Payoneer Reviews - Pros & Cons, Ratings & more (2024)

FAQs

What is the disadvantage of using Payoneer? ›

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.

Payoneer has garnered high reviews on reliable sites such as Trustpilot, Sitejabber, and FinancesOnline, proving that the site is highly recommended by freelancers and sellers across the globe. With a rating of 4.0 out of 5 stars on TrustPilot, one of the leading consumer review websites.

If you keep your account open for 12 months without making a transaction in your Payoneer account or on your Payoneer card, you'll be charged a $29.95 fee.

Other important factors to consider when researching alternatives to Payoneer include customer service and security. The best overall Payoneer alternative is PayPal. Other similar apps like Payoneer are Tipalti, GoCardless, BILL AP/AR, and Stripe Connect.

Payoneer is much more affordable when it comes to conversion fees, with a margin of 2%. Accordingly, it is better suited for international payments with a streaming currency exchange. At the same time, the multicurrency capabilities of the payment system are more powerful than PayPal (150 currencies vs. 26).

Payoneer is committed to keeping your funds safe. We comply with all relevant regulatory requirements. As a fully regulated US company, Payoneer takes financial security and payment regulations very seriously.

Does Payoneer report my earnings to tax authorities? No. You are responsible for reporting the earnings received and funded to your Payoneer account to all the relevant government tax authorities.

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.

Ultimately, the decision comes down to your personal preference and the needs of your clients. If you value convenience and quick access to your funds, Payoneer may be the better option. If you prioritize low fees and transparency, Wise may be the way to go.

How much is 1 dollar in Payoneer? ›

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.

Can I create Payoneer without a bank account? You don't need a bank account to register for Payoneer, but you will need one to withdraw your money to a local bank . Alternative you can withdraw money through Jazz Cache.

Payoneer is licensed and regulated by multiple government regulators. As a regulated financial institution, customer funds that are managed by Payoneer are kept in segregated, safeguarded accounts by legal requirement.

Yes, keep the following in mind: Funds that you add to your Payoneer balances must be used to make business payments, not for personal purposes.

Payoneer is committed to keeping your funds safe. We comply with all relevant regulatory requirements. As a fully regulated US company, Payoneer takes financial security and payment regulations very seriously. Payoneer is a registered US Money Service Business (MSB) that has been in operation since 2005.

Some signs that a Payoneer account has been hacked can include: You notice suspicious activity in your account. You receive a notification that your details (password, phone etc.) have been changed – and you didn't request the change. You cannot log in with the details you have successfully used before.