Payoneer Review 2023: Features and Fees

Payoneer is a global financial services company which lets customers send money, receive payments and manage currencies within a Payoneer account.

Payoneer has services aimed specifically at ecommerce sellers, digital marketers, vacation rental hosts, freelancers and IT outsourcing services. You can use a Payoneer account to pay and get paid, including integrations with freelance platforms, ecommerce tools and marketplaces. With Payoneer you can open receiving accounts in foreign currencies to get paid by customers and clients around the world, withdraw and manage your payments, and even pay tax or VAT.

Open a Payoneer account online and use it to hold, send and receive payments from around the world. You’ll get receiving accounts for major currencies like USD, EUR and GBP, so you can get paid like a local from these regions. Use these account details to receive payments from clients, platforms and marketplaces, so you can accept foreign currency payments and grow your business globally more easily.

Once you have money in your Payoneer account you can use it to pay your suppliers and contractors, pay tax and VAT, or withdraw to your regular account if you’d rather.

If you are a freelancer interested in an account to receive payments, this guide can help: How to get paid internationally as a freelancer


Service/fee type	Payoneer fee
Get paid	- Get paid by another Payoneer user: free - Get paid by client: 3% by credit card, 1% by ACH - Get paid through marketplaces: Fees set by individual marketplace - Get paid via receiving accounts: Free in GBP and EUR - up to 1% for USD
Withdraw money	- Withdraw to a local bank, no currency exchange: 1.50 USD - Withdraw to a local bank, with currency exchange: 2% currency conversion fee. Third party fees may apply.
Make payments	- Pay another Payoneer account: free - Pay to a bank account, no currency exchange: 1.50 USD - Pay to a bank account, with currency exchange: 2% currency conversion fee - Batch payments: 2% fee
Pay a Payoneer customer	- By ACH: 1% - By credit card: 3% - By local bank transfer: 1%
Manage currencies	- 0.5% to switch between currencies within your account
Account dormant fee	- 29.95/year if your account is dormant for 6 months

Payoneer is intended for business payments, but you don’t necessarily need a registered business entity to use it. If you’re a freelancer or sole proprietor you can still get an account - the documents you’ll be asked to provide will simply be different compared to business users.

Individuals will need to provide the following to verify their accounts:

Government issued ID
Proof of address
Bank verification document

Business users on the other hand will need to provide all the above plus evidence of their business registration, license if needed, tax status and activity.