We have done this Payoneer review 2020 because most people are unaware of its immense benefits. Payoneer prevents stress that accompanies going to the bank to track an international transaction.
You can now receive your international payments from the confines of your bedroom without having to queue up at the bank. Your relatives or business partners can now send money to you instantly from the US, the UK or anywhere in the world.
Let’s dive in to know everything about how Payoneer works. By the way if you haven’t signed up with Payoneer, you are missing a lot. Click here to sign up today.
Payoneer review 2020: What is Payoneer?
Payoneer is a US company that provides the services of an international payment platform through which people can send and receive payment directly into their local bank account or into a debit card. Payoneer is just one of the many payment platforms around the world used by small scale businesses and large companies to send and receive payments. Payoneer has been in the business of making international payments seamless since 2005.
Small scale businesses use it to send or receive payment for services rendered to international clients while large companies use it to sort worker’s salaries.
The site is easy to use by both individual and large organisations. Instead of stressing yourself with Western Union and Moneygram, your best bet is Payoneer. You receive your payment from any part of the world from the comfort of your home. Signup with Payoneer to begin to receive payment from international clients.
As an international payment platform, it is used by freelancers and companies around the world to send and receive payments. Websites offering freelance services such as Fiverr, Freelancer and Upwork integrate Payoneer as a payment option for their members to send and receive payment.
Also, e-commerce websites such as Wish, Amazon and other online marketplaces and Affiliate networks use the platform to settle affiliate commissions. It is available in over 200 countries of the world. And it is available in all the 54 African countries. As at 2020, it is serving about 4milion customers worldwide.
What makes Payoneer unique is the ability to receive payment directly into your local bank account. An option is also provided to receive payment via a Payoneer prepaid Mastercard.
There are many reasons Payoneer comes as a favourable option to send and receive payment. One of which is the ease with which payment is sent and received. Also, there are no hidden charges and hidden fees.
If you want a perfect guide to how to send and receive payment either as a freelancer or a client, then stay glued to this payoneer review 2020.
What is a Payoneer account?
Payoneer account refers to a customized bank account used to receive payment either from a local bank account in the US or from other platforms. This account is given to you free of charge when you sign up. Usually, when you open a Payoneer account, all you need to receive payment from your client with a Payoneer account is your email address.
However, when the client is paying from another platform such as Transferwise or sending from a local European bank, Payoneer provides an option for you to receive payment in your unique US or Euro bank account. In fact, upon registration, Payoneer provides you with one unique US and one unique Euro bank account.
You can then add other available bank accounts for other denominations such as the GBP, JPY, AUD, CAD and MXN to receive payment as you would require. It’s almost as if you are receiving money directly into your bank accounts.
You are provided with unique bank details including a bank name, bank address, routing number and account number.
Payoneer currently supports the creation of local accounts in the following currencies: Dollars (USD), Euro (EUR), Great British Pound (GBP), Japanese Yen (JPY), Australian Dollars (AUD), Canadian Dollars (CAD) & Mexican Peso (MXN).
Payoneer Debit Card
With the Payoneer debit card, you don’t need to wait during weekends before processing your withdrawal.
You can load your card from any of your active Payoneer accounts.
There are two options for loading: immediate load and standard load. Immediate load typically funds the card based on the current exchange rate while standard load funds the card based on the mid market exchange rate as at the time of withdrawal.
While immediate load takes within two hours, Standard load often takes up to two days. You can withdraw directly from your debit card using an ATM.
You can also use the card, in stores or online anywhere Mastercard is accepted. You are not charged for using the card when shopping online with the card.
Aside from this, other little bank charges apply for withdrawal (€2.50), failed transactions (€0.80) and card maintenance.
Nevertheless, these fees are paltry sums. It is free to activate the card. However, you have to be careful with the card as the replacement fee is €9.95.When you order for the card, the card is shipped to your specified location.
Payoneer charges and fees review 2020
Freelancers and business owners prefer to use Payoneer not just only because of its ease of withdrawing payment, but basically because of the cheap withdrawal fees. Per withdrawal, in comparison to other payment platforms such as Skrill and Paypal, the fees are reduced by up to 71%.
The beautiful thing about Payoneer is that you can withdraw all your money to your local bank account.
All transfers and payments from payoneer to payoneer accounts is totally free.
When you are receiving money from an online marketplace, they often determine the withdrawal charges. While for some, there’s no withdrawal fees, for others, withdrawal fees could be up to $10.
For example, Legiit charges just $3 per any amount of withdrawal. But if you are receiving money from a local bank in the US, the charge is 1% . If the sender is using a credit card, the charge is 3%. Also, if the sender is sending the money from another platform into one of your bank accounts, the charges is 3%.
Usually, while withdrawing to your local bank account, Payoneer exchange rate is 2% above the mid market price from your withdrawing account to your local currency.
Bank charges and other landing fees may apply but in the case of withdrawal to Nigerian banks, there’s usually no more deductions during withdrawal to your local bank account.
Is Payoneer Safe?
Payoneer is one of the safest payment platforms in the world. It has been in operation since 2015. It has managed millions of dollars for different corporations and you can be sure of getting your money on the same day of withdrawal.
Payments may be delayed on weekend. In order to fully enjoy the services offered by the platform, you have to upload the required pieces of information such as a valid ID, your address, a Utility Bill to confirm your address, your bank details and for some countries such as Nigeria, your BVN.
It is important for you to complete your registration in order to fully enjoy the services rendered by Payoneer. Certain features would be unavailable if you haven’t uploaded the required pieces of information.
Payoneer Customer Service
Payoneer has one of the most effective online customer service you would ever ask for. One time, I had a challenge with receiving payment from India.
So, I made a complaint, I received a response within a day and it was helpful. I found out it is currently impossible for Indian Payoneer account owners to send money from their Payoneer accounts to Nigerian Payoneer accounts because of international laws.
To resolve the issue, my clients had to use Transferwise to transfer to my Payoneer Euro account. Apart from it’s wonderful customer service, you’d find a page of already answered questions that may be quite similar to yours on their website.
You can also find more information from the frequently asked question page.
How does Payoneer work in Nigeria
To start receiving payment, you need to sign up with Payoneer. To sign up, you need a valid phone number, email address, and a valid means of identification. After you have signed up, you need to confirm your email address.
After confirming your email address, update your profile details and you can add more currency to your account. You can start receiving payment with Payoneer by the following method:
- Request payment from a client for service done
- Get paid by international company
- Get paid by a marketplace such as Fiverr, Freelancer and Legiit into your payoneer US account.
- Withdraw directly into your bank account
Note: Withdrawals are often processed on the same day withdraw is done unless it’s weekend, then you have to wait till Monday.
Many persons have been denied the benefit of freelancing because their countries have been barred from receiving payments via Paypal. It is more difficult to send and receive payments from the Middle East to Asia.
I remember when I first began my freelance writing journey, I could not get my payments from my Indian clients. It was so distressing until I found out about Payoneer.
So far, I have used Payoneer to withdraw thousands of dollars and I can tell you it is one of the best international payment platforms out there. If you need help, you can use the comment box. I would be glad to share my wealth of experience in using Payoneer to receive payments from global clients.