FAQ - Payoneer India (2024)

FAQs

Can Payoneer be used in India? ›

Payees in India can get paid by any company that has been approved by Payoneer. Payments from other companies, as well as Paypal and other e-wallets, will be rejected. If you wish to get paid by a company that has not been approved, please contact us with the details of the company and we will consider your request.

Payoneer is not a free service, but you do not have to pay an annual fee to use this payment system if you receive transactions regularly. However, some other fees apply to customers and are not so easily avoidable. Free if you make at least one transaction per year. For inactive users $29.95 per year.

Credit Card: If a client pays you via credit card, an additional 3% Payoneer fee on the transaction amount will be applied. ACH Bank Debit: This option is available only in the US. If your US client pays you via ACH bank debit, you'll incur an additional 1% as Payoneer fees.

It usually takes up to 3 business days.

Payoneer re-entered the Indian market in 2016, after partnering with IndusInd Bank and receiving Central Bank's approval. The company customized its offerings for the Indian market, with special reporting systems and fund-transfer limits that comply with local rules.

Pros & Cons

Limited functionality; can't accept in-person payments. Customers report account freezes and terminations, resulting in the loss of funds. Must pay a withdrawal fee to move funds from your Payoneer account to your bank account.

PayPal charges about 3.5-4% of the exchange amount, regardless of whether you convert internally in your own account or send money for goods or payroll. Payoneer is much more affordable when it comes to conversion fees, with a margin of 2%.

If you don't make a transaction via your Payoneer account or Payoneer card in any 12 month period, you'll be charged the annual account fee. Use your Payoneer account and you'll never pay this fee. Fee is charged if 12 months pass and you have received less than 2,000.00 USD (or equivalent) in payments.

What is the best alternative to Payoneer? ›

Sign in to Payoneer. Go to Withdraw & transfer and then select Withdraw to bank. If you have not yet added bank account for withdrawal, please click on the Add new button and proceed to the bank account registration. If your bank account is pending approval, we'll let you know.

You don't need a bank account to register at Payoneer. On successful registration they give you a US checking account and MasterCard. However you will need one if you want to withdraw your Payoneer money to a local bank.

Which is better between Wise and Payoneer? The choice depends on your business size. Wise offers lower fees and wider currency options for all businesses, while Payoneer caters to diverse business types, marketplaces, and business use cases, with features like US bank accounts and marketplace integrations.

Payoneer account

Minimum withdrawal amount: $20 (+ $1 Payoneer fee), the maximum amount possible is $3000. ​Payoneer Commercial Mastercard® fees. ​Note: From 1 November 2022, a Payoneer account will be the only Payoneer product available to new tutors.

Note: The Payoneer account for sending payments is currently available to people in the following countries: The EU, the UK, the US, Albania, Andorra, Brazil, Canada, Chile, Colombia, Holy See (Vatican City), Iceland, India, Israel, Kosovo, Liechtenstein, Moldova, Monaco, Montenegro, North Macedonia, Norway, Peru, ...

No problem. With Payoneer, you don't have to live in a country to get paid in its currency. It's easy to get paid by clients and marketplaces in the US, UK, Europe, Japan, Canada, Australia, Singapore, Hong Kong, and UAE – then withdraw locally in more than 190 countries.