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Payoneer Review 2022: Pricing, Features, Top Alternatives

Payoneer makes bank transfers easy for small businesses, but it doesn't work as a point-of-sale system.
Written by Whitney Vandiver
Edited by Claire Tsosie
Last updated on May 9, 2022

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Payoneer is a merchant services provider that allows you to send and receive payments without having to worry about maintaining a merchant account. As a payment platform, it's more akin to PayPal or Venmo than Square or Stripe. It is a popular option for freelancers and international businesses, as well as users of major e-commerce marketplaces like Airbnb and Upwork.

The basics

Payoneer is a payment platform that connects businesses with customers for online payments. Businesses can send requests for payment or invoices directly to customers, who can pay online via a bank account or credit card. Funds are then transferred to a business’s Payoneer account, and a business can choose to deposit the funds into its bank account or use the money via a Payoneer debit card.
Unlike POS systems, Payoneer does not let you directly charge your customers. Instead, a business will need to request payment through the platform and wait for the customer to initiate payment. Payoneer also is not your typical merchant account in that it is not established with a bank and does not hold the funds. Instead, funds are transferred directly into your business’s Payoneer account and you must transfer them to your bank.

Features at a glance

Setup fee
Credit card payment
Mobile app
Available currency exchanges
More than 150.
Bank transfer timeline
Two to five days depending on location.
Bank transfer fees
Free and up to 2%.
Via invoice builder or attach a PDF.
Tax administration
Requests, collects and stores data.
Annual fee
None — but there is a fee of $29.95 for every 12 months of inactivity.


You can create a free account directly from the Payoneer website. Once your account is created, you’ll have access to:

Global payment features

Payoneer handles local and international payments and currency exchanges, allowing you to send and receive payments in 150 different currencies via bank transfer. You can accept those payments via a localized bank transfer in the U.S., United Kingdom, Japan, China, Mexico, Canada, Australia and Singapore, which minimizes the cross-border fees that you would otherwise pay. Plus, it doesn’t charge a fee for most types of bank transfers when both parties have Payoneer accounts.
When you want to receive a payment, send a customer a request. In countries where local accounts cannot be established, Payoneer can facilitate payments via wire transfer. Most local bank transfers are free, but transfers in some countries might incur a 1% fee. Note that Payoneer can facilitate ACH transfers for an additional fee but has no control over fees associated with wire transfers.
Funds from payments are available instantly within Payoneer; however, it can take two to five days for funds to reach your bank account once you've requested a withdrawal. Immediate ATM withdrawal is available with the Payoneer Mastercard.
Payoneer also integrates directly with numerous large marketplaces, including Airbnb, Upwork, Amazon, Walmart, eBay and Fiverr.
Along with being able to receive payments from your customers, Payoneer has a “Make a Payment” function that allows you to send payments to other Payoneer account holders free of charge. If the person does not have a Payoneer account, they can create one to receive payment or Payoneer can initiate a bank transfer. But be prepared to pay up to 2% of the transaction in fees along with additional fixed fees for USD, EUR and GBP currencies.


Payoneer integrates with the Free Invoice Builder software to allow you to generate professional-looking invoices to send to customers. Online invoices can be customized to specific clients, and contact, company and payment details can also be saved for recurring invoices.

Prepaid debit card

All Payoneer account holders have the option of receiving a Mastercard debit card to make payments from your Payoneer account. It also works at ATMs, though it comes with withdrawal fees for USD, EUR and GBP currencies and a $29.95 annual fee.

Mobile app

Payoneer offers a mobile app for iOS and Android where users can see their account balance, view transactions, make payments and withdraw funds.

Tax administration

When you create a Payoneer account, you can complete associated tax forms. Individual and business tax forms supported by Payoneer include W-9s, W-8BENs and W-8ECIs. Payoneer will provide users with tax reports through Payoneer's automated record-keeping system.


Payoneer is PCI compliant to protect credit card data and compliant with anti-money laundering regulations. It also offers fraud detection to all customers and is AML/CTF compliant to work against issues for international payments.

Customer service

Payoneer offers 24/7 customer support by phone, live chat and email messaging. It also has a support center with documentation on how to use Payoneer.


Opening a Payoneer account and sending and receiving payments between other Payoneer account holders is free. Payments from marketplaces within the Payoneer integration network (such as Airbnb, Upwork and others) are usually free, though some marketplace or banking fees might apply.
Sending and receiving payments from non-Payoneer customers
3% on credit card payments and 1% on e-check payments.
Transferring funds from Payoneer to local bank account
$1.50 fee for domestic funds and 2% fee for non-local currency.
Transferring balances between different currencies within Payoneer
0.5% fee per transfer.
No activity for 12 months
$29.95 every 12 months.
Users are only charged when they use Payoneer services, and there is no termination fee if you close your account.


Cheaper than POS systems in some cases

If you don’t need to accept credit card payments, Payoneer offers an affordable alternative to POS systems. E-check and local bank transfers cost only 1%, and transfers between Payoneer customers cost nothing at all. Since Payoneer is free to sign up for, you’ll never pay a fee for accepting payments if you can get all your vendors to use Payoneer.

International payment options

While you’ll pay small fees to transfer to your bank account or move funds between accounts within different currencies, Payoneer offers an option for working with international customers. If everyone is a Payoneer account holder, the fees for accepting international payments might be cheaper than more traditional options.


Lack of payments features

Payoneer does not come with a payment gateway, virtual terminal or the ability to work with your POS system, so you are limited in how you can accept payments. If you need to accept credit card payments online or take orders over the phone, you can probably get more bang for your buck with a payment service provider.

Account freezes and terminations

Payoneer will hold your funds or terminate your account if it suspects fraud, which is not uncommon for companies that deal with payments. It uses an automated fraud detection system, which customer reviews say can be inaccurate at times and delay payments.

User reviews of Payoneer

Here is what customers who use Payoneer have to say about the service on major customer review websites:
  • G2 Crowd: 3.5 stars out of 5.
  • TrustPilot: 4.4 stars out of 5.
  • Capterra: 4.4 stars out of 5.
  • Sitejabber: 4.5 stars out of 5.
In online reviews, customers say they like the lower cost to transfer money for transactions compared with online payment processors. They also like the ability to use Payoneer in various marketplaces and for international business.
There are mixed reviews when it comes to customer service, with some saying it is helpful and others reporting that they can’t get in touch with anyone or their issues weren’t resolved.
Users point out a few downsides to Payoneer’s services, including time for funds to reach accounts. Some reviewers report anywhere from four to seven days for a payment to post and the funds to reach their accounts. Users have also commented that they can only withdraw money from their Payoneer accounts if they withdraw $50 or more, which can make it difficult to access funds if they haven’t earned that much when they need to make a withdrawal.


If Payoneer doesn’t fit your business needs, here are some alternatives to consider:


Square is an option for small businesses looking to accept payments at an affordable rate. You can process credit card payments online for 3.5% plus 15 cents per transaction, and Square includes free POS software and access to its POS hardware. Note that Square is a payment service provider, meaning you’ll have to use its aggregated merchant account and payment processing. However, there is no additional fee charged for these services.


If you’re only looking to accept payments online, Shopify and its payment processing service Shopify Payments could be a good fit for you. The cheapest plan is $9 per month and offers basic online payments. Transaction fees depend on the monthly plan you choose, with the cheapest rate being 2.4% plus 30 cents per online transaction and includes an online POS system for managing inventory, customers and more.

Shopify Retail POS

A version of this article was first published on Fundera, a subsidiary of NerdWallet.
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