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Everything you should know before the money transfer with Payoneer

Background of Payoneer

Founded in 2010 by Scott Galit, Payoneer provides international money transfer and digital payment to its customers. Its users can send and receive money in their bank accounts, Payoneer e-wallet and a MasterCard debit that is usable either online or in making purchases.  Primarily, the company facilitates inter-border payments.

Popularity

With branches in over 200 countries and dealing in over 150 currencies, Payoneer has the world taken care of. Its membership is estimated at over four million worldwide. This is a broad coverage and a robust market influence. To achieve customer services, it has established relations with many local banks in the countries it operates in.

Client base

Established multinational companies inclusive of Google, Amazon and Upwork are essential users of Payoneer. Online commerce companies such as Wish and Lazada have also contracted the services of Payoneer. The company provides a business payment platform globally.

Affiliates

The firm advertises some companies by linking them with their publishers. Additionally, it works with content creation companies such as GettyImages and Shutterstock. The company’s business relations further extend to freelancing institutions inclusive of Fiverr and PeoplePerHour. As if that is not all, it is used by vacation rental sites like HomeAway and Pandabed.

The above description is arguably representative of the big business corporations that Payoneer works with. Its reputation precedes it. It has curved itself a niche among its peers in the online money transfer industry. Payoneer is among the top-tier online financial service providers.

How to use

For one to access Payoneer payment services, they should download the app that is available on Google Play and App Store. One can also use the company website www.payoneer.com/main/. The first step is to create a Payoneer payment account by clicking on Sign Up at the top right side of the homepage.

Once an account has been created, one has to link it to their bank account or debit cards. The companies responsible for disbursing payment through Payoneer then send money to their Payoneer account; the amount is in turn sent to the recipient who withdraws using their banks or ATMs.

Fee and replacement of cards

The Payoneer card given to its members require annual Payoneer card activation fee. The fee is set at $ 29.95 paid once annually. The card may be replaced at $ 12.95 whereas ATM charges are at $3.15.

Services offered

Payoneer offers a wide range of services. It receives payment on behalf of their customers. Through the Global Payment Service, its users can access payment in foreign currencies as if they have bank accounts in the countries the payments originate. The company receives money and transfers it to the recipients’ Payoneer accounts.

This service is advantageous to the customers in some aspects. Firstly, it reduces payment fees by up to 71%. The recipients of the money have increased income as a result. Secondly, Payoneer receives payments in some currencies. One gets their money as if they had accounts in those currencies.

Another advantage of the Payoneer payment services is that it offers a fast, simple and cheap method of payment to its customers. They save time and cost without straining at all. The Global Payment Service also provides 24-hour customer care services in languages preferred by the clients.

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How the Global Payment Service works

The payment process can be summarized as follows.
  1. Signing up to Payoneer and getting local receiving accounts.
  2. Sending to customers details of the Payoneer receiving account
  3. Customers pay to Payoneer through their local bank accounts.
  4. Payoneer automatically transfers the paid in cash to the recipient’s account.

Payoneer also offers billing services to the customers. Business owners, professionals, and freelancers can make a payment request to their customers. They then receive payment safely and securely through Payoneer. Thus, it is a great way to collect payments from clients worldwide.

Billing

Billing is beneficial to Payoneer users in the sense that it is easy to request and receive payment from clients online. Payment can also be received in a matter of minutes from the time of the request. Also, it is less costly and offers competitive rates. Payoneer fee is estimated to be 90% cheaper than service providers.

Other services provided include integrated payments to platforms, escrow payments, and partner directory.

To conduct a billing request,

one should do the following:

  • Payoneer login, then click on ‘Request a Payment.’
  • Send the payment request to a client.
  • Receive payment from the client directly into your Payoneer account.
To receive payments through Payoneer,

a customer should:

  • Choose Payoneer as their preferred payment services
  • Receive funds in Payoneer
  • Withdraw money to the local bank or ATM.

How to withdraw

Step by step

Payoneer withdrawal to bank account fees charged varies, depending on the withdrawal type. The amount charged is shown on the summary page. Only shown charges are deducted, and there are no cases of hidden Payoneer fee.

Login
your Payoneer account
Go to
On the menu, go to Withdraw and then to Bank account
Select
currency balance or card to withdraw from
Define destination
Select the bank account to withdraw to
Amount
Enter withdrawal amount
Transaction description
You may enter a transaction description and then go to Review
Review & confirm
Review the details and confirm the withdrawal

Payoneer review

Over the years, Payoneer has enjoyed steady global reach and reputation. Some reviews by its trusted customers have been made on online review sites. Despite its establishment as one of the great money transfer platforms, Payoneer has received negative reviews in the recent past. According to trustpilot.com, some customers have been dissatisfied with services offered by Payoneer. Some lament about the poor customer services provided here, others are skeptical of the company fearing it may defraud its customers. There are those warning others to desist from it.

There have also been fears of the company being a scam. Surely, this is terrifying to prospective customers. Currently, Trustpilot rates Payoneer at a worrying 1.8 out of 10. In this regard, the risk with which Payoneer operates is worrying.

Customer services

For customer services, some methods are used;

The Payoneer live chat is a platform available to customers for inquiries with the support staff. It is available between 2:00 AM to 6:00 PM EST during business days.

Customers can also call using telephone lines that are open from Monday to Thursday between 00:00-24:00 EST and Friday 00:00-21:00 EST.

 

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