Payoneer Review: Receive Payments From Dollars To Euros



Payoneer is a popular American payment system and is also a service provider from Mastercard. This system specializes in making money transfers, and also offers additional financial services.

Payoneer - Payment System Review

Payoneer was created with the goal of making the functionality available to people from all over the world. That is why the system has support for nine languages. Payoneer is generally used for the following purposes:

  • Payment for work with freelancers;
  • Payment for goods;
  • Carrying out entrepreneurial activities.
Digital nomads are using Payoneer cards to work from anywhere and receive USD, EUR or GBP payments

Payoneer launches its own Virtual Prepaid Card by MasterCard. Also, the system has a registration program for referral links, which gives certain advantages. After the user earns the first thousand on Payoneer, he will be credited with a certain amount in dollars.

As for the work of Payoneer in Russia, the system stopped working with cards of Russian banks back in May 2020. Also, the official website was blocked by Roskomnadzor for non-compliance with certain requirements, but the citizens of the country did not receive an official ban on the use of Payoneer. In Belarus, it is also possible to work with Payoneer, but there are restrictions on working with cards. However, Belarusians can still receive transfers in euros, dollars and rubles.

The Payoneer system has official partners, which include:

Account registration

By itself, registering with Payoneer takes no more than a couple of minutes. The user must select the language, as well as indicate the name and surname in Latin letters, information about the passport and driver's license. Also in Payoneer, it is imperative to choose a type of activity. For example, if a person is a seller on Amazon, then they should choose an online seller.

Also, the user will be able to indicate who will own the wallet: an individual or an organization. In addition, you will need to enter contact information, including country, phone number, postal address in Latin letters.

After successfully entering the above data, the system will offer to come up with and enter a strong password. But the registration does not end there, there are just a couple of steps left. First, you will need to indicate the details of the account to which the money will have to be transferred, and the next step will have to provide full details, including the BIC and TIN.

After successful registration, Payoneer does not immediately allow you to use the wallet. It takes up to three days for the system team to consider a new user. If everything is in order and registration was successful, a letter with this information will be sent to the user's email address.

When you first log into the system after successful registration, Payoneer will ask you to specify two more additional security questions, and in addition will require you to attach scanned copies of your passport. It will also take some time for the system to accept this document.

After at least thirty dollars is credited to the account of the new wallet, the user will be able to order the card.

Working with your Payoneer account

In Payoneer, a personal account is created very thoughtfully, and at the same time, it is simple, so users never have problems with how to figure out inside this account. Opening your Payoneer account is very simple, just click the Login button. You can do the following things in your personal account:

  • Transfer money;
  • Top up the card;
  • View the history of transactions;
  • Creation of a mini-statement.

If the user has any questions, he can always contact 24/7 support. The personal account can be used not only from a computer, but also from a free mobile application. For viewing the balance at the ATM, 1 dollar is debited, but in the application this operation can be performed absolutely free.

Refill

The Payoneer system is designed so that the owner of the wallet cannot replenish it on his own, only other users can do this, thus paying for goods or services. Methods of replenishing a personal account in the system:

  • From Visa and Mastercard cards, subject to the use of the Billing Service;
  • Transfer from one Payoneer card to another;
  • Transfer from one Payoneer account to another;
  • Using US electronic checks;
  • Using international bank transfers.

Payoneer has a fee for transfers. When money is credited from the card, a commission of 3% is taken; when using international bank transfers, 1% is charged. As a rule, money arrives in the wallet within two hours, but in some cases the transfer can take 2-3 days.

Withdrawal of funds

Since there are some restrictions in Russia due to violation of Russian law, only two options for withdrawing funds are available for freelancers from this country:

  • To a bank account;
  • On the Mastercard card, which is issued by the system itself.

In terms of time, withdrawal of funds to Payoneer can take up to five days. At the same time, it is worth knowing that the card is not issued automatically, but only after the user receives his first money. Beforehand, he will have to familiarize himself with the tariffs and agree to the issue of the card.

But with the receipt of the card, problems can also arise - it is not sent to Russia. The ordered card will need to be sent to friends or relatives in a country where there are no locks and restrictions regarding Payoneer. This card can be used without any restrictions, but the annual service fee is very high - $ 29.95.

In order to transfer money to another user, it is important that this user indicates his email address in the system. With Payoneer, you can transfer money to services such as PayPal and WebMoney.

Transfers to cards of users issued in the system are carried out without any significant restrictions, but still there is a certain rule. The amount of one transfer cannot be less than $ 20 and cannot be more than $ 1,000.

Payoneer has a system of commissions for withdrawing funds from a wallet:

  • 0% - to a bank account;
  • 2.5% - to the card (Mastercard commission).

On average, if a user from Russia receives $ 100 on his account, he receives $ 96 of them. If you withdraw money from an ATM, the commission will be $ 3.15. There is also a limit on withdrawing funds from ATMs or cash desks - no more than $ 2,500 per day.

Payoneer for Amazon

The system is most often used to work with the Amazon and Ebay marketplaces - after all, Payoneer is their official partners. Electronic auctions do not imply any other means of withdrawing funds, except to an account in the United States, and Payoneer offers this opportunity to Russian businessmen. The account in the payment system will need to be linked to the account on the electronic auction. You need to act according to the following algorithm:

  1. Clarify the details of the Global Payment Service account, you can find them in your Payoneer account;
  2. Login to Amazon Seller Central;
  3. In the Settings menu and then Account Info, in the Deposit Use a new bank account section, enter the details, indicate the United States when requesting the location of the bank.

After that, you can withdraw money to your Payoneer account and then transfer it to your bank account in Russia. If a card is issued, the money received from sales on Amazon to the account registered at the auction is immediately credited to the card. Fee for withdrawing funds from Amazon to Payoneer - 1%. It is withdrawn from the Amazon account or card. Withdrawals are made twice a month.

Pros and cons of Payoneer

Users highlight the following benefits:

  • High level of security;
  • The ability to convert into 90 currencies and make payments in 90 countries;
  • The virtual card removes regional restrictions;
  • Currency exchange is carried out on the day the funds are debited from the account, which makes it possible to take into account exchange rate fluctuations.

At the same time, a number of disadvantages are noted:

  • A limited number of withdrawal methods;
  • Long withdrawal period;
  • In Payoneer, the account may be blocked due to incorrect data entry or due to the need to verify the identity;
  • The prohibition of the system in Russia forces you to use VPN.

Security Issues at Payoneer

Payoneer is a highly secure payment system. The system guarantees complete confidentiality of transactions. Personal account with Payoneer and all transfers are protected by an encryption system comparable in complexity to the military. Funds go to Russian accounts through City Bank, which provides an additional level of security.

However, there is a risk of account hijacking, for this, when registering, you need to attach a scanned copy of your passport so that you can return the account to the owner in the future. If such a situation occurs, you should immediately contact support.

In addition, at any time the system may require confirmation of the address of residence, and it will be necessary to upload some documents. In your personal account, you must perform the following actions:

  • In the Settings menu, select the Confirmatory information section;
  • Select address verification;
  • Upload a PDF file with documents (receipt of housing and communal services, bank documents, others).

Receiving payments

Request for payment

The Request Payment service allows a user to initiate a payment directly from their Payoneer account.

How to apply for the Payment Request service

To apply for the Request Payment service in your Payoneer account, you must select Request Payment from the Receive menu. After that, the system will automatically ask some questions to find out if this system is suitable for the user's business.

In order to be able to apply for this service, users from some countries first need to receive payments totaling $ 5,000. If the user is in one of these countries, then on the "Request payment" page he will see how much money is left to receive up to the required amount. Payments received from other Payoneer users through the Make a Payment service are not counted.

When submitting an application, the user will have to provide information about their business and identity documents. These steps are necessary for Payoneer to ensure that the user's business is compliant with the rules. After sending the necessary documents, the user will immediately be able to start requesting payments.

How to find out the status of a payment

To check the status of your submitted payment request, you must sign in to your Payoneer account and select Sent Payment Requests from the History menu. Then, in the list, you must select the desired payment, and the user will be able to see the chronology with more detailed information about the status of the payment.

If the payment is pending, you can try the following:

  • Log in to the Verification Center for your Payoneer account, it is located in the Settings menu. There you can see if additional documents are needed to confirm the payment.
  • Check your e-mail, perhaps Payoneer sent an email there requesting additional data to confirm the payment.
  • Contact the payer and ask them to check their inbox, because sometimes Payoneer will ask the payer for more information to confirm a payment.

If all the necessary information is provided, then the payment is being processed, and soon a letter will be sent to the mail with the update of information on this payment.

Why the payment was not approved

There are some situations in which Payoneer may decline a payment:

  1. The bank / credit card issuer declined the payment;
  2. Additional documents required to confirm the payment were not provided;
  3. Payment does not comply with Payoneer's Terms and Conditions.

Commission and questions about the amount of payment

The commission for receiving payments using the Request Payment service depends on the use of the payment method:

Payment method used by the sender: Commission
  • Credit card: 3% of the payment amount
  • ACH debit: 1% of the payment amount
  • Local bank transfer: 1% of payments received to USD account, No commission for payments in other currencies
  • Payoneer Account Balance: No Commission

Error message when sending a payment request

The Request Payment service is provided subject to meeting certain requirements. Here are some reasons for errors when trying to submit a payment request:

  • Country not found - Payment requests can be sent to payers from most countries. Countries where payment requests are not supported can be found in the corresponding list.
  • Home Payments - Some countries do not allow you to use this service to receive payments domestically.
  • Limit on the number of payment requests - the user can send up to 100 payment requests per day.
  • Unsupported characters - the payment request form only supports Latin characters. An error may occur when entering special characters.

Global Payment Service

Payoneer Receiving Accounts allow users to accept funds from customers using local bank transfers or wire payments.

Applying for receiving an invoice in another currency

If the Global Payment Service is available in the user's account, then accounts will be automatically opened for him to receive payments in USD and GBP. If you need to add an additional account in a different currency, then you must complete the following steps:

  1. Sign in to your Payoneer account;
  2. Go to the Receipt section and select Global Payment Service;
  3. Click on the desired currency. The user will be redirected to a page where they can send a request to the corresponding service.

If, when following these steps, the user does not see any currencies, then there are currently no available currencies.

What is the status of the payment

If a user is expecting a payment that was sent to his account using a bank transfer, it is important to pay attention to the following points:

  1. It may take up to 5 business days for your Payoneer account to receive your payment;
  2. Saturday, Sunday and bank holidays are not business days;
  3. Most of the accounts that Payoneer provides do not support wire payments. If the user tries to receive such a payment, although his account does not have such a function, the payment will automatically be returned to the initiator;
  4. Most of the accounts that Payoneer provides do not support payments from individuals. An unconfirmed initiator's payment will be declined and returned to the sender within 7 business days.

If the payment went to your Payoneer account, but is not yet available on the balance, you should know the following:

  • Payments received are verified by the Payoneer team before being credited;
  • In some cases, additional information is required to confirm the payment. You need to go to the Verification Center to see the available requests for additional data or documents;
  • In some cases, payment verification may take up to 3 business days.

Why the user's payment was declined

There are several reasons why a payment sent to a Global Payment Service user's account might be declined:

  1. The initiator of the transfer sent the funds using a wire payment. Most of the accounts provided by Payoneer only support local transfers. If you try to receive a wire payment to an account that does not support such transfers, the payment will be automatically returned to the initiator;
  2. Most of the accounts provided by Payoneer do not support payments from individuals. Payment from an unconfirmed initiator will be rejected and returned to the sender within 7 business days;
  3. The payment does not comply with the Terms and Conditions of Service;

Fees and questions about the amount of payment

The commission for each transfer received to the account depends on the payment currency. For payments received to an account in USD, a commission is taken up to 1% of the payment amount. No fees are charged for payments received in other currencies.

If the payment received is less than expected, it is most likely due to a commission.

Submitting a request for additional details to receive payments in the same currency

If the user requires an additional account for Amazon, the Store Manager can be used. After the user connects all the existing details for receiving payments in the account to the active Amazon store, new details for receiving payments will be created automatically.

If the user requires additional details to receive payments for another marketplace, it is necessary to contact support to review the request.

How to edit Amazon store details

If a user needs to edit the data of his Amazon store, he needs to write to Payoneer support. In some cases, you will be prompted to completely delete the connected store so that the user can add it again with the correct information.

Companies Paying With Payoneer / Bank Transfers

Payoneer is a direct partner of various online platforms and platforms, from which users can directly accept payments into their Payoneer account.

Payment / transfer status

Payoneer will send an email when the payment reaches the user's account. In addition, you can see the payment on the Transactions page. If bank transfer is selected as the payment method for payments to this company, the payment will be automatically sent to the user's bank, and he will receive a confirmation by mail. It can take up to five business days for a payment to be credited to a bank account.

Change of bank details

Some payout companies allow you to change the details of the bank account to which payments are made using the user's Payoneer account. It is recommended to first check if this option is available.

If the payout company does not provide the option to change your bank account information through your Payoneer account, support will be able to manually change the data.

Change in the method of receiving payments

Oftentimes, you can change your payment method using your Payoneer account on the paying company's website.

Payoneer used as a payment method for website earnings in USD to later convert to EUR

If the user cannot figure out how to do this, you need to contact support.

Send payments / Withdrawals to a bank account

Send payments

By sending payments, you can complete a payment request or initiate a payment to a Payoneer user.

Sending a payment to a Payoneer user

There are several ways to pay a Payoneer user - Each of these methods is provided as available to each user:

  1. If the user pays on behalf of the company, then a credit card or bank transfer can be used. If the company is located in the United States, you can use ACH debit;
  2. If the user is a representative of a company that pays to multiple recipients at once, that user will be offered the opportunity to become a Payoneer partner;
  3. If the user transfers payments from a private person, a credit card or ACH debit can be used, but only if the user's bank is located in the United States;
  4. If the user has a Payoneer account, they can pay with their Payoneer balance.

Status of the sent payment

The user can check the status of the sent payment by following these steps:

  1. Log in to your Payoneer payer account;
  2. After logging in, the user will see a table with received payment requests. In the Status section, you can see the status of payments.

If the user does not have an account, it is necessary to check the emails received from Payoneer for information about the status of the payment.

Why my payment was declined

All payments are verified by the Payoneer team. If the payment was declined, then most likely it violated the Terms and Conditions of Service.

How to cancel a payment that has already been sent

If a user needs to cancel a payment sent to another Payoneer user, they must contact the merchant or service provider directly to resolve the issue.

If in this way it is not possible to solve the problem, then the user should contact support, providing information about the payment and the reasons for the cancellation.

Difficulty paying a payment

If a user makes a payment using a credit card, and suddenly sees a message that there are not enough funds, then it is worth trying another payment method, or contact the card issuer.

Withdrawal to a bank account

Users can withdraw funds from their Payoneer account directly to their bank account.

How to withdraw funds to your bank account

In order to transfer money from your Payoneer account to a bank account, you need to follow these steps:

  • Sign in to your Payoneer account;
  • Enter the Withdraw section and select To a bank account;
  • If the user has not yet added a bank account, then this can be done by following the prompts on the screen;
  • Selection of the currency balance from which the transfer will be made;
  • Enter the transfer details and click the Check button;
  • Carefully check the transaction data, confirm it and click Withdraw.

How to change your bank details

Editing bank account data is not available, but the user can delete an account and add a new one with correct data at any time:

  • Sign in to your Payoneer account;
  • Enter the section Settings, Bank accounts.

Commission for each transfer

The commission for each transfer will depend on the currency of the bank account to which the user transfers his funds. To view commissions, simply log into your Payoneer account, open the Fees and Fees section, then Withdrawal Fees located in the Help menu. You can also see the amount of the commission before the transfer is made.

Transfer status

Payments sent using the withdrawal service to the bank are usually credited to the bank account within 2-5 business days.

If, after 5 business days, the user still has not received their funds, they must upload a confirmation of the transaction to their Payoneer account and submit this document to the bank in order to find the funds.

If the bank account details were entered incorrectly, the transfer will be declined and the funds will be returned to the user's account. This process can take up to 14 business days.

How to add a vendor bank account

Payoneer allows its users to transfer funds to the bank accounts of contractors, suppliers and remote employees directly from their Payoneer account balances. To add the recipient's bank account details, follow these steps:

  1. Sign in to your Payoneer account;
  2. In the Settings section, select Bank accounts;
  3. Select the Beneficiary accounts tab;
  4. Click Add bank account.

Make a payment

The Make a Payment service allows users to interact with other Payoneer users right in their account.

Why can't I send / receive intra-system payments?

In order for users to make payments, their account must receive funds from companies making payments using Payoneer, payments made through the Global Payment Service or through the Request Payment service.

The option to send payments to other Payoneer users will automatically become available in the account after the user begins to receive more payments in the ways indicated above.

What to do if the user did not make a specific payment

If the user in his personal account saw that some payment was made that he did not make, it is worth immediately reporting as much detailed information as possible to the Support Service.

How to send a payment to a supplier

To pay a non-Payoneer vendor, you need to follow these steps:

  1. Sign in to your Payoneer account;
  2. Select Pay, then Make a payment;
  3. Select the option of sending funds to the recipient's bank account (the Service is provided subject to meeting certain requirements.);
  4. If the user has not yet added the details, you need to do this by following the prompts on the screen;
  5. After adding the details, you also need to follow the prompts on the screen to complete the payment.

What is the commission for each payment

Simple commission is shown if the user transfers funds in the same currency.

Conversion fees are shown when a user transfers funds from one currency to another. The conversion fee will be included in the exchange rate that the user will see before completing the payment.

What is the status of payment to the supplier

When a payment is sent to the recipient's bank account, funds are credited to the account within 2-5 business days.

If after 5 business days the funds are still not received, the user can upload a confirmation of the transaction in their Payoneer account and provide this document to the recipient. With this document, the recipient can go to the bank and submit funds for the search.

Payoneer account

registration

How do I apply for a Payoneer account?

The user can start receiving funds from companies and online platforms around the world by applying to open an account on the Payoneer website.

If the user works with a company that makes payments using Payoneer, then he can log into an account on the website of this company and select Payoneer as the payment method.

Payoneer used a payment method for digital nomads website earnings in USD

When the application for opening an account is approved

Typically, applications to open a Payoneer account are processed within 3 business days.

However, in some cases, the Payoneer team may ask the user for additional information before being able to approve the opening of an account.

Close / restore account

Closing your Payoneer account

In order to close your account, you must inform the support reason.

It should be noted that all payment senders connected to the account will not be available for adding to a new Payoneer account after the existing account is closed.

Payoneer account recovery

The Payoneer administration can only restore an account if it is closed at the user's request. If the account was closed due to violations of the Terms and Conditions, then it cannot be opened again.

Add / remove payment sources

Remove the source of payments from your Payoneer account

A payment sender is the link between a Payoneer account and an account at the paying company. If support removes the sender of the payments, then the user will no longer be able to receive payments from that company to their Payoneer account. Alternatively, after deleting a payment sender, you can add it to another Payoneer account.

Add a payment source to your Payoneer account

To add a new payment sender to your Payoneer account, you just need to log into your account on the site of the new payout company and select “Payoneer” as your payment method. The user will be redirected to a page where he can set up a transfer of funds to an existing Payoneer account.

Request for an official statement

Account statement to be submitted to Amazon

Users can easily upload their official Amazon statement directly to their Payoneer account using Store Manager. To do this, follow these steps:

  1. Sign in to your Payoneer account;
  2. In the main menu, find the History section and select Store Manager;
  3. Select an Amazon store connected to the Global Payment Service for which a statement is required.
  4. On the page of the desired store, select Bank statement and click Upload statement.

Payoneer Account Statement Request

To create a report or statement:

  1. Sign in to your Payoneer account;
  2. Enter the History section, then Reports and statements;
  3. Select a report or statement that you want to create;
  4. Indicate the required information;
  5. Click Upload to create or upload a file.

Pay attention to the following:

  • When you click on the Download button, a new window will open, in which you can see the status of document creation and download;
  • The file is automatically saved to the Downloads folder on your computer;
  • Reports are generated in the background, so you can continue to work with Payoneer.

Payoneer card

Order, the right to receive and activate the card

Why you can't order a prepaid card

To order Payoneer Mastercard, you must actively receive payments to your Payoneer account from any senders other than on-network payers (“Make a Payment” service) and e-wallets, for example, PayPal or Skrill.

Payoneer Mastercard Activation

In order to activate the card online, you must:

  1. Sign in to your Payoneer account;
  2. Select Settings in the menu, and then Card Management;
  3. Find a card awaiting activation and click Activate;
  4. Follow the instructions on the screen to activate the card.

It is worth paying attention to the fact that you can only activate the card that has already been received by users.

Security

Lost / stolen card

If the card is lost or stolen, you need to call 1- (646) -386_2434 so that Payoneer employees can block the card and prevent intruders from using it.

Map found, how to unlock it

If less than 7 business days have passed since the card was blocked and a new card has not yet been ordered, the Payoneer team may be able to restore it. To do this, you need to write to Support, indicating all the details.

Card expires / expired

If your card expires soon, you will be able to order a new card 90 days before the expiration date. If the card has already expired, then you need to follow these steps:

  1. Sign in to your Payoneer account;
  2. Select Payoneer Cards in the Settings section;
  3. Click Order new in the window where it is shown that the card will expire soon or has already expired;
  4. You will need to enter your shipping information before you can order a new card.

Forgotten PIN code from the card

PIN is a secret code that is used to make purchases and withdraw funds through ATMs.

If the user has forgotten this code, then they need to log into their Payoneer account and select Payoneer Cards in the Settings section. There, select the desired card and click View PIN, and then follow the instructions on the screen.

Invite a friend and more

Referral program from Payoneer

How to get a reward

In the event that the user brought a friend through the loyalty program, then both the invitee and the invitee will receive a reward as soon as the friend receives payments totaling $ 1,000 to their Payoneer account.

It is worth noting that transfers sent by other Payoneer users using the Make a Payment service do not count towards the $ 1,000 required. Only accounts registered via the “Invite a friend” link can apply for the award.

★★★★☆ Payoneer Review: Receive Payments From Dollars To Euros Payoneer is a great way to send and receive international payments for professionals and digital nomads in EUR, USD or GBP. However, the service high fee makes it a secondary choice compared to direct wire transfers or other low fees conversion solutions.





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