Is Payoneer a good online wallet?

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Payoneer Review

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Name                  :     Payoneer

Function              :     Online Payment Account

Address               :     Payoneer website

 

This article was written on August 3, 2017. All information is based on available data on that date. It is subject to change anytime. Please see Payoneer website for updated information.

Introduction to Payoneer

Affiliate marketers must prepare an account to receive payments from advertisers. Because the payment may come from various sources and countries, they must have an account that can receive payment from many sources, worldwide.

Advertisers, from whom the money comes from, usually do not prefer to transfer money to banks in the affiliate marketer’s country. Aside from the tedious bank-to-bank process (often going through through several banks), the cost transferring money to a local bank, crossing borders, is usually quite high. This is when an online payment account becomes useful. One of the online /payment service accounts is Payoneer.

Payoneer offers multiple ways to get paid by clients /advertisers and the global marketplaces quickly, securely, and a t a low cost. It claims to have about 3 million users in 200 countrires, in more than 150 currencies.

Payoneer benefits

Every online payment account has its own unique advantage. From my experience with Payoneer, the following are benefits of a Payoner account:

  • Receiving funds from mass payout partners (common to every online payment service providers).
  • Quick payment process.
  • Withdrawal to local bank in local currency.
  • Multiple currency bank accounts at different countries. This really helps when the sender would only send money to a bank in a specific country when payment would be made in a specific currency. For my account, Payoneer set up Euro accounts in Euro at Wiredemm Bank in Germany, at Barclays Bank in UK for British Poundsterling, at First Century Bank for US Dollar currency, and Bank of Tokyo-Mitsubishi UFJ for Japanese Yen. This is as if I have a local bank account in those countries.
  • Available Payoneer Mastercard prepaid debit card. The card can be used to withdraw cash at any MasterCard ATM’s (there may be charges for this). The card is automatically loaded by payments made to the Payoneer account (only payment in the card currency will load the card).
  • Low cost (relatively) compared to Paypal.
  • Free payment receipt from another Payoneer customer (for USD, EUR, GBP, JPY).
  • Free payment receipt for EUR, GBP, and JPY accounts. 1% fee applies to USD account.
  • Free transfer to bank account if transferred fund currency is identical to target account currency.

 

Cost /downside

Setting up a Payoneer account is free. The following costs may apply to use of the account:

  • Currency conversion fee for usage of the debit card in the currency other than the card’s denomination.
  • Cross border fee up to 3.5% when card is used outside issuing country. The currency conversion and cross border fees are exclusive to each other. Only one of them shall apply in an eligible transaction.
  • 1% payment receipt fee for USD account.
  • For withdrawal, up to 2% above mid market rate for withdrawal to a local bank account in local currency. Bear in mind that the local bank may apply other fees.
  • USD 1.5, EUR 1.5, and GBP 1.5 for transferring to local bank in the respective currency (USD, EUR, or GBP).
  • Debit card can only be loaded through payments made for you. Payoneer’s account holder cannot self-loading his prepaid debit card.
  • Debit card is only loaded by payment in the card currency. Payment in other currency does not load the card.
  • Annual debit card cost is not quite definitive. The site support center says “The monthly maintenance is a fee charged at the beginning of each month for the required maintenance of your account. If your account balance totals less than the monthly fee, you will be charged only the amount of your available balance and no more. If your account balance is $0.00 for the entire month, you will not be charged a fee for that month. To view the monthly fee and all applicable account fees, simply log in to your Payoneer Account and select the Pricing & Fees tab located under the Help menu. Please note: Some monthly fees are determined based on the transactions of the previous month. For example, if you performed a lot of transactions in January you may qualify for a reduced monthly fee in February. This would be listed in your Pricing & Fees page.”
  • Account menu is not quite user-friendly. An example is the Payoneer currency bank accounts are located in Receive>Global Payment Service menu. The pricing and fees information is under the Help menu. It doesn’t even have information about card fee.

 

Is it worth it?

Quite so. The biggest advantage is having the local bank accounts in specific countries. Other benefits are relatively lower fees compared to Paypal, and the available debit card (I don’t use mine, it induces annual cost once used).

Two most considerable downsides are the hard-to-find card fee information (I don’t use it before I find it clear) and the less friendly account menus. Overall, I find Payoneer account quite useful.

If you think Payoneer suits your needs, just go to Payoneer  site to register.

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