Payoneer
Key Data
- Trading Name: Payoneer
- Legal Entity: Payoneer Inc.
- Activities: high-risk payment processor
- Location: United States
- Regulations: e license to operate in the UK, Europe, US, Hong Kong, Japan, Australia, and India, and is awaiting its EMI in Singapore.
- Key People: Yuval Tal
Payoneer is a U.S. financial services company headquartered in New York City. Payoneer is a Money Services Business (MSB) registered with the U.S. FinCEN. The Payoneer Group has other companies in various regulatory regimes that have licenses.
Payoneer was established in 2005 with $2 million in seed funding from the founder, CEO Yuval Tal, and other private investors. Since 2005, Payoneer has received over $265 million from investors.
Global operating companies like Amazon, Google, Airbnb, Rakuten, Walmart, Wish.com, freelance platforms like Fiverr and Upwork have been using Payoneer for mass payouts across the globe. It offers cross-border wire transfers, refillable debit card services, and online payments across 200 countries in more than 150 local currencies.
Offering
Payoneer acts as an intermediary of sorts, allowing businesses to send payment requests to customers who can then pay with various methods.
Payoneer offers a number of features to make the process of sending and receiving payments more straightforward. It simplifies transactions, and streamlines processes on both the business and customers’ ends.
Their service includes:
- Send payments
- Request payments
- Receive payments in multiple currencies
- Payoneer debit card
- Billing Service / Payment Request
- Pay the VAT
Fees
Receiving Payments
- From another Payoneer Customer- The receipt of payments from another customer’s Payoneer balance is free.
- Through receiving accounts- The payment received in receiving accounts in local currencies such as EUR, GBP, and others is nil, whereas, for receipt in USD, the fee is 0-1%.
- Receipts for Payment Requests- The fee for receiving money from clients in Payoneer through credit cards is 3%, whereas the fee charged for payment via US ACH Bank debit is 1%.
- Directly from marketplaces and networks- The fees received from various integrated partners of Payoneer like Fiverr, Upwork, Airbnb, etc., vary from one to another. Hence, you should check the rates with the concerned platform.
Withdrawal of Funds
- There is a fixed fee for withdrawing to a local bank account in the same currency, which is $1.50, €1.50, £1.50, for the transaction depending on the currency withdrawn.
- The Payoneer bank withdrawal fee to a local bank account in another currency is 2% above the market rate at the time of the transaction. Besides that, other charges may be deducted by the bank or payment provider.
Making Payments
- The fee for paying the Payoneer customers for their services depends upon the payment method. For example, the fee for payment methods such as ACH bank debit and local bank transfer is 1%, whereas payment via credit card is subject to a 3% fee. The fee can be paid by the supplier or can be passed on to the recipient. The recipients of EEA are automatically charged with the fee.
News
In February 2023 Payoneer, has gained its Electronic Money License (EMI) with approval from the Financial Conduct Authority (FCA).
The license will allow Payoneer to fully operate in the UK and provide its services to UK-based companies. The move indicates the payments company’s aim to expand in the British digital finance market.
People
- Yuval Tal: He is the founder and president of Payoneer, an Internet-based payment company, and BorderFree, an e-commerce company owned by Pitney Bowes.
Customer review
Trustpilot: 4,1 Stars with 52.000+ Reviews
Conclusion
Payoneer is regulated in multiple jurisdictions. The website provides all the necessary information about the operators. We have also not found any significant complaints and therefore put Payoneer on our Green Compliance list.
