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Payoneer Review: Is Payoneer the best PayPal alternative?

Introduction

I made the decision to write this PAYONEER REVIEW from an informed and experienced point of view as a freelancer and Affiliate Marketer who makes money online and has used both Payoneer and Paypal to withdraw my earnings online. To date, I have made over $100,000 online and I have also used both PayPal and Payoneer to process these monies and convert them to cash.

Payoneer is definitely the best Paypal alternative. My first encounter with Payoneer was in 2016 after I actively got on Fiverr. I was a resident of Hyderabad, the capital city of India’s state of Telangana. I have just been introduced to Fiverr by my Friend Ajayi Adebayo after he showed me His Payoneer card and cleared every doubt I had about both Payoneer and Fiverr when he took my laptop and withdrew his earnings from Fiverr to Payoneer and we went to the nearest ATM and he withdrew this money into cash. Read More Here

That was all the convincing I needed to earnestly start my making money online journey.

I will also be guiding you on how you can make a $25 sign up bonus once you sign up for Payoneer.

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What is Payoneer?

What is Payoneer

Payoneer according to Wikipedia, is a financial services company that provides online money transfer, digital payment services and provides customers with working capital.

However, this definition is incomplete in my opinion because it can as well be used to define most if not all online companies like PayPal, Stripe, Skrill, etc.

Again, what is Payoneer? or better still, how does Payoneer differ from these companies?

Let us compare Payoneer with it’s biggest and most popular competition “PAYPAL

These two platforms have quite a lot in common such as

  1. They both allow you to receive money
  2. They allow you to send money and make payments for goods and services

but PayPal has many limitations especially in third world companies like Nigeria. In Nigeria and so many other countries, Paypal does not allow receiving money or transferring to a bank account domiciled in these countries. This in itself is a major challenge for people living in these countries and making a living online.

Paypal’s policy is also not very friendly coupled with the fact that customer support is almost nonexistent.

Payoneer, on the other hand, provided a viable PayPal alternative as it dealt with some of the issues we had with PayPal.

With Payoneer, you can receive and make payments both online and offline. Payoneer even offers you a virtual bank account in 6 different countries of the world making it possible to get paid in multiple currencies.Payoneer has become the most preferred platform for freelancers and other people whose business is practically online.

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How Does Payoneer Work?

Joining, setting up and using Payoneer is a very easy process.

Payoneer works in 3 basic steps

  1. Setup a Payoneer account
  2. Receive funds from over 1000 online platforms
  3. Withdraw funds to your local bank account, ATM machines or go shopping (online or offline)

All you need to do is to CLICK HERE to set up a new Payoneer account by filling out the form and providing basic information like your email address, name, address, phone number, bank details and a government-issued means of identification. This process takes about 3 minutes to complete.

The next step is an email like the one below informing you that your new Payoneer account is being reviewed after which a second one follows telling you that it has either been approved or denied.

payoneer account review email

Second Email

payoneer account approval email

With the second email, your Payoneer account is all set up which means that you are now able to receive funds from various online platforms and also request payment from clients via email and they can pay with their debit or credit card from the comfort of their home. You are also able to receive Payoneer’s full benefits which include but not limited to virtual bank accounts in major countries of the world across all continents. You will also be able to apply for a Payoneer Debit Mastercard which aids you to make a withdrawal from any ATM machine anywhere in the world that has the MasterCard logo or withdraw these funds to your local bank account in your country including Nigeria, India, USA, Canada, etc.

Just in case you are still wondering what Payoneer is used for, It was intended from ab-initio to provide a cross-border payment gateway that makes it easy for freelancers, online merchants, and businesses to make payment and also get paid globally. It was intended to bring the local payment experience to a global audience. From my experience with Payoneer, It has done a very good job of making this a reality.

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Is Payoneer Safe?

The importance of safety in online transactions is a fact that should not be overemphasized as news keeps filtering around us every day. The most recent is the Equifax hack which was widely reported just a few days ago.

Payoneer, however, has put some security features in place which include

  1. Every transaction must be verified by staff before it is allowed to go through especially when it is either an enormous source or the transaction involves a first-time email.
  2. Before you withdraw to a bank account, the bank account name and the name on the Payoneer account has to be exactly the same.
  3. Every transaction involving sending funds from Payoneer customers to another one must have a reason for the transfer clearly stated.
  4. Once a request to send fund is made, the account owner is notified via email immediately.
  5. Payoneer has very active customer support that is available round the clock via phone, email and live chat that can be contacted via this link.

To learn more about Payoneer’s Security Click Here

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Which companies or websites use Payoneer?

A lot more companies are jumping on and integrating Payoneer as a payment gateway on their platform. This is largely due to the fact that Payoneer’s popularity is on a steady increase due to its almost excellent reviews by people who use Payoneer like me

companies that use Payoneer

Some of the notable online giants that use Payoneer are

  • Fiverr
  • Upwork
  • Air BnB
  • Amazon
  • 99 Designs
  • TeeSpring
  • Envato
  • CrossOver
  • IStock Photos
  • Udemy
  • SeoClerks
  • Media.net
  • Rakuten
  • CJ Affiliate
  • Lazada
  • Wish
  • CDiscount
  • Getty Images
  • Home Away
  • Trade Doubler
  • ConCretDesign Guru
  • DelRey Agency
  • Dreams Time
  • Elance
  • Freelancer
  • One Hour Translation
  • Net Translators
  • Luxurious Craving
  • Top Hatter
  • New Egg

Since Payoneer offers you virtual bank accounts in 7 different countries of the world as I mentioned above.

You can receive payments from other companies into your Payoneer account by providing these account information provided by Payoneer

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Which countries use Payoneer?

The beauty of Payoneer is that it is available in almost all countries of the world with little or no restrictions. The Payoneer Mastercard, on the other hand, is ready for use everywhere online where the regular MasterCard is accepted and on ATMs that have the MasterCard logo anywhere in the world.

This is because the Payoneer Card is actually powered by MasterCard.

Strategic partnerships like this, in my opinion, is the reason why Payoneer’s popularity is on a steady increase.

Their team is always looking for new ways to make online transactions easier for freelancers, Affiliate marketers, Bloggers and all other people whose business is centered around making money online.

A Payoneer account helps you Accept payments in USD, GBP, EUR, AUD, JPY, CAD & MXN – as if you had a bank account locally in the countries represented by these currencies which are The United States of America, United Kingdom of Great Britain, Europe, Australia, Japan, Canada, and Mexico. This is what is normally referred to as a Payoneer Bank account

Payoneer MasterCard

The Payoneer MasterCard is one of the many Payoneer features that make it outstanding. This is a debit card available to all Payoneer account holders at no cost. This works like any other debit card. You can practically go for both offline and online shopping with Payoneer MasterCard or even make withdrawals on the Automatic Teller Machine (ATM).

Payoneer Card registration is available once you have successfully created an account on Payoneer and received a small amount of $200 into your Payoneer account.

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Can I Transfer Money From Payoneer To My Bank Account?

This is another Payoneer feature I love so much. Payoneer allows me to transfer funds straight to my bank account both in Nigeria and in the UK.

Paypal, on the other hand, does not allow me to do this to my Nigerian bank account as PayPal accounts created in Nigeria have so many limitations. One such limitation is that you can neither receive funds on it or transfer to your bank account but Payoneer is on the other ends of the pole as it allows me to receive funds and transfer money from Payoneer to my bank account.

Payoneer to Payoneer Money Transfer

Payoneer to Payoneer Money transfer is just as easy as the other options I have mentioned. You only need the Payoneer email address of the receiver.

Unlike PayPal, there is no transaction fee associated with this.

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Fiverr and Payoneer

I believe Fiverr was the first to adopt Payoneer. Payoneer at one point had a Fiverr branded card for Fiverr users. It was actually referred to as Fiverr Revenue Card. I believe the relationship between Fiverr and Payoneer dates back to their early days as most of us whose business is online learned about Payoneer from Fiverr.

Fiverr features Paypal and Payoneer as the only options to make withdrawals of your Fiverr earnings and this video below will help you figure out how to withdraw your Fiverr earnings straight to your Payoneer account

Payoneer vs Paypal

Is Payoneer better than PayPal?

If you have read from the beginning of this article, you would have noticed that the answer to that genuine question is a resounding YES. Payoneer is better than Paypal on the grounds that it is actually a PayPal Upgrade. This is the opinion of thousands of Payoneer users like myself who have used Paypal but dumped it once they discovered Payoneer.

  • Payoneer is available in most countries
  • offers very low transaction fees
  • Transfers to your local bank account
  • Offers you Local bank accounts in 7 different countries
  • Offers you a physical Debit Card
  • Responsive and available support
  • Payoneer’s Global Payment Services helps you receive money from non-Payoneer account holders

How To Create A Payoneer Account?

sign up and earn $25

Setting up an account on Payoneer is almost as simple as setting up an email address on google. A Payoneer account is completely free and you can get a $25 sign up bonus if you click here to make a Payoneer account.

To create a Payoneer account you need to get a few things ready

  1. Full Name
  2. Email Address
  3. Date of Birth
  4. Residential Address
  5. Phone Number
  6. A Government-issued ID Card ( International Passport, Driver’s License or National ID)
  7. Bank account Information (Account Name, Account number, SWIFT/BIC)

once you have these ready you are good to proceed and make a Payoneer account in these 4 steps I have illustrated below

Use the details I talked about above and fill out the form below.

how to make a payoneer account
how to setup account

Once you are done, You will receive an email telling you that your application has been received and is being reviewed.

A second email will be sent after a while telling you that your application has either been approved or denied.

Here is a full tutorial on how to create a Payoneer account

Payoneer Fees

If you are wondering How much Payoneer cost. Payoneer is completely free to use but they charge a small fee for transfers from Payoneer to a local bank account and inflows into Payoneer account. Let us take a look at how much these fees are.

Payoneer to Payoneer TransferFREE
Receiving with Payoneer Bank AccountFREE
Get paid with a credit card3%
Get Paid with ACH Bank Deposit1%
Receive funds from different marketplaces (Fiverr, Wish, Upwork, Airbnb or any of the many companies that pay through Payoneer)Fees are set by these companies
Withdraw funds to your local bank account from Payoneer2%

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Payoneer Support

Payoneer has one of the best support you can ever think of. They are responsive and available round the clock.

Hence, Payoneer working hours are 24/7.

Payoneer support can be reached via the Payoneer app and online. They can be reached via Phone, Email, Live Chat. This is definitely something that PayPal can never boast of in a million years.

Transfer Money Payoneer to Paypal

Payoneer with its virtual bank account does support the transfer of money from Paypal. However, Paypal doesn’t seem to be in love with the bank accounts provided by Payoneer since it is virtual and does not really exist, another hypothetical reason is that Payoneer is PayPal’s closest alternative. Paypal does not allow you to link a Payoneer account to it. Due to Paypal’s making, Payoneer to Paypal money transfer is not actually a possibility. This means that you cannot send from PayPal to Payoneer.

Payoneer Feedback and Ratings from customers

Payoneer has gotten really good reviews and ratings from its millions of users around the world. As a user myself, I am not surprised as their services are very customer-centered.

Their fees are low plus they are always looking for new ways and building new partnerships to open the doors of online payment to more people around the world.

For a developer, there is no such thing as a Payoneer payment gateway which means that it cannot be integrated into applications and websites to receive payments using an API. This is simply because a Payoneer API does not exist today. This means that Payoneer payment gateway integration in php or any other language is not possible.

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