Honest Payoneer Review 2026: Pros, Cons, Features & Pricing

Does your business deal with international suppliers and clients? If so, you probably know how challenging it can be to find a global payment service (with multi-currency receiving accounts). Most have exorbitant transaction fees and high foreign exchange markups. With numerous options, such as PayPal, Wise, or Payoneer, which one is best suited for your company?

In this article, we examine Payoneer's fees (including transaction, conversion, and annual card fees), benefits, drawbacks, reviews, and competitors. If you're looking to make an informed decision before choosing a payment platform, keep reading! 

Payoneer, a global payment service, was initially founded in 2005. It aims to improve the way customers make and receive payments, whether these transactions are with partners, independent workers, or affiliates. The company operates in over 200 countries and offers global bank transfers, local e-wallets, Payoneer prepaid Mastercards, and mobile payments, among other services. 

For businesses, Payoneer aims to simplify the process of making mass payments. It enables companies to send bulk payments to contractors, suppliers, vendors, and freelancers in over 200 regions and countries. 

Currently, Payoneer offers services in these currencies: 

• United States Dollar (USD)
• Euro (EUR)
• Pound Sterling (GBP) 
• Canadian Dollar (CAD)
• Australian Dollar (AUD)
• Japanese Yen (JPY)
• Offshore Yuan (CNH)

Payoneer enables customers to send and receive international payments, offers prepaid debit cards, a mobile app, and services in multiple currencies, among other features. Here's a closer look at some of their offerings:

1. Sending and receiving payments

Payoneer allows customers to receive funds instantly and free of charge into their Payoneer account. If you want to send money to a bank account, the transaction generally takes around 24 hours to get processed. Businesses can send batches of up to 200 payments to bank accounts. 

For freelancers and marketplaces (such as Fiverr, Upwork, Amazon, and Airbnb), requesting payments is also simplified. Users can request payments from their clients, who can pay in their chosen currencies. 

They can utilize the following methods to make payments:

• Credit card
• Local bank transfer
• Payoneer account

Payment statuses can also be tracked using your Payoneer account. 

2. Multiple currencies supported

Payoneer allows its customers to receive payments in multiple currencies. For each one, it uses the following accounting information:

• For USD payments: Payoneer uses routing numbers and account numbers 
• For GBP: Payoneer utilizes the account number, IBAN, and sort codes
• For EUR: Payoneer uses the SWIFT network/BIC and the IBAN 
• For AUD: It requires the account number and BSB code
• For CAD: It uses the transit number, account number, and institution number 
• For SGD: Payoneer requires the bank name, bank code, and account number 
• For JPY: It requires the bank and branch code, and the account number
• For HKD: Payoneer requires account numbers and routing numbers
• For AED: It uses the bank name and IBAN

3. Payoneer prepaid Mastercard

A Payoneer account allows you to use a Payoneer Commercial Mastercard for international business expenses. The Payoneer debit card offers the following features to customers:

• Fee-free purchases: You can use your debit card to make purchases in CAD, USD, EUR, and GBP without any fees. 

• Spending limit: The daily spend limit on the Payoneer prepaid Mastercard has no monthly limit and a daily limit of up to USD 200,000. 

• Supported in many regions: Payoneer's debit card can be used anywhere that accepts Mastercard payments. Most countries and businesses accept Mastercard payments, making this a convenient facility. 

4. A mobile app

Payoneer also offers a mobile application for customers. This allows users to conduct Payoneer-to-bank withdrawals in more than 150 countries. It also lets them track their balances and check transaction statuses, make and request payments, and manage card settings and balances. 

Using Payoneer is a pretty straightforward process. Here's how you can set up your Payoneer account: 

• Go to the Payoneer website. 
• Select the type of account that best suits your company's requirements.
• Fill in the required fields (these usually include your full name, business details, email address, financial details, contact information, and so on).
• Upload any verification documents, like your ID or passport, registration documents, and other official documents. 
• Submit your application.

Once submitted, the review process typically takes two to three business days. Once your account information has been verified and approved, you can start receiving payments on Payoneer. 

Payoneer can be an excellent solution for your business's payment requirements. Some of its major strengths include low fees, cross-border payment support, and robust security.

Fees and costs

Compared to traditional banks, Payoneer's transaction services are generally low-cost. Payments to other Payoneer accounts are free, while transfers to bank accounts incur a 1% fee. 

Cross-border payments 

With Payoneer, customers can make payments in their clients' preferred currencies. Clients can also make payments in their preferred currency, making cross-border payments easier and more convenient for all parties involved. 

Security measures 

With features like two-step verification, firewalls, anti-hacking, and email updates and notifications regarding card usage, Payoneer has several security measures in place to ensure your finances stay safe. 

Payoneer's fees and pricing structure can be accessed on their website or mobile app when you create an account. Here's a rough breakdown:

1. Receiving payments from other Payoneer accounts

Receiving payments from another Payoneer account incurs no fees or charges. You can accept payments from clients in various currencies, including EUR, USD, GBP, and more, at no additional cost. 

2. Receiving payments from other accounts

To receive payments from non-Payoneer accounts, the following charges may apply:

• For credit card payments in all currencies: 3.20% + $0.49
• For ACH bank debits (US only): 1%
• For PayPal (US only): 3.99% + $0.49

To receive payments directly from various platforms and marketplaces (such as Fiverr, Upwork, Wish, Airbnb, and others) that are partnered with Payoneer, the associated fees will depend on the specific market, network, or platform. 

You can also use your Payoneer receiving account like a local bank account in the regions where your company operates. For example, they support SWIFT network wire payments, as well as payments in countries that use USD, GBP, EUR, and other currencies. Fees will vary depending on the currency, and minimum fees may apply. 

Remember to check the Payoneer website for more detailed information regarding specific transactions.

While Payoneer has millions of users worldwide, several other platforms may better suit your business requirements. Some of Payoneer's biggest competitors are Xflow, PayPal, and Wise. Let's take a closer look at them below!

1. Xflow 

Xflow is a leading cross-border payment platform designed for all types of businesses- exporters, startups, freelancers, global enterprises, and more. It offers faster INR settlements, enterprise-grade security, transparent forex pricing, and automated compliance. 

With API-driven infrastructure and Receiving Accounts that function as foreign currency accounts, Xflow helps businesses optimize their currency conversions. Here are some of Xflow's standout features:

• Fees: Xflow offers transparent pricing with 0 hidden markups and mid-market FX rates. With guaranteed INR visibility, it also ensures that businesses know the precise INR amount that will be deposited into their accounts before the transaction is completed. It also offers 50% lower FX costs compared to traditional banks. 

• Supports receiving accounts in multiple currencies: With Xflow, your business can set up foreign currency accounts that accept over 30 currencies, allowing customers to pay via local bank transfers. 

• Compliance and security: Xflow ensures your finances are secure and that your operations remain compliant with local regulations. The platform automates eFIRA/FIRC issuance, and digital certificates are issued within 24 hours of the transaction. This is done through RBI-authorized banks, eliminating the need for manual follow-ups. Xflow also offers enterprise-grade security features and is ISO 27001 and SOC 2 certified. 

• No transaction limits: Xflow can process single high-value invoices, making it an ideal solution for large exporters and startups seeking to raise capital.

• Regions: Xflow supports payments from the USA, Europe, Singapore, Australia, and other major areas where Indian exporters typically conduct business operations. 

2. Wise 

Previously known as TransferWise, Wise offers payment services in many different currencies. It also provides foreign exchange at mid-market exchange rate benchmarks, making it less expensive than traditional banks. Wise also lets your business operate with local bank details in more than 10 countries. Like Xflow, Wise automatically provides a digital FIRA with every payment. 

3. PayPal 

PayPal is one of the world's largest international payment platforms, with a user base exceeding 400 million. It supports transactions in multiple currencies and provides instant access to your funds. This makes it a quick and convenient option for your company. 

PayPal also allows users to spend directly from their PayPal balance, has built-in seller and buyer protection, and integrates with multiple e-commerce marketplaces and platforms. However, it has high fees (approximately a 4.4% transaction fee, a fixed fee, and a 4% conversion fee), making it a costly option for your business. 

Payoneer has a rating of 3.8 stars on Capterra and Trustpilot. Overall, many users report satisfaction with the platform, appreciating its user-friendliness for international transactions. Many reviews on these websites also highlight the helpfulness of the customer care team, noting their quick and efficient responses to resolve issues. 

However, many users have also reported encountering problems with contacting and resolving issues. Some users have also noted challenges in using the mobile app and accessing payments. Below are some real Payoneer reviews from the sites mentioned above:

• "Customer support is actually one of the best, when I sended a ticket I was expecting the common these days "okay thank you for letting us know, now go away" but Payoneer support actually cared and tried to help, my specific issue wasn't solved but it was caused by lack of trust to the company, the support changed my opinion about the Payoneer to the point that the issue I had became less of importance for me. If only all the companies had exactly as good support as Payoneer, it would be really great."

• "Each time I need help, they respond and solve my problem in a short time."

• "To make a long story short: I reported a fraudulent transaction on my account, but the first response came nearly a week later. After sending several polite emails, each from a different person (possibly an AI bot), almost a month has passed. Meanwhile, my account and card are still blocked, and according to the support center, the issue has been marked as "solved." It's unfortunate that I can't give this company 0 stars."

While Payoneer has several advantageous features for your company, it is also essential to consider some of its drawbacks. Some notable limitations include a lack of a payment gateway and limited payment features.

• Lack of a POS system or Payment Gateway: Because Payoneer does not have a payment gateway or POS system, it limits how your company can receive payments. 

• Lack of advanced payment features: Payoneer's services are better suited for freelancers or small to medium-sized businesses. Its lack of advanced payment features means it is not the best option for larger companies, as it cannot handle financial operations at scale. 

Payoneer is an excellent option for small to medium-sized businesses, especially when dealing with international contractors, suppliers, or clients. It offers competitive exchange rates and a secure platform for conducting transactions. 

Payoneer is a good option for the following: 

• Service providers
• Freelancer agencies
• Online sellers
• Small to medium-sized businesses (SMB)
• Marketplaces or enterprises

With the numerous digital payment platforms available today, it's essential to select one that safeguards your earnings. Luckily, that's where Xflow comes in. Unlike other platforms, such as PayPal or Payoneer, Xflow offers a 0% FX rate margin, next-day settlements for payments, and no limits on transaction sizes (including funds exceeding $10,000). 

Xflow charges a minimal transaction fee of 1%, or $8. Xflow also guarantees live FX rate settlements, providing complete visibility of the INR value for every transaction. You also have the option to lock in the day's FX rate for up to 45 days leading to a transaction, protecting your business from market fluctuations.