Payoneer Fees Review

Read our review of Payoneer and it's associated fees

Account Opening and Maintenance

Pros: Payoneer typically allows users to create an account without any initial fees. The account maintenance is also generally free, making it accessible for individuals and businesses of all sizes.
Cons: However, Payoneer may charge inactivity fees if the account remains dormant for an extended period. This limitation might affect users who use the platform infrequently or sporadically.

Pros: Payoneer enables users to receive payments from global clients, marketplaces, and businesses. This service is convenient for freelancers and e-commerce sellers looking to access funds quickly.
Cons: While receiving payments is often efficient, the fees can vary depending on the source of the payment and the currency received. Users should be aware of the applicable charges to accurately calculate the funds they'll receive.

Pros: Payoneer supports multiple currencies, making it a valuable tool for international transactions. Users can conveniently convert funds from one currency to another within the platform.
Cons: The foreign exchange fees can add up, especially for users frequently converting funds between currencies. Payoneer's exchange rates may include a margin, which could be less favorable than the mid-market rate.

Pros: Withdrawing funds to a local bank account is a valuable feature, allowing users to access their money directly. The process is generally straightforward and reliable.
Cons: Local bank withdrawal fees can vary based on the country and currency, potentially impacting the overall transaction cost. Additionally, ATM withdrawals using the Payoneer prepaid Mastercard might incur charges, particularly when withdrawing in foreign currencies.

Pros: The option to obtain a prepaid Payoneer Mastercard provides users with the flexibility to make purchases and access funds easily.
Cons: While the prepaid Mastercard is a convenient tool, users should be aware of potential activation fees and annual card maintenance charges. POS transactions may also incur additional fees, depending on the transaction amount and currency.

Pros: Payoneer offers escrow services, providing a secure way for parties to conduct transactions with peace of mind.
Cons: Utilizing Payoneer's escrow services might involve certain fees, which could be a consideration for users seeking cost-effective payment solutions.

Pros: Payoneer's mass payout services simplify the process of sending funds to multiple recipients simultaneously, streamlining payments for businesses.
Cons: Businesses conducting mass payouts should be aware of the fees associated with this service, as they might impact the overall cost of transactions.

Pros: Payoneer generally offers free customer support for account-related inquiries, providing users with assistance when needed.
Cons: For specific issues or premium customer support options, there might be associated charges. Users should assess their support needs and consider these potential costs.

Last updated 1 year ago