We are living in a digital era where jobs and businesses are no more confined to our own country. Small and large businesses have risen above the border restrictions. They are spreading their wings globally. Therefore, Payoneer has entered the picture. It's a hassle-free payment platform that allows users to send and receive money worldwide. It's handy and serves you wherever you live.
Is it worth it? Let's find out how it serves you and where it's lacking in performance so you can make a final decision.
Payoneer has provided a super solution that we didn't even know we needed. Its network is spread across many industries including Upwork, Airbnb, Wish, Getty Images, and Fiverr. It seems well-equipped to successfully bridge the gap between various countries. Now freelancers have another option to receive money from foreign employers.
Once registered, he/she can enjoy automatic money transfers to their local bank account within 24 hours. Requesting payment from international clients has never been easier. Although PayPal, the top competitor of Payoneer, is still leading the race. Top reasons include price difference. Payoneer is working its way into the market well enough considering it's still young in the business.
Let's see how it works.
Operation is easy. Here's a step by step guide for you:
- Sign in to your Payoneer account
- Click on ‘request a payment’
- Select the payer from your list of contacts
- Enter your personal (name, email) and payment details (currency, amount)
- Quickly attach all the payment documents and work samples
- Preview if you want.
- And DONE.
A link will be sent to the client on your behalf. When they click on the "Pay Now" link, they'll be redirected instantly to their Payoneer platform and can send you the money.
The most difficult task for Payoneer is obviously outdoing PayPal, which has been in the market for much longer time. It all comes down to the user experience though. If the app satisfies the users, more downloads will follow.
Top Features of Payoneer
1. Easy onboarding: You can set up a Payoneer account direct from the website and it's free. Since credit card is unacceptable, there's no underwriting process.
2. Local Currency account: Changing currencies is a tricky task but Payoneer lets you wash your hands off it. You’ll just receive money in your local currency.
3. Marketplace Network: Its network has spread to almost all popular marketplaces and it’s constantly growing. So, you can always use the same app no matter which industry you work in.
Payoneer - Pros
- Hassle-free money transfer
- Extremely beneficial for freelancers and contract workers. The freelance market is growing and global transactions are necessary. You'll need this so you can focus on your work only and not the payment hassle.
- You can increase your reach to the international market without worrying about the currency exchange.
Payoneer - Cons
- The cost of exchanging is higher as compared to some top competitors.
- It charges an annual fee for using Mastercard.
- According to some customers, the fraud detection system is a bit over reactive as it terminates the account over little suspicion.
Payoneer - Pricing
Getting paid directly by clients
3% on credit cards
1% on ACH bank debits
Getting paid by marketplaces
The fee as set by the marketplace itself
Withdrawal in the same currency
1.50 (dollar, euro, GBP)
Withdraw to a local bank in local currency
3% Credit Card
1% local bank transfer
Payoneer - FAQ
Is Payoneer safe?
Yes, Payoneer is 100% safe.
What does Payoneer do?
Payoneer is an online money transferring app that lets you send and receive money from foreign clients and automatically converts currency to your local one when a transaction is made.
Does Payoneer work in India?
Yes, Payoneer was banned by RBI earlier but is now functional again in India.
Is it free to register on Payoneer?
Yes, Registration is free on Payoneer.
Freelancers and contract workers will dominate many service industries in a few years. Sign up today and open doors to the international market. Become a part of this top payment app that allows super-fast money transfer at a low cost.