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Payoneer Review 2024: Fees, Pricing, Pros and Cons

Payoneer makes bank transfers easy for small businesses, but it doesn't work well as a point-of-sale system.
By Whitney Vandiver, Hillary Crawford
Last updated on January 2, 2024
Edited byChristine Aebischer
Fact checked and reviewed

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Our Take


NerdWallet rating 

The bottom line:

Payoneer is a payment platform that allows merchants to send and receive payments without requiring a merchant account. Payoneer doesn't let merchants directly bill customers. Instead, businesses request payment through the platform and wait for customers to remit funds.
Full review


Payment processing fees
3.99% Maximum per credit card transaction; 0% between Payoneer accounts.
Monthly fee

Pros & Cons


  • No setup or monthly fees.
  • Accepts international payments.


  • Limited functionality; can’t accept in-person payments.
  • Customers report account freezes and terminations, resulting in the loss of funds.
  • Must pay a withdrawal fee to move funds from your Payoneer account to your bank account.

Full Review

Payoneer is a payment platform that businesses use to request payment from customers. Since it’s not a payment service provider, payment gateway or point-of-sale system, its functionality is limited. It’s more comparable to PayPal or Venmo than to Square or Stripe.
After applying for a Payoneer account online, you can expect to hear back within three days. If your account isn’t approved, Payoneer may request additional documents or information. Here’s how the process works once your account is active.
  1. Businesses send payment requests to customers through Payoneer. The customers pay online via a bank account or credit card.
  2. The funds land in the business’s Payoneer account, then the business moves the funds to its bank account or spends the money via a Payoneer debit card.
  3. Payments are available instantly in the business’s Payoneer account; however, it can take two to five days after a withdrawal request for funds to appear in the business’s bank account. Immediate ATM withdrawal is available if the business has a Payoneer Mastercard.
  4. Businesses can use the “Make a Payment” function to send payments to other Payoneer account holders free of charge. If the other party doesn't have a Payoneer account, it can create one to receive payment or Payoneer can initiate a bank transfer. But be prepared to pay a fee.
An account also gives you access to the following features:
  • Prepaid debit card: All Payoneer account holders have the option of receiving a Mastercard debit card to make payments from their Payoneer accounts. The card also works at ATMs, though it comes with withdrawal fees for USD, EUR and GBP currencies, as well as a $29.95 annual fee.
  • Invoices: An integrated online invoice builder allows you to customize and send invoices. 
  • Security tools: Payoneer is PCI compliant, offers fraud detection to all customers and is AML/CTF compliant to work against issues for international payments.
  • 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, too. Individual and business tax forms supported by Payoneer include W-9s, W-8s and 1099s. The platform provides users with tax reports through Payoneer's automated record-keeping system.

Payoneer is best for businesses that:

  • Sell internationally. Payoneer is available in more than 200 countries and can work with dozens of currencies, including USD, EUR, GBP, CAD, AUD, JPY and CNH. 
  • Have clients with Payoneer accounts. If another Payoneer customer uses their Payoneer account balance to pay you, there are typically no fees.  
  • Use e-commerce marketplaces. Payoneer can connect with various shopping carts and online marketplaces, including Amazon and eBay. However, if you also sell in-person, a POS system that can accommodate both sales channels is likely a better option. 

Deciding factors

Payment processing model
Flat rate.
Payment processing fees
  • 3% for credit card transactions (all currencies).
  • 1% for ACH bank debit transactions.
  • 0% to receive payments from other Payoneer users’ account balances.
  • $1.50 to transfer funds from Payoneer to your bank account; up to 2% to transfer from a nonlocal currency.
  • 2% for batch payments to up to 200 bank accounts.
  • 0% to 2% to send payments from your Payoneer account.
  • Up to 3.5% to convert currencies if you use the Payoneer Mastercard; 0.5% to convert transfers between Payoneer accounts.
Monthly fee
None — but there is a $29.95 fee for businesses that receive less than $2,000 in 12 months.
Hardware cost
No hardware available.
Contract length
Customer support
Payoneer offers customer support by phone, live chat and email messaging. It also has an online knowledge base.

Where Payoneer stands out

Cheaper than some competitors

If you’re selling items through an integrated marketplace or working as a freelancer, Payoneer offers an affordable alternative to buying and setting up a POS system or getting a payment processor. It’s especially cost-effective if your clients also have Payoneer accounts and use their account balances to pay you since these transactions are free.

International payment options

Payoneer handles local and international payments and currency exchanges, allowing businesses to send and receive payments in several currencies. You’ll pay to transfer to your bank account or move funds between accounts within currencies, but if everyone is a Payoneer account holder, the fees for accepting international payments might be cheaper than traditional options.

Where Payoneer falls short

Lack of payments features

Payoneer doesn't come with a payment gateway, virtual terminal or the ability to work with a POS system, so you're limited in how you can accept payments. If you need to accept credit card payments online (and not through an integrated marketplace) or take orders over the phone, you’ll likely get more bang for your buck with a payment service provider. And since Payoneer doesn’t integrate with card readers, you can’t take card payments in person.

Reports of account freezes and terminations

Payoneer will hold your funds or terminate your account if it suspects fraud, which isn't uncommon for companies that deal with payments; however, customer reviews say its automated fraud detection system can be inaccurate at times and delay or cancel payments.

Withdrawal fees

On top of charging 3% on credit card payments, Payoneer also charges a $1.50 withdrawal fee if you want to transfer a Payoneer balance to your bank account. If you plan to frequently move funds from your Payoneer account to a bank account, the platform may not be the most cost-effective option. Additionally, it can take up to five days for the funds to be available in your bank account, which is slower than the next-day deposit options some competitors offer.

Alternatives to Payoneer

PayPal Zettle

PayPal Zettle

Why we like it: PayPal Zettle has more payment processing options than Payoneer. It also offers a POS system that takes payments, manages inventory, tracks sales and receives reports. PayPal accepts online payments as well, and the brand is known for its ease of use.



Shopify POS

NerdWallet Rating 
Why we like it: If you only want to accept payments online, Shopify and its payment processing service Shopify Payments or Shop Pay could be a better fit than Payoneer. It also offers an online POS system for managing inventory, customers and more.
A version of this article was first published on Fundera, a subsidiary of NerdWallet.


NerdWallet’s ratings of payment processing providers rewards companies whose products and services are priced well and work in a variety of payment scenarios, among other criteria.
Ratings are based on weighted averages of scores in several categories, including overall cost, hardware and software options, system capabilities, customer service, contract requirements and integrations. Learn more about how we rate payment processing providers.
These ratings are a guide, but fees, hardware, software and contract requirements can vary widely from business to business and provider to provider. We encourage you to shop around and compare several providers.
NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.

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