Payoneer Review

PROS: Being accepted as a withdrawal option on a number of freelance websites

CONS: A bunch of crooks with awful customer service. They can block any of the transactions you make for no reason, place them on hold on it and keep using your money for free for weeks. Customer support lied to me as if the retailer is holding my money, but I have an official reply from the retailer ensuring me that my money has never reached them in the first place. Getting my money back is becoming a full-time job...

PROS: I really like that Payoneer issues physical cards for a minimum deposit of $30. I find this really cheap and convenient because I no longer need to carry out cash transactions. All I have to do is to whip out this card and buy the items that I need. I use this mostly when I travel because it auto-converts the currency too. As for the platform itself, the layout is really simple and easy to navigate. It keeps an impressive memory of all your previous transactions too.

CONS: There are some clients of mine that prefer to transact in their local currency. I would prefer to receive payments in dollars and the conversion can be a hassle.

PROS: It makes it easy to get paid wherever my clients are. The terms are transparent, including the conversion rate, which allows me to estimate accurately how much I'm getting. The option to link Payoneer to my debit card is also a convenient way to transfer money, although this will entail you with additional cost from the bank. Overall, the platform allows me to reach international markets even as they have varying degrees of regulations and requirements.

CONS: There's a lot of verification processes to go through. Honestly, it's tougher than with PayPal. It took me awhile to get approval. I'm quite worried--what if some of my customers are denied of their accounts? That presents a recurring issue, so I have other payment channels open as a contingency. So long as you're able to get over with the ID verification process, everything runs smoothly.

PROS: Getting approved is easy. Just present your valid IDs and state your business, your account is up and running in a week or so. You can start selling to the world, literally, as Payoneer is quite known in most countries. I have clients in Europe, South America, Australia, and Asia. It helps me to expand my client base significantly. I also don't have to worry about security. Transactions are heavily encrypted and the provider gives a lot of tips on how to protect your account from hacks.

CONS: The debit card rate is prohibitive, although I understand this is care of the holding bank. Conversion rate is also below the market, again, I believe this is how the provider earns the bucks of your earnings. Sometimes, I can't help but think Payoneer may be holding my cash a few hours longer than normal just to, I don't know, earn some more moolah from interest? It's a thought that I'm sure crosses other users' mind.

PROS: I receive payments from clients all over the globe regularly. With other payment platforms, fees for this type of transaction would be so steep. But with Payoneer, I and my clients don’t have to pay for anything. We only have to do a once-a-year maintenance payment, and our transactions will no longer be billed, be it international or local ones. The layout is very simple and easy to navigate through as well. The rare times that I did have questions, I would look to the forums for advice and the community there would always be willing to help. It’s really convenient for them to roll out a physical card that I can use for withdrawals in case I get short on cash too.

CONS: I do try to limit cash withdrawals through my Payoneer card as the rates can be a little steep. I also ran into a little trouble one time because they dispensed a different currency than what I had applied for. They have managed to remedy the situation, but I think I’ll be staying away from Payoneer’s card transactions from now on.

PROS: What I like about Payoneer is it makes forex conversion easy. There's no need for a third-party exchange house, so the process is fast and transparent. Security is also top-notch. I don't have to worry about wrong transfers, inaccurate conversions, etc. The provider seems to be on top of such issues. They're also responsive to problems. During the time I couldn't figure out which payment request option to use, I asked for help through email and got a response within 24 hours. With this level of support, I'm more confident with my payment process anywhere in the world.

CONS: It does take a while to figure out the numerous payment paths in Payoneer. They have a lot of tutorials and you can ask them questions and get a reply, but this takes some time. Be prepared to crunch some numbers and read a lot to understand how this payment processor works.

PROS: There is a long list of things that I absolutely love about Payoneer. For one, money transfers are carried out swiftly and on-time. In fact, I’ve seen payments reflected on my accounts in as fast as two hours! I don’t have to register a bank account with Payoneer as well—a convenience that I particularly appreciate. The physical card itself is a great travel buddy too. I can use it anywhere in the world at a minimal (if not negligible) fee. This is a breath of fresh air from other platforms such as PayPal that would cost me an arm and a leg just from their extra fees alone. All these benefits are packaged in with a really helpful support team behind its operations. Kudos to the team for quickly fixing whatever issue I come across with.

CONS: While it is true that withdrawal fees with the Payoneer Mastercard are cheaper than other platforms, one would still be better off taking their transactions elsewhere. The prices can still be a little steep with Payoneer after all.

PROS: I'm a freelancer, so having something like Payoneer allows me to sell my services to foreign clients. What's more, it has a debit card, which means I can use the remitted money at once without having to wait for a bank transfer, which can take days. It simplifies my income stream. Since many companies in the U.S. use Payoneer, I find the setup favorable to me.

CONS: If you do a bank transfer, it takse longer than usual. Payoneer will take 1-2 days just to remit your payment to your account, even before you can make a bank transfer. This process adds up to around 4 days before I can get my hands on actual cash.

PROS: Payoneer is a boon to our company because it lets us process payments securely. Because of it, we do not have to worry about data breaches and leaks. It is also an excellent payment platform because it enables me to withdraw my money from any ATM around the world. And since Payoneer has been in the industry for many years, I can trust them in being fair with their currency exchange rates. As such, I would recommend that businesses should sign up with Payoneer to have another payment processing platform.

CONS: Though Payoneer is a well-known and large company, its commission rates remain high. On top of that, they limit the amount of money you can process each month.

PROS: I think that Payoneer has exceeded all other payment portals in terms of convenience and performance. For one, it issues a Mastercard for its users. I’ve been able to use the said card to withdraw from ATMs and carry out my online transactions through it. Not only that, but Payoneer has also taken the extra step of enrolling card owners in banks of countries that we often do our business in. This alone, along with its other perks, that has solidified my decision to switch from Paypal to Payoneer. There’s a referral bonus of $25 too for every user that you bring in. Talk about a good engagement strategy! These, along with its usability, makes Payoneer such a good match to what I need.

CONS: I like to regularly withdraw all of my money from this account—flushing out all the extra dollars as I go. Why? Because Payoneer has a sneaky way of taking your last few dollars and it is disguised as an “inactivity fee.”

PROS: Payoneer is a top contender for the title of the best online payment solution. I can say this because they provide security for me during my transactions since purchasing and paying for goods online is not guaranteed to be safe all the time. Plus, with Payoneer, I can rest assured that my credit card information is protected, as the application applies encryption measures during every transaction. What's more, signing up with Payoneer is a fast and easy process. Even ordering my physical Payoneer card was a quick procedure! I received it quickly at my doorstep and now I am using it for both online and offline transactions.

CONS: Payoneer should consider lowering their transaction rates for ATM withdrawals. They should also look into halting their charges for wrong operations as well as removing the transaction limit per month.

PROS: The best thing about Payoneer is the fast processing of payments. Aside from that, I enjoy being able to receive payments from clients wherever they are, allowing me to take my talent to a global level. What's more, using Payoneer is a seamless experience because of its user-friendly interface.

CONS: The Payoneer ATM card transaction fee is too steep even when a transaction fails. It also has a high card maintenance rate that they should lower.

PROS: What I like most about Payoneer is the fact that it automatically converts the payments I receive to the currency I use mainly in my bank accounts. The fees for this isn't as high as compared to other services even. Moreover, signing up with Payoneer is a fast procedure and I got my physical card in less than a month. Requesting a card is cheap as well.

CONS: Payoneer's payment processing time is too long--it takes 3 days for a payment to reflect in my bank account. There are times when I have to wait longer. Plus, I find it inconvenient that I need to reach the 50 dollar-level before I can transfer money to my bank accounts. It is also very limiting that Payoneer restricts transactions to 15 a month, which stops me from getting more work. There is also the problem of not being able to pay for my purchases at the register because Payoneer's card transaction rate is expensive.