What is Payoneer and How Does it Work

Payoneer is an international payment platform that allows sending and receiving money from anywhere in the world. It functions as a multi-currency digital account, ideal for freelancers, e-commerce, and businesses needing to operate in multiple countries without opening local bank accounts. The registration process is simple and only requires identity verification and proof of address. For businesses, tax information and activity details are also requested.

Accounts in Multiple Currencies and Without Borders

Payoneer allows receiving payments in USD, EUR, GBP, and more, as if you had a local bank account in those countries. It also facilitates currency conversion, payments to suppliers, withdrawals to local banks, or using its Payoneer card for shopping or ATM withdrawals. There is no minimum deposit or inactivity fees, and its mobile app allows you to manage everything from your phone.

• Multi-currency account in USD, EUR, GBP, and more

• Integration with Amazon, Upwork, Airbnb, and other marketplaces

• Receive payments from over 190 countries

• Mobile app and personalized alerts

• 24/7 support in over 20 languages

The system also includes payment request tools, payment links, and dashboards to manage income and currency conversions.

Fees, Services, and Compatibility

Payoneer charges fees for withdrawals and conversions, but not for opening or maintaining the account. Bank withdrawals cost between $1.50 and $30 depending on the country, and currency conversion has a fee of 1–3%. You can also request the Payoneer card (Mastercard), with an annual fee of $25.

Features Adapted for Ecommerce and Freelancers

• Mass and automated payments (ideal for marketplaces)

• API for integration with stores and CRMs

• Support for payments in over 150 currencies

• Payoneer Mastercard with global use

• Ecommerce checkout: receive payments directly from your website

Funds can be withdrawn to local bank accounts within hours or used directly with the card. Payoneer also offers a billing portal to send payment requests and receive transfers via ACH or credit cards.

Security, Regulations, and Reputation

Payoneer is regulated in multiple jurisdictions, including the Central Bank of Ireland as an electronic money institution. It uses SSL encryption, KYC validation, and complies with PCI DSS standards. It has thousands of reviews on Trustpilot (4.6/5) and an annual processed volume of over $80 billion. In 2025, it was authorized as a foreign payment service provider in China, expanding its global reach.

Advantages and Precautions

• ✅ Global coverage with simulated local accounts

• ✅ Scalable for freelancers and businesses

• ✅ Compatible with remote work and ecommerce platforms

• ⚠️ Somewhat complex fee structure

• ⚠️ Occasional reports of account freezes

Support is available in all time zones and in more than 20 languages. Additionally, it has a presence in 20+ offices in key cities, including New York, London, Dublin, Hong Kong, and Seoul.

In summary, Payoneer is a secure, robust, and flexible platform for managing international payments, ideal for freelancers, online sellers, and businesses operating globally.