About the Author

Founder & author

Gavan started iCompareFX in 2014 after discovering the easiest way to wire money internationally was through a specialist provider and not the big banks. Working with global clients, he has become an expert in comparing money remittance companies. An ex-financial/IT nut turned entrepreneur, he reviews the best and cheapest providers available on the market.

B2B only solution provider

Global Mass payments

Payoneer virtual bank accounts

Online seller integrations

Payoneer Mastercard

Payoneer to Payoneer business payments

Xero and Quickbook integrations

Request payments

Regular transfers

Business account management (large volumes)

Payoneer app for Android and Apple

Payment options

Local bank transfer

Credit card

Debit card

Payout options

Payoneer to Payoneer customer payments

Local bank transfer

Payoneer Mastercard

Transfer options


Mobile app

Regular transfers


Send money from

Payoneer's Global Payment Service supports payments from businesses in the United States (USD), European Union (EUR), the United Kingdom (GBP), Japan (JPY), Australia (AUD), Canada (CAD) and Mexico (MXN).

Send money to

Payoneer lets its customers send money to more than 200 countries and territories, in over 150 currencies.

Unique receiving multi-currency accounts


Personal Features


A Payoneer account offers Business to Business (B2B) solutions. Payoneer does not offer international money transfer services for individuals.

Business Benefits


Payoneer offers a number of international money transfer benefits for businesses, online sellers and freelancers from different countries.

Payoneer business account

  • Online seller integration
  • Payoneer virtual local currency bank accounts
  • Accounting integration
  • Payoneer mass payments
  • Payoneer Mastercard debit card
  • Payment requests
  • Payoneer to Payoneer transfer

Online seller integration

Online sellers can get paid from top eCommerce marketplaces such as Amazon, Rakuten.com and Lazada through a single consolidated account. The Store Manager feature aims to simplify managing multiple stores and their payments.

Payoneer virtual local currency bank accounts

Get unique local bank account details from the USA, Canada, Mexico, the UK, European Union, Japan and Australia. 

Accounting integration

Use Payoneer's varied set of APIs to integrate its payment solutions with Xero and QuickBooks.

Payoneer mass payments

The Payoneer mass payment solution is called Global Payment. Payout options include transfers to local bank accounts, local eWallets, prepaid MasterCard cards and international checks. Global Payment is a great feature to reduce the time it takes to bulk pay overseas employees and suppliers. 

Payoneer Mastercard debit card

The Payoneer Prepaid Mastercard is a physical or virtual card. You can link it to any currency balance in your Payoneer account, withdraw money from ATMs or pay for goods and services. This is especially beneficial if you receive funds and pay suppliers in the same foreign currency. This will reduce your currency conversion costs. 

Payment requests

With a Payoneer account, receive payments by sending payment requests to your clients. They can make online payments to your business using accepted payment methods. It would be advisable to request payments via local bank transfer as debit / credit card payment methods by suppliers can cost you up to 3%.

Payoneer to Payoneer transfer

Payoneer customers can transfer money to the Payoneer accounts of other Payoneer users. In this case, you only need to provide the recipient's email address and the transfer amount. For example, if your foreign suppliers are also Payoneer customers, you can use existing foreign currency funds held within Payoneer to transfer funds to your supplier at a lower cost and without exchange rate fees.

What Payoneer doesn’t do

  • Forward contracts and limit orders - No currency risk management tools.
  • No dedicated account managers - On low volume transfers.


Payoneer Score

Payoneer scores above average in this section. It can improve their rating by providing forex hedging tools such as forward contracts and limit orders.

Fees & Exchange Rates


Receiving money fees

Receiving money using Payoneer local currency receiving accounts:

USA1% above existing mid-market rate
European UnionFree

Receiving money through payment requests:

Payment methodFees
Debit/credit card3% above existing mid-market rate
ACH bank debit1% above existing mid-market rate


Withdrawing money fees

To a bank account in a different currency2% above existing mid-market rate
To a bank account in a matching currency$1.50 / €1.50 / £1.50


Fees for making payments

Using your Payoneer account balance:

To a Payoneer accountFree
To a bank account in a different currencyUp to 2% above existing mid-market rate
To a bank account in a matching currency$1.50 / €1.50 / £1.50

Using other payment methods:

ACH bank debit1%
Local bank transfer1%
Credit card3%


Are there additional Payoneer fees?

Other Payoneer fees are as follows:

  • Payoneer yearly account fee - $29.95 (applies only if there has been no transaction in the last twelve months).
  • Fees for transferring balances between currencies - 0.5% above existing mid-market rates.
  • Receiving payments via online marketplaces - Vary based on each marketplace.
  • Payoneer Prepaid MasterCard annual fees - $29.95 / €24.95 / £24.95.
  • MasterCard currency conversion fees - Up to 3.5% above existing mid-market rates.


Payoneer Score

Payoneer fees can be high in some instances, and this reflects in its score for this section. The markup that the company adds on existing mid-market rates contributes negatively. What helps is customers can negotiate for better rates when carrying out large value transfers.

Ease of Use


What Payoneer does well

Sign up - Using the Payoneer app or website to create a new account is easy. 

Payment options - Make payments via bank account transfers, debit cards, or credit cards. You can send payments using cards issued by Visa, Mastercard and American Express to Payoneer. Payoneer accepts card payments in USD, CAD, EUR, GBP and AUD.

Multilingual website - Website access comes in a number of foreign languages. However, the overall user experience needs improvement.

Payoneer Store Manager - Manage multiple online marketplaces from a single dashboard. This could save much time for many small businesses and could alone be worth the higher currency conversion rates. 

Where Payoneer could improve

Tax form compliance - Filling out the tax form, as required by the US government, can be a tedious process.

Phone transfers - Customers can not set up transfers over the phone.

Transfer speed - Transfers to bank accounts can take up to 3 business days.

Payoneer apps - A number of Payoneer reviews written by customers on Apple App Store and Google Play Store complain about the app's poor functionality. This was confirmed during testing for iCompareFX’s Payoneer review.

Payoneer Score

Payoneer’s account creation is straightforward with multiple languages supported and there are many payment options available. Unfortunately, the user experience within their website and their Payoneer app is lacking. Improving user experience by improving their app and website, and simplifying US tax form completion would improve their rating.

Support & Countries


What Payoneer does well

Supported countries - Payoneer lets you send money to more than 200 countries and territories.

Supported currencies - It supports transfers in more than 150 currencies, with local clearing.

Multi-channel customer support - Payoneer provides customer support via phone, chat, and email.

Payoneer is a global company which shows through its high number of support countries, currencies and languages.

Where Payoneer could improve

Customer service - The Payoneer Trustpilot rating stands at Excellent, with a score of 9 out of 10 after more than 20,000 reviews. However, many Payoneer reviews on Trustpilot, Google Play Store, and Apple App Store highlight concerns surrounding the level of customer service Payoneer provides. 

Payoneer Score

Payoneer scores highly within this section however they do need to address their customers' concerns more quickly and effectively.

Trust & Transparency


What Payoneer does well

Regulated - Payoneer has licenses issued by regulatory bodies in the US, European Union, Hong Kong, Japan, Australia and India.

Two-factor authentication - Customers get an added layer of account security through two-factor authentication.

High volume of repeat transfers - The significantly high number of iCompareFX users who receive payments through Payoneer’s online seller integration highlights a high level of trust displayed by its customers.

Where Payoneer could improve

Exchange rate transparency - The markup that applies when currency conversion is involved is not completely transparent in all circumstances. 

Addressing customer concerns - Payoneer does not seem particularly responsive to its customers complaints on Trustpilot. In addition, many of the replies on the Google Play Store and Apple App Store seem rather standardized.

Payoneer Score

Offering complete transparency in exchange rates would help increase Payoneer's score in this section.

How to sign up to Payoneer

Step 1
Choose type of business

Click the Register button on the Payoneer website.

Choose your business type.

Select approx sales volume (if applicable).

Step 2
Basic Payoneer account registration information

Provide your full name.

Provide your email address.

Provide your date of birth.

Step 3
Provide identification

ID verification is required as requested by Payoneer.

Payoneer may follow up with requests for company registration information.

Payoneer may request you fill out tax documentation. 

If you are outside the US, you will need to fill out a tax exemption form.

Processes can be different by business type and if you are not a US resident.

Payoneer guides you through this process.


Is Payoneer safe?

Yes! Payoneer is safe and legit. It is licensed by regulatory bodies in different countries. It holds client money in segregated bank accounts. However, some Payoneer reviews on Trustpilot, Google Play Store and Apple App Store complain about payments getting blocked as well as poor customer service.

Do I need a bank account for Payoneer?

Yes, you need a bank account if you wish to sign up directly with Payoneer. However, you can circumvent this requirement by opening an account through companies that work with Payoneer, examples of which include Upwork, Airbnb and Fiverr. To withdraw money from your Payoneer account, you will need a Payoneer card.



Payoneer provides international money transfer services for businesses, online sellers and freelancers. Customers get access to local bank account details from different countries. Depending on where you live, you might also qualify for the Payoneer Prepaid Mastercard. Its high fees could be a deterrent for many smaller players. Consider the services they offer and if it is worth the services that you need from Payoneer.


  • Business optimized solutions.
  • Integrations with most online sellers.
  • Unique local multi-currency accounts.
  • Payoneer prepaid Mastercard.
  • Multiple payment methods.
  • Low cost Payoneer to Payoneer transfers.
  • Global mass payments.
  • Multilingual website.


  • No services for personal customers.
  • No currency hedging tools.
  • High exchange rate margin fees.
  • High additional fees.