Payoneer Review – A Tool Every Freelancer Should Have

Payoneer review

Back in 2005, Yuval Tal came up with this awesome idea. The idea has managed to make life for most freelancers (me included) and people who hire people who offer their services on the internet much easier. Yuval’s idea was founding Payoneer. You are probably reading this Payoneer review because you haven’t used Payoneer before. A question you might be asking yourself right now is, what is Payoneer? Before we proceed, let’s answer this question.

What is the Payoneer?

Simply defined, Payoneer is a payment service that helps freelancers get their money much more easily from both marketplaces and their independent clients. Payoneer makes it possible for business owners to work with people from all over the world.

If you are a freelancer or you are a client who regularly pays freelancers, Payoneer may be right for you. Actually, after having an experience with the payment service as a freelancer, I highly recommend it.

A Summary of Payoneer Features

Feature Details
Product Name Payoneer International Money Transfers
Transfer Methods Bank Accounts Transfers, Online Transfers
Minimum Amount You Can Transfer 20 USD
Maximum Transfer Amount There is no upper limit
Transfer Speed Less than 2 hours
Customer support Live Chat, Email
Main Currencies USD, CAD, GBP, EUR, CNY, INR, AUD, JPY
Withdrawal Options
  • Withdrawal to Bank Account
  • Prepaid Mastercard
Withdrawal Time Withdrawal to Bank Account takes 3 to 5 business days.

Visit Payoneer

Now that we are clear about what Payoneer basically is and some of its main features, let’s look at 2 more important questions. The questions we will be looking at are:

  • How Does Payoneer Work?
  • How Do I Get Paid from Payoneer

How Does Payoneer Work?

If you have a Payoneer Account, you will be able to bill your clients and accept payment in numerous currencies if you are a freelancer. If you are a business owner, you will have the ability to pay your suppliers who live overseas or pay your contract workers without having to break a sweat. If you are worried that your issues will go for days without being solved, you shouldn’t. Payoneer offers 24/7 customer support services. Payoneer is an international company. Don’t worry if English is not your first language. The Payoneer customer support team is multi-lingual.

Payoneer Main Features

  • Receiving Payments – Assuming you have clients living abroad or you are thinking of working with clients living abroad, you can use Payoneer to send payment requests. You will receive your payments in your Payoneer account. After receiving the money, you can just go ahead and withdraw your funds at an ATM (if you have the Prepaid Mastercard) or you can transfer your funds directly to your bank account.
  • Make Payments – As a client, you can pay your freelancers or suppliers free of charge.
  • Mass Payments – Payoneer allows you to send mass payments to your freelancers.
  • Automate Your Payments – You do not have to worry about forgetting to pay your freelancers on time. We all get busy and forgetting is a possibility. You can automate your payments to avoid forgetting.
  • Escrow Payments – You can make 100% secure B2B transactions using the Escrow payments offered by Payoneer.

The Payoneer Fees and Exchange Rates

Of course, you already know that Payoneer is not offering its awesome services for free. There must be something in it for the company. Now, the question is, what are the involved costs?

How Much Will Payoneer Cost?

Opening a Payoneer account is 100% free.

Sending and Receiving Money

Making the Payment

Making payments and receiving payments is 100% free.

The Global Payment Service

When you enroll in the Global Payment Service, Payoneer will allow you to receive your money in U.S. Dollars (USD), British Pounds (GBP), and Euros (EUR). This helps you get your cash in different currencies. The fees involved are as follows:

  • For the GPB and the EUR – This is 100% free to receive your money.
  • For the USD – A 1% fee is charged.

The Billing Service

If you are using the Billing Service to get your cash via Payoneer, you will have to pay the following fees:

  • Via the credit cards (for all currencies) – 3%
  • Via the E-Check (USD) – 1%

Networks and Marketplaces

If you use marketplaces such as Upwork and Fiverr to work online, you will have to check with the marketplace you use to determine the fees charged by the marketplace when withdrawing to Payoneer. I currently use Upwork, the withdrawal fee is currently set to be $2.

Payoneer Upwork Withdrawal Fees

Withdrawing Money from Payoneer

The fees you will pay will vary depending on whether you are withdrawing the money in the same currency or in a different currency. To make sure that you understand what I mean with this, let’s take an example.

Let’s assume that you are in the United States. This means that your bank is also in the US and it accepts withdrawals in USD. You will be withdrawing your money from the Payoneer account in USD to a bank that accepts the USD withdrawals. The fees that will apply for you will be different to the ones that apply to someone like me. I live in Kenya. My clients pay me in dollars. My bank account accepts only the Kenya Shillings (KES). Hence, when withdrawing my money, it will have to be converted to KES.

Payoneer Withdrawal to equity bank kenya

The fees involved are as follows:

  • When withdrawing money from my Payoneer account to a bank account in a different currency, the withdrawal will cost you up 2%.
  • When moving your money from Payoneer to your bank account in the same currency, you will pay a flat fee of $1.50 per transaction

How Do I Get Paid from Payoneer?

Before you can get paid from Payoneer, you need to create an account. To create an account, you will need to have access to the following information:

  • Your name, phone number, email address, and physical address.
  • Your birth date.
  • Your Social Security number or your Identity card (ID) number if you are a Kenyan like me.
  • Memorable answers to security questions.
  • A unique password (make this as hard as possible to crack or guess).
  • Your bank’s name, the account number, and the routing number.

A Step by Step Guide for Creating a Payoneer Account

Step 1: Visit the Payoneer website and tap Sign Up

Payoneer signup step 1

Step 2: Select whether you need a personal or company account. In this second step, you will have to fill out your first name, last name, email address, and your date of birth. After entering this data, click Next.

Payoneer signup step 2

 Step 3: Enter your physical address and your phone number. Tap Next.

Payoneer signup step 3

Step 4: In the next step, you will notice that the Username field will be grayed out. This is simply because the username will be the email address you entered in step 2. Now, what you will need to do is enter your password and confirm it. Next, you will need to choose your security question and provide an answer. Make sure that you can easily remember the answer to the question you choose. Enter your social security number or your ID number (the option displayed will depend on the physical location you entered in step 3 above).

Payoneer signup step 4

Step 5: You will need to enter your bank account details in this step. You will need to include the bank account currency, routing number, and the bank name. After that, agree to the terms of service and then click Next.

Payoneer signup step 5

Step 6: Check the inbox for the email address you used when registering your Payoneer account. You should find an email from Payoneer for confirming your account. Click the link to confirm that you actually own the email address. After confirming your email, you will be required to choose 2 additional security questions. Click Submit after selecting the questions.

Payoneer signup step 6

Now, what is left is to wait while the Payoneer team reviews your application. This may take up to 2 business days. When you get approved, you will receive an email informing you that your account has been approved. You will have the option to apply for your Prepaid Mastercard.


Even after approval, you may need to submit some additional documents and details for your account to become fully functional. For example, I was required to submit a picture of my ID card (front and back pictures). I ignored this request. When my first client paid me, the transaction was not processed until when I submitted the pictures of my ID card. This email made me submit the documents:

Payoneer email

Frequently Asked Questions About Payoneer

Question: How do I send money to my freelancer?

Answer: To send money to another Payoneer user, you will need to access the “Make a Payment” option on your account. The following steps will help you make the payment:

Step 1: Use your email address and password to log into your Payoneer account

Step 2: On the main menu bar, place the cursor over the Pay option and then click Make a Payment.

Step 3: Enter the recipient’s Payoneer email address, the amount you want to send to the recipient, the transfer type, and any relevant notes.

Step 3: Click Make a Payment. You are done.

Question: How long will it take to receive money sent to me in my Payoneer account?

Answer: From my experience, it does not take more than 2 hours. If you have not provided all the necessary documents, you will not get your, money until you provide all the documents. If your money has taken more than 2 hours before reaching you, check your email inbox to see whether Payoneer has sent you an email requesting you to provide more documents.

Question: What do I need to give the client for him or her to send me money?

Answer: What you will need to give your client is your email address. Make sure that it is the email address you used to register on Payoneer.

Question: How long will it take to receive my money in my bank account after using the Withdrawal to Bank Account option?

Answer: After making a withdrawal, the Payoneer team will send you an email with all the details about the withdrawal and the expected time within which your money should have arrived in your bank account. From experience, my money takes 2 to 4 days.

Join Payoneer and Earn $25

Okay, you will not earn the $25 alone. I will earn $25 if you join using my affiliate link. I am not kidding. See this email:

payoneer invite email

I and you will get $25 for free when you join and receive a total of $1000. Ready to earn your $25?

Register to Start Getting Paid Using Payoneer