.5%
    Payment Methods: Bank transfer, debit card, credit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: 1.5 GBP
    Max Transfer: 1000000 GBP
    Year Founded: 2012

  11. Visit Payoneer alternative Western Union

    Used By: 15000000
    Currencies Available: 38
    Transfer Fees: up to 3%
    Payment Methods: Cash, bank transfer, debit card, credit card (varies from country)
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: $1.00
    Max Transfer: $10,000.00 (varies)
    Year Founded: 1851

Payoneer review
Payoneer Website and Mobile Apps

Payoneer has a website available online but it may be useful to manage your Payoneer account from your mobile device like your tablet or phone.

Payoneer offers an Android mobile application on the Google Play store.

Payoneer offers an Apple IOS mobile application for iPhones and iPads allowing Payoneer to users to check their Payoneer accounts on their iOS mobile devices.

Payoneer review
Payoneer Deposit and withdrawal Methods

Payoneer offers the following Money Transfer payment methods: ACH Bank Debit, local bank transfer and credit/debit card payment. All of significant bank systems are all acknowledged with Payoneer.

Payoneer offers ACH Payment which is used for direct deposit and debit transfers within the US. It is similar in nature to BACS (for the UK) and EFT (for Canada). Users can pay through bank transfer.

The recipient will receive the money in their bank account and can withdraw it using the method they prefer. They cannot, however, receive the money in the form of cash.

Take note that Payoneer may charge additional commissions and fees when using certain payment and withdrawal methods. These fees may not necessarily come from Payoneer.

Payoneer review
Is My Money Safe With Payoneer?

Payoneer is a reliable, secure, and trusted option for sending money overseas. Payoneer are registered and regulated with the he U.S. Department of the Treasury's Financial Crimes Enforcement Network.These regulatory licenses have strict rules that are enforced. These regulations safeguard the funds entrusted to them by Payoneer customers.

Payoneer review
Payoneer Financial Regulation and Safety of Payoneer Funds

Every business that wants to send money across borders (in excess of €3 million per month) must be licenced under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, both of which were created by the UK government but executed by the FCA for UK residents.

Consumer credit, in simple terms, is credit offered to individuals so they can purchase goods or cover personal expenses. It does not cover long term investments such as purchasing property. It allows for a properly managed economy to function and further encourages economic growth.

Firms like Payoneer that offer money transfer to retail customers are legally considered to be offering consumer credit.

A financial regulator ensures that consumers are protected, there is fair competition in the money transfer industry and the integrity of the Financial services industry as a whole is maintained.

Getting a money transfer with a regulated company is essential as it offers an increased level of protection than a money transfer from an unregulated one. This is because regulators are able to enforce strict rules and stop unscrupulous money transfer operators.

Laws differ on who can and cannot offer consumer credit in each country. Credit firms have strict rules that they must follow in order that they are legally allowed to transfer money to consumers. These laws are in place to protect consumers becoming trapped in a money transfer they can never pay off.

Be sure that Payoneer is fully licenced as a money transfer company.

Payoneer review
Payoneer Payment Services Regulations and Payoneer

The Payment Services Regulations Directive, is run by the European Commission in order to govern payment services and their providers across the European Union as well as the European Economic Area.

One of its goals has been to make foreign currency transactions transparent, much like currency payments. This is to protect consumers and businesses from being swindled.

What is the Financial Conduct Authority?

The FCA is a control body meant to license money transfer companies. Companies such as banks, Forex brokers, and money transfer operators are monitored the most. This is because they deal in situations that involve many intricacies, such as transferring money and offering loans, etc.

All reputable money transfer businesses that operate within the United Kingdom by law have to be registered and authorised as a payment institution by the Financial Conduct Authority (FCA) to comply with the Payment Services Regulations that were introduced in 2017.

For UK clients, check the money transfer company is registered with the Financial services register. Payoneer is regulated by the Financial Conduct Authority (FCA).

This makes sure that your Money Transfer agreement is above board and safe. In Addition, it Usually Means that Payoneer Possess a responsibility of care to their clients.

Is Payoneer Registered as a Money Service Business with HM Revenue & Customs

Financial institutions (which do not classify as banks) which convert and transmit money like Payoneer are known as Money Service Businesses. While they provide services similar to banks, they are still not considered banks. They offer more varied product options to individuals looking to transmit or convert money.

Financial authorities tend to keep tabs on Payoneer and other Money Service Businesses the most because the type of services they offer can leave them vulnerable to be used in financial crimes like money laundering. This is why it is crucial for them to be registered with the HM Revenue and Customs in the United Kingdom.

Payoneer Segregation of Client Funds

Payoneer as part of their regulation are required to segregate client funds from Payoneer company funds and keep all client funds within a bank that is authorised as a credit institution by the regulator. All client funds should be kept in the most reputable third-party financial institutions such as Barclays or the Bank of America.

Payoneer regulatory requirements mean that Payoneer Money Transfer funds and your funds should be totally separate. Payoneer cannot use any money that is still legally yours to conduct Payoneer daily business like paying Payoneer suppliers and costs. Your funds should be kept by Payoneer in a segregated bank account.

Payoneer Regulation Checklist

  • Check whether Payoneer has authorisation to offer consumer credit
  • Check the type of activities that Payoneer are allowed to conduct with their authorisation
  • Check the contact details, trading names and main business of Payoneer list on their website and the regulator match.

Payoneer Fraud Prevention Features

Fraud prevention is highly crucial when transferring money because once the money is gone, it’s gone. Scammers most often gravitate towards money transfers. Lack of fraud prevention procedures can lead to loss of funds, or even identity theft.

Payoneer goes to great lengths to protect your Payoneer account from fraudulent use. We explain some of Payoneer anti-fraud features below:

  1. Payoneer has SSL encryption that protects the customer’s private information.
  2. Payoneer has cutting edge technology that monitors almost everything i.e. from logins to transactions.
  3. The Payoneer platform has a bespoke monitoring system that helps to detect and prevents fraud.

Automated Transaction Confirmations

Having instant notifications turned on is not only convenient because the user is instantly alerted whenever there is a payment related activity on their Payoneer account, as you are instantly aware of every Payoneer transaction these notifications to your phone help you to keep tabs on any suspicious activity.

After conducting a transaction with Payoneer, the Payoneer accounts primary contact will receive a transaction confirmation confirming the transaction amount, rate exchange applied, and Payoneer delivery instructions.

Payoneer Monitors Your Account for Suspicious Transactions

Payoneer has systems and controls in place to detect fraudulent activity and protect Payoneer client accounts from misuse. If Payoneer detect a questionable transaction on your Payoneer account, Payoneer will contact you to verify the transactions legitimacy to ensure your Payoneer funds are safe.

How Does Payoneer Make Money?

Payoneer and other money transfer companies often charge their customers a certain amount of interest fees on every transaction made. The fees depend on the amount of money the customer wishes to transfer. Payoneer also earn money via foreign exchange rates.

Money transfer companies like Payoneer and banks need to survive, so they make money on interest from accounts and money transfers.

Payoneer Frequently Asked Questions

We list some of the most frequently asked Payoneer questions below.

Is there a limit to how much I can transfer with Payoneer?

You can transfer up to 5000 USD at a time.

When will I receive my Payoneer transfer?

It normally takes 3-5 business days.

Is it possible to cancel my Payoneer transaction?

If you need to cancel your transaction due to any reason, kindly contact us on this number +1 800-251-2521.

How old do you have to be to sign up to a Payoneer account

To signup to a Payoneer account you will need to be at least 18 years old.

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Is Payoneer a Scam?

Payoneer have been in operation since 2005 and have over 4000000 customers and 2,000 employees. Payoneer is not a scam.

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Sending money online with Payoneer

Sending money with Payoneer is a single process once you have registered and verified your Payoneer account and payment methods.

  1. Go to the Payoneer website
  2. If you have a Payoneer account you can log in, otherwise you will need to create a new account.
  3. Decide how much you would like to send and where you want to send it to.
  4. Enter all the required information about the beneficiary, this might include their name, address, bank account details, and other personal data.
  5. Tell Payoneer how the beneficiary wants to get their money. Eg. through a bank transfer, cash pickup, or via some other means.
  6. Agree to the Payoneer exchange rate and any fees.
  7. Pay for your Payoneer transfer.
  8. Enter your information and provide and supporting documentation to verify your identity.

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How do I receive money from a Payoneer money transfer?

Depending on where you are located, you have a few options for how you can receive any money that has been sent to your Payoneer account. Your options for receiving money depend on the information entered by the sender, the country you are in, the currency you are receiving, and some other factors. Some methods of receiving money may not be available to you.

Receive Payoneer money directly into a bank account

Bank transfers are useful because not only are they safe, but the whole process is quick, and they offer the kind of flexibility no other method can. Payoneer allows for a deposit directly into your bank, credit union or other financial account.

Payoneer Cash Pickup

Some money transfer companies have agents around the world, and you will need to take identity documents to receive cash. Money is typically available within ten minutes of being sent. Payoneer allows you to pick up money in person at a Payoneer agent location.

Payoneer Smart Money and mobile wallets

A mobile wallet virtually stores cash card details on a smartphone. These are quite convenient as they allow for users to make purchases at physical stores without needing to carry money.

Payoneer Does not support mobile wallets.

Payoneer Home delivery

It is a way for an individual to receive money without having to leave home. What this means is that any money you send can be received in person at a designated home address. The money is delivered by a local agent. Payoneer do not offer home delivery money transfers.

When was Payoneer founded?

Payoneer was founded in 2005.

Is Payoneer Any Good?

Payoneer have a rating of 3 and are financially regulated, Payoneer can be considered a good money transfer company.

Is it easy to close my Payoneer account?

It’s is easy to close you Payoneer account. You will have to make sure any outstanding payments and fees due to Payoneer are paid in full Before Payoneer will fully close your account. Make sure when closing your account Payoneer send you an official confirmation that your account is closed and no more monies are due to Payoneer.

Does it take long to setup a Payoneer account?

No, setting up a Payoneer account can take a few minutes. You will need to provide some proof of identity and address. You should definitely be able to access all the features of your Payoneer account in 1-3 days.

Where are Payoneer based?

Payoneer are based in New York (US)

Countries where Payoneer is legal?

Payoneer is legally allowed to operate in over 60 countries.

How do I track a Payoneer Money Transfer

You can track a Payoneer money order by calling Payoneer or by tracking the order online. Call Payoneer number on +1 800-251-2521. The Payoneer automated phone system will take a few details and give you a status update. You can go online to the Payoneer website and check the status of a money transfer at any time.

If you have a Payoneer online account, log in and view your transaction history; If you do not have an online account, or if you are the receiver of the Payoneer transaction, use the Payoneer payment reference number on the Payoneer website to check the status of the transfer.

Can I cancel my Payoneer transfer?

The way that you cancel a Payoneer transfer depends on how you created and sent the Payoneer money transfer originally.

You may need to contact Payoneer by phone on +1 800-251-2521, through their website at tracking.payoneer.com or via email [email protected] Requests are typically processed within 30 days, and you may be charged a cancellation fee by Payoneer.

If you made the Payoneer transfer online, then you should log in, find the transaction in your transaction history and then cancel it on the ‘Transaction Details’ page. If you do not have a Payoneer account, use the ‘Track a Transfer’ tool to find the transaction and then cancel it on the Transaction Details page.

Double check the terms and conditions for cancelling a Payoneer transfer on their website.