Payoneer – Go beyond

With more than 4 Million customers, 200+ countries supported, 150 available currencies and more than 20 Billion cross-border payments, Payoneer is the best and most secure way to start paying. So now lets learn what payoneer is and how we can use it:

What is Payoneer?

Founded in 2005 at New York by Yuval Tal, Payoneer is one of the several wallets that provides online/app money transfer. It provides a platform where you can send or receive funds.

Payoneer is a cross-border payments platform which more than 4 million people use and allows millions of businessmen and professionals to pay and get paid globally. Most people use Payoneer because of its great history of achievements and believe that it will continue to improve. A few of Payoneer’s achievements are:

  • In 2010, Payoneer achieved PCI (Payment Card Industry) level 1. To achieve this, you need to have more than 6 Million transactions.
  • In 2013, Airbnb (an American vacation rental company) selected Payoneer as its payment provider.
  • Payoneer’s Service for Billing won Gold in the “PYMNTS 2017 Innovator awards”, in the “Best Small Business Innovation” category which is considered great.

Whether you are a businessman or any other professional all you need is a quick and easy method for your clients and customers to pay you. Payoneer makes it easy for both of you guys to send a payment request. Payoneer allows you to pay via bank account, direct debit or card. Now, let's have a look at how to request for a transaction.

Payoneer Logo
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How to request for a payment via Payoneer

Whether you are a freelancer or any other professional, all you need is a quick and easy method to pay. Requesting a payment makes payment seem so quick and unchallenging. We’re sure that after you read this, you might just be able to request a payment of your own.

NOTE : Do download Payoneer only at your own interest, this article does not promote or devalue Payoneer.

Step 1

What you have to do first of all is to sign in with your email or username and password. In most cases, it is the email address that is associated with your Payoneer account in which you have to sign in.

Without signing in, you won’t be able to request a payment. Remember that if you have forgotten your password you can always click on the “Forgot password?” option just below the password input box. If you have clicked the forgot password option, then you would have to enter your username or your email. In most cases, it is the email address that is associated with your Payoneer account in which you have to sign in.

After you type your email and click reset password, you would have to type your phone number for confirmation or the reset link would automatically have been sent to your mail account. This is only if you forgot your password.

Step 2

After you have signed in, click on the “Receive” tab and hopefully you would be able to see a dropdown box with the following options that are:

  • Request a payment
  • Global Payment Service
  • Mass payout Companies

You should click on the “Request a payment” button which will take you to the requesting area.

Step 3

After you come to this section, you should select a payer from your contacts. This is only for paying to a person from your contacts. If you want to pay to a person that’s not in your contacts, you would have to add a new payer.

Step 4

After finishing the previous step, you should enter the payment details such as the currency, amount, date which you will be paid and a short description. The maximum amount that you can select is 100,000 EUR. The max number of words for the description is 250. The date which you have entered will be used for automatic payment reminders. The automatic payment reminder system will kindly give your clients a cue that a payment is due. This process is done by using 4 predefined dates that are:

  • 1 week before payment is due
  • On the due date
  • 1 week after the due date
  • 30 days after the due date

Step 5

After that, you can attach up to 5 documents to your payment request, such as a message, contract or work sample. This option is only optional and only fill it if you wish to. You can then click the “Preview” option to see the email your payer will receive. If you think that it looks good, you can click the “Request payment” option to send the request.

After sending the payment request, Payoneer will send an email to your client with the details of the payment.

Step 6

If your client has clicked the “Pay” option, your client will be redirected to Payoneer’s payment platform where he can pay the amount.

After your client has approved the payment, you’ll receive a confirmation and another email will also be sent to let you know that the payment has been credited to your Payoneer account. Your client that has paid to you will also be notified.

Payoneer Screens
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Payoneer’s fees

Fees for getting paid by another Payoneer customer

Getting paid from another Payoneer customer in the currencies of USD, EUR, GBP and JPY is free.

Fees for getting paid via a receiving account

Getting paid via a receiving account in the currencies of USD, EUR, GBP, JPY, AUD, CAD and MXN is also completely free.

Fees for getting paid directly from your client

Getting paid directly from your client has a fee of 3% by credit card on all currencies.

Fees for getting paid via Marketplaces or Networks

Getting paid via Marketplaces or Networks may completely vary according to the fees set by each marketplace or network.

Withdrawing funds to your bank account

When withdrawing funds to your local bank account there will be a fee upto 2%. Extra fees may be charged by your bank. Sums for processing, landing or intermediary fees may be reduced from the withdrawn amount by your bank.

How to withdraw funds from Payoneer

You can withdraw your funds via bank transfer.

If you want to withdraw funds via bank transfer, you’ll first need to enter your bank account details and link it to your Payoneer account which you might have already done. After doing that step, your funds will be available within a few hours once this has been set up. After this, you can withdraw funds from your Payoneer account and transfer it to your local bank in a currency with low charge (upto 2%). Here’s how:

  • Go to Payoneer; Sign in
  • Go to Withdraw; Bank Account
  • Select how much you want to withdraw and through which currency. Then choose the bank account to which you want to withdraw your funds to.
  • Enter the amount you want to withdraw (a small fee might be charged) and a description if you would like to.
  • Click Withdraw to confirm the withdrawal request. After you have clicked confirm you may be asked to verify your identity by using a code that is sent to you. You will also be given a reference number.

You can also track the status of your withdrawal. Funds mostly reach your bank account 3 to 5 business days.

Payoneer transaction limit

Payoneer transaction limit in USA

The following daily limits apply only to Payoneer branded cards such as MasterCard and Firstchoice Pay:

  • 30 ATM transactions can be made in a day with withdrawals for a total amount of $5000.
  • 30 point of sale transactions can be made in a day for a total of $2500. (Point of sale transactions include purchases in stores and online, cash disbursements, and bank teller withdrawals.)
  • The total daily spending limit of your Payoneer card is $5000.

These daily limits are set in accordance with regulations set by payment companies like MasterCard.

Payoneer transaction limit in India

The following daily limits apply only to Payoneer transactions made in India:

  • A maximum limit of INR 5,00,000 per single transaction
  • The daily bank transfer from Payoneer’s limit is INR 5,00,000
  • The monthly transaction limit is INR 2,500,000

While the company Payoneer doesn’t demand a monthly rate or latch you into some lengthy pact, you’ll still have to give an amount of $29.95 for annual fee on the Payoneer Mastercard debit card that comes with your account.

Payoneer supports 200 + countries

Payoneer has reached a lot of countries globally because of its great advantages and easy to use interface. A few of the countries that Payoneer is available in are:

Albania, Algeria, Andorra, Angola, Anguilla, Argentina, Armenia, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Bangladesh, Barbados, Belarus, Belgium, Bhutan, Bolivia, Botswana, Brazil, British Virgin Islands, Bulgaria, Cambodia, Cameroon, Canada, Canary Islands, Cape Verde, Chile, China, Colombia, Congo, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark, Ecuador, Egypt, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Maldives, Mexico, Monaco, Mongolia, Morocco, Nepal, Netherlands, New Zealand, Niger, Nigeria, Norway, Pakistan, Paraguay, Peru, Philippines, Poland, Portugal, Qatar, Romania, Rwanda, Saudi Arabia, Singapore, Slovakia, Slovenia, Somalia, South Africa, South Korea, Spain, Sri Lanka, Sweden, Switzerland, Thailand, Turkey, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Vatican, Venezuela, Vietnam and Zimbabwe.

NOTE : These are not all the countries in which Payoneer is available, just some of them.

Thank you for reading our article and we hope that you have understood what Payoneer is.

Click here to download Payoneer
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