Payoneer mastercard
  • Easy to sign up online
  • Good choice for SMEs and freelancers
  • Free prepaid Mastercard
  • Connects to a wide range of marketplaces
  • Flexible withdrawal options
  • No account fees if used fairly regularly

Payoneer has been with us for a long time. It’s one of the best-known online payment providers in the world. It has partnered with the most prominent marketplaces like Amazon, Airbnb, Fiverr, Upwork, and many others. Before we dive in, here’s our short verdict:

Payoneer has a wide range of payment services and solutions that make it easy to pay and get paid. Unfortunately, this comes at a cost, as some fees can quickly add up and eat a part of your profit.

Payoneer review infographic

About Payoneer

Payoneer was founded in 2005 by Yuval Tal, who was also the company CEO until 2020, when he stepped down to join an Israeli cyber-security think tank.

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The company headquarters are in New York, but they also have 24 offices worldwide. Their team is getting bigger every day, and as of now, it’s 2,000 people big. More than 5 million customers have used Payoneer’s services.

This year, the fintech startup plans to go public via a $3.3 billion merger with SPAC owned by former Bancorp CEO Betsy Cohen.

Why is Payoneer so special?

Payoneer is a popular option for businesses and freelancers. They offer a prepaid Mastercard so you can spend your money directly from the account.

Because they’ve partnered with so many e-commerce marketplaces, it’s easy to get paid for your services, products, or rentals, for example. Airbnb, Amazon,, Fiver, Upwork – you name it, Payoneer has got it.

You can accept payments via credit card, ACH bank debit, and local bank transfer in EUR, USD, GBP, and other currencies. And when you’re ready to withdraw your hard-earned money, you can do it to your local bank account in more than 150 different currencies.

Or just use the prepaid card to withdraw or spend money. 

Payoneer made the Forbes’ Fintech 50 list in 2020 and has received numerous other rewards over the years.

Pros and cons


  • All the significant marketplaces supported
  • Make and receive payments easily
  • Currency exchange fees
  • No monthly fees
  • Easy to open an account online


  • High card transaction fees
  • Strict terms and conditions
  • Can’t accept credit card payments
  • Overeager fraud detecting system


Get paid fees:

  • Receive payments from other Payoneers for free
  • 3% for Credit Cards and 1% for ACH bank debits
  • Free to get paid using receiving accounts

Withdrawing funds:

  • $/£/€1.50 to a local bank account of the same currency
  • Market rate + up to 2% to a local bank account in another currency

To pay someone:

  • Free if they’re Payoneer as well
  • Market rate + up to 2% to send payments directly to your recipient’s bank account via bank transfer
  • $/£/€1.50 to a local bank account of the same currency
  • To pay a Payoneer customer: 1% fee with ACH debit, 3% with a credit card, 1% with a local bank transfer

Other fees:

  • 0.5% fee for moving funds between your Payoneer balances
  • $29.95 annual account fee if the account is inactive for 12 months

Who can sign up for a Payoneer account?

Payoneer is available in over 200 countries and supports withdrawal to local bank accounts in over 150 countries and currencies. Payoneer notes that you should only open an account with them if “you are expecting to receive payments from our official mass payout companies or via the Global Payment Service.” You also have to be over the age of 18 to sign up.

How to open a Payoneer account

To open a Payoneer account, simply head over to their website and apply for an account. You can alternatively download the Payoneer app from Google Play Store or Apple App Store

Payoneer is first going to ask you what your business type is:

  • E-commerce owner
  • Freelancer
  • Marketplace or enterprise
  • Other

You’ll also have to decide your goals and your monthly volume (less than $10k, between $10 and $20k, $20k+).

Based on all that, you’ll be advised what account to open. You’ll have to give all the usual details depending on whether you represent an individual or a company. 

For those working with a company that offers Payoneer as a direct payment solution, sign in to your account with the company and select Payoneer as your payment method.

Let’s see some of the industries Payoneer is targeting. 

Freelancers and service providers

  • Accept payments via credit card, ACH bank debit, and local bank transfer
  • Accept payments in EUR, USD, GBP, and other currencies
  • Connect to a wide range of freelance marketplaces
  • Withdraw to your local bank or ATMs, pay contractors 
  • Spend online and in stores

Payoneer is focusing on a handful of industries, as they call it. Freelancers and service providers are grouped into the first industry. 

So, what’s the benefit for you here? You can connect to a range of freelance marketplaces like Fiverr, Upwork, and PeoplePerHour, to name a few, and seamlessly receive payments for your work. 

If you aren’t using a marketplace but are instead dealing with a client one-on-one, accept payments via credit card, ACH bank debit, and local bank transfer.

There’s up to 1% fee when getting paid by US clients and free when getting paid from clients elsewhere. You can accept payments in EUR, USD, GBP, and many other currencies. 

Online sellers

  • Get paid quickly and easily from top eCommerce marketplaces
  • Receive payments immediately for eCommerce store sales
  • Allow vendors that require recurring payments to debit your account automatically
  • Track upcoming expenses and view your payment history
  • Withdraw your funds to a local bank account
  • Pay your suppliers and contractors for free with fast in-network payments

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Online sellers that sell their products on Amazon, Lazada, Wish, or eBay, for example, benefit from getting paid into one account but in multiple currencies if needed. 

They can easily track and manage upcoming, incoming, and outgoing payments, POS transactions, withdrawals, and fees. And with the integrated Amazon Store Manager, sellers can see the big picture by accruing all Amazon income information in one place. 

Digital marketers

  • Get paid by world-leading digital marketing platforms and affiliate networks
  • Buy your affiliate traffic directly from your Payoneer
  • Send payments to team members, suppliers, and sub-contractors 
  • Bill customers, regardless of where in the world they’re located
  • Generate invoices, track and manage payment requests
  • Access your funds, including local bank transfer, ATM withdrawal, and debit card transactions

If you’re a content creator and/or publisher, affiliate marketer, advertiser, or similar, Payoneer offers you a way to get paid efficiently by leading digital marketing platforms and affiliate networks. 

Vacation rental hosts

  • Get paid from vacation rental sites like Airbnb and HomeAway and private renters
  • Easily manage currencies and transfer between different Payoneer currency balances
  • Easily view and manage your transactions

Another group of business owners that Payoneer had success with is rental hosts. Payoneer has partnered with Tripadvisor, Airbnb,, Home Away, and many others so you can quickly get paid to rent your space. 

Payoneer card

  • Free card activation
  • $29.95 annual account maintenance
  • $12.95 to replace a card
  • $3.15 per ATM withdrawal
  • $1 per ATM decline
  • $1 per ATM balance inquiry
  • 3% above Mastercard fee for all foreign transactions (other than USD)

Payoneer has partnered with Mastercard to bring you virtual and physical prepaid cards that you can use at ATMs, online, or in-store worldwide. You can order your card directly from the app after you’ve received a minimum of $100 in payments in the last six months. 

It’s not the cheapest way to spend your money, especially when withdrawing from an ATM or when making a foreign transaction.

Payoneer app

The Payoneer app is generally easy to use, and you can use your fingerprint to sign into it. There are real-time notifications about all the financial activity in your account and other security features.

Payoneer is genuinely a global payment company; hence you can choose from 22 languages in the app.

When you open the app, the home screen will show you your USD, EUR, and GBP balance. 

In the ‘Transactions’ tab, you can see your transactions or make one. You can also request a payment, but you might provide some additional details about your business to do that.

From other options, you can withdraw funds to your bank account, pay to another Payoneer user, pay to a bank account, or transfer money between your currencies.

The last few options are to order a Payoneer card and to invite friends to earn $25.

Capital Advance

  • Up to $500,000
  • For Amazon and Walmart sellers
  • Instant access
  • Fixed fee

Payoneer is offering capital advances to Amazon and Walmart sellers specifically. Payoneer purchases a part of your future account receivables equivalent to the Capital Advance amount plus a fixed fee (the settlement amount) when you accept a Capital Advance offer.

The advance will be collected by Payoneer gradually from your future marketplace earnings until the settlement is complete. You pay back Payoneer as you get paid. Once a settlement is completed, you’ll get an offer for another advance.

Before you get access to larger cash injections, you’ll earn small cash boosts with a gradual settlement to establish a relationship with the company. The large advances have a longer settlement period. 

There’s only a fixed fee that you can see in the list of offers on the Capital Advance page in your Payoneer account. Payoneer doesn’t charge any additional fees for receiving a Capital Advance.


Although Payoneer doesn’t offer an invoicing feature, it does integrate with the Free Invoice Generator, so you can still generate professional-looking invoices. You can customize all the typical things that come on an invoice and save the template for future payments. To make it personalized, add your logo to it. 

Pay your VAT

Payoneer made it easy for you to pay your VAT to UK and EU tax authorities for free. This way, you can save on fees that would otherwise eat some of your money.

From the menu, choose the country you wish to pay the VAT to, and enter payment details that must include the amount, bank account, and VAT number. Review your info and click the pay button. 

The payment should reach the tax authority in a short amount of time. It then takes the taxman a good 10-14 business days to process the payment. 

How is Payoneer regulated?

Payoneer is a fully regulated US company and a registered US Money Service Business (MSB) in operation since 2005. The fintech is also certified at a PCI Level 1 Data Security Standard.

The company has licenses in 51 US states/territories and five global licenses:

  • E-money institution authorized by the Central Bank of Ireland, passported throughout the European Economic Area (EEA)
  • Licensed Money Service Operator with the Hong Kong Customs and Excise Department
  • Registered Fund Transfer Service Provider with the Kanto Finance Bureau (KFB)
  • Licensed by the Australian Securities & Investments Commission (ASIC) to deal in non-cash payment products
  • Online Payment Gateway Service Provider (OPGSP) registered with the Reserve Bank of India

Is my money safe with Payoneer?

Payoneer is trusted by the top digital brands, including Google, Amazon, Facebook, Upwork, Airbnb, and many others. 

Payoneer is a Money Services Business (MSB) registered with FinCEN and as such is required to comply with the Bank Secrecy Act (BSA) and other relevant Anti-Money Laundering (AML) laws and regulations.

The company served well over five million customers in more than 15 years of service. It’s keeping you and your money safe by using:

  • Two-step verification so only you can sign in 
  • CAPTCHA challenges to keep bots away, and 
  • RSA adaptive authentication to evaluate risk factors and add additional ID steps

Who owns Payoneer?

Payoneer was founded in 2005 by Yuval Tal. Its headquarters are in New York, USA.

The company raised more than $270 million from 13 rounds of funding. The last corporate round brought in $180 million in October 2016.

It has 18 investors that include CBC Capital, TCV, Wellington Management, Greylock, Viola Ventures,, 83North, and others.

Customer reviews

Payoneer has a 4.4-star rating out of 5 on Trustpilot from 28k reviews, with 78% of reviewers giving it an excellent mark and 7% a bad one. With a 4.4 score, Payoneer is placed much higher than PayPal that has a 1.2-star rating, and Netteler and its 2.5 stars. Skrill, for example, has a 4.1-star rating and Stripe 3.4. Square, on the other hand, has a 4.7-star rating.

People usually complain about expensive fees when they withdraw their money, how their accounts can get blocked for supposedly fraudulent transactions, and delayed payments.




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While the currencies and countries may be restrictive for some, if you fall into that niche and you’re willing to wait three days for a free transfer, TransferGo is a viable and cost-effective option for many.

Read the full TransferGo review here.



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Read the full Wise review here.



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Read the full WorldRemit review here.


Small businesses choose Square because it lets you accept credit card payments, ACH payments, and you get their POS software for free and access to their popular POS hardware. 

The bottom line

Payoneer is so widely accepted by now that nearly everyone that has some kind of business online has a Payoneer account as well. Their app works great, and if you need a debit card, you can order one free of charge, although the card is not the cheapest one to use in some cases.

If you’re looking for a no-frills way to get paid and send payments to others, and you don’t need to accept cards, Payoneer is a suitable option.  

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Current: The Future of Banking

As a Current mobile banking app affiliate, I earn from qualifying purchases.