What is Payoneer
Payoneer provides international money transfers directly from European and American IT companies, payment cards, e-wallet and currency exchange. Indispensable for legal work with foreign companies, freelance work, trading on Amazon and eBay. Generate income from affiliate marketing, affiliate networks and the sale of stock photos. The list of partners includes such giants as: Amazon, Airbnb, Gettyimages Upwork and Fiverr.
The company has been on the market for over 15 years. As a result, the company managed to gain more than 4 million users. They also support over 200 countries and over 150 different currencies. Therefore, it is difficult to find a country to which we would like to make a transfer and Payoneer will not help us with this.
How does Payoneer work?
Once you sign up on the platform, you can easily manage your online finances through Payoneer, whether you’re sending international money transfers or managing an online store and connecting through the platform to your customers.
Bulk payment processing is very easy, which is why the platform is also connected to many popular online stores such as Walmart and Fiverr, a freelance marketplace.
To get started with convenient online finance and receive your first international payments, you need to register and open a free account.
Sign up for Payoneer?
To register with Payoneer in Ukraine, visit the official website and click the “REGISTER” button at the top of the page. Then you need to fill in your personal details and go through several verification steps.
In some cases, Payoneer may ask you for documents such as proof or your address of residence to verify your identity. You will need to send them proof of your place of residence, such as a letter with your first name, last name, and address.
After receiving money to an account in your Payoneer account, you can withdraw it to an account in a Ukrainian bank or order a bank card from Payoneer. With the card, you can withdraw money from an ATM or pay online.
Transfer fee and expenses
Sending and receiving money from other Payoneer customers is completely free, at least for a set of four major currencies: USD, EUR, GBP and JPY. For other payment methods, fees vary depending on the currency pairs, your location, or the country you want to send the transfer to. Typically, the commission is about 1% of the total transfer amount. Withdrawal of funds to a bank account – 1.50 USD.
Please also note that your bank may charge an additional fee for processing the transfer from your credit or debit card to the platform.
Exchange rate
Although the exchange rate is quite attractive and sometimes even exceeds the average market rate, there is an additional margin of 0.5% of the total exchange amount.
Payoneer limits
Although the company does not provide details on transfer limits, some customers report that the minimum amount is around $150 for retail customers. Considering that the service is often used in online stores, perhaps after checking or choosing a different type of account, you can access better payment limits.
Payoneer Ukraine – withdrawal of money
In Ukraine, there are 3 ways to withdraw money from a Payoneer account:
- to the Monobank card
- to the Privat card
- withdrawal from Payoneer card at ATM
The most convenient and profitable. is to withdraw funds directly from the Monobank application.
For Privat, you must first add IBAN in the Pioneer account control panel.
Just take into account the minimum withdrawal limits of $50 to a hryvnia card and $200 to a dollar one.
Taxation in Ukraine
You need to understand that Payoneer is located in the jurisdiction of the United States and does not transfer the balance of your Payoneer account to our tax authorities. All transactions with a Payoneer bank card are anonymous for the Ukrainian tax authorities.
Financial monitoring takes place over the funds that come to your account in a Ukrainian bank. That is, when you withdraw funds to a Monobank card or an account in Privat. If you have rare and not large payments, this is not a problem. And if you receive serious, regular payments, without hesitation, order a card and withdraw funds from an ATM.
Payoneer Mastercard card
Payoneer, like most leading payment processors, allows you to order a Mastercard associated with our account.
The credit card offered by the system itself is of course not necessary for efficient use of the system. However, this certainly has a positive effect on the usability of funds.
Card limits
Since you can also order a payment card connected to your Payoneer account to pay for your daily purchases in stores, there are additional daily transaction limits for payment cards. The maximum daily amount is $7,500 and the ATM cannot withdraw more than $2,500 in one day.
What is the fee for using the card?
Withdrawal from an ATM or cashier in a store $3.15
| Type of transaction | Commissions |
| Card activation | For free |
| Annual service | $29.95 |
| Card replacement | $12.95 |
| Transfer from card to card | For free |
| ATM refusal fee | 1 USD |
| ATM balance request fee | $2 |
Payoneer or bank
The cost of sending money through Payoneer is significantly lower compared to any major bank. In addition, the company has started adding new features regularly for its international customers and business owners. Such as automated tax forms service or integrated payments API for SaaS providers to connect B2B cross-border payments between digital platforms.
How to fund your Payoneer account
Please note that you cannot add money to your Payoneer account from your bank. According to their policy, you cannot transfer money from local bank accounts to Payoneer accounts. However, linking Payoneer to your bank means that the funds will be withdrawn directly from your bank when you make a purchase.
The difference is that Payoneer never receives the money as such, but simply makes it easy to transfer. In addition, it is not allowed to top up your Payoneer card from another credit card.
How to delete an account
You may have every reason to delete your Payoneer account. If you have found a better alternative or simply decided not to use the payment service. Or maybe you want to delete the bank account associated with your Payoneer service.
Deleting an account is very easy and can be done in a few clicks. In this article, we will guide you through the process of canceling a Payoneer account, as well as the successful removal of associated bank accounts.
How to delete a Payoneer account
- Log in to your Payoneer account using the username and password you wish to delete.
- In the upper right corner, click “Settings”.
- Select “Bank Accounts”.
- This will show you all the bank accounts associated with your Payoneer account.
- Click the “More” button (three dots) and select the “Delete account” option.
- In the new dialog box, click “Delete Account” again to confirm the action.
- Your bank account will be deleted.
How to close a Payoneer account.
If you want to permanently close your Payoneer account, follow these steps:
- Make sure any remaining funds have been withdrawn from your Payoneer account.
- Also make sure you don’t have any funds on your Payoneer card.
- Please contact Payoneer Support for assistance in canceling your account.
Referral program
Payoneer also allows you to get a very nice bonus of $25 for signing up with a friend’s link. It is worth adding that the bonus is accrued to both the inviting and the invited person. However, there is a condition that the invited person must fulfill in order to receive the bonus. He must receive a total of $1,000 in payments, but there is no time limit for this, so take your time. People who actively earn money on the Internet will surely quickly reach the required level.
What is Payoneer for?
Payoneer is the natural choice when we do business with foreign companies. If we establish such cooperation, the company will definitely inform us about this payment processing method, as it is quite convenient for all parties. In addition, the effective cost of maintaining such a payment channel is relatively low. According to an analysis by Let’s Talk Payments and presented in the report, “the true cost of B2B payments” – using Payoneer to process payments in a B2B checkout system can result in cost savings of up to 71% compared to alternative payment channels.
It is also useful for receiving funds from websites that allow you to earn money online and do not offer the possibility of withdrawing accumulated funds to a bank account.
Is Pioneer safe?
Payoneer is a very transparent platform when it comes to security measures. Their security system covers both user data and the transaction process itself. All your personal data, as well as every transaction, is protected by special encryption, which makes the data unreadable for potential hackers. And each transaction is checked by the system to prevent possible attempts of fraud or theft. You are also always notified of any changes to your account, any suspicious activity or unauthorized login.
It should be noted that the system is recognized and used by many leading companies and corporations in various fields. Thus, we can assume that the service is of sufficient quality and reliable in operation.
Reviews
The vast majority of reviews and opinions about Payoneer found on the Internet are rather positive. Many customers are satisfied with the quality of the support service, which quickly solves their problems and answers any questions.
Complaints relate to the tedious verification process and the amount of documentation the user has to provide in some cases. However, this is standard procedure required by many financial institutions to ensure safe and transparent money transfers and comply with any anti-money laundering or tax avoidance regulations.
Support
You can contact Payoneer in a variety of ways. Firstly, there is a very well-researched help section that can answer many questions from novice users, such as setting up an account or ordering the first payment. If you have any problems, you can contact Payoneer support via phone, live chat or email.
Judging by customer reports and reviews, the service is quite good and will help you solve your problem with ease. However, getting to them can be quite difficult, as the line is often busy and the line of customers waiting to be connected is long.
Pros
Free transactions between platform users
Get account details in a US bank
Support for popular online services
Withdrawal to Ukrainian cards
The ability to earn $25 with little to no effort.
Cons
It is difficult to estimate the final cost of the commission.
Slow transaction speed
Impossible to make a personal transfer
Card service $29.50 per year.
conclusions
Payoneer is the ideal payment system for freelancers, IT professionals, designers, marketers, international marketplaces, designers. The service is reliable and you can easily transfer money through them. The support team is always ready to help with any problems.
Not suitable for projects related to cryptocurrencies, forex and gambling. For this, it is worth considering alternative payment systems:
AdvCash Wallet. Overview of features and integration with Binance.
