Payoneer Review: Our opinion On This Ally For Our International Trade
While traditional banking institutions are losing ground and the trust of their customers, payment services are increasingly developing to allow us to manage our money differently. Payoneer is an online, secure and convenient solution for receiving funds, which is used by more and more individuals and professionals to carry out their transactions. Is this service really reliable? Are fund transfers fast? What about fees? We tell you everything in this detailed review!
Payoneer: Presentation
Payoneer presents itself as an online payment specialist. The company provides international transfers and can issue Mastercard withdrawal cards to its users. It was in 2005 that Yuval Tal and a few private investors started the adventure in New York. It is obviously a completely legal company, which has all the licenses guaranteeing the reliability and security of transactions carried out via the site.
Payoneer is experiencing very rapid expansion, with now more than 3 million users in 200 countries, and partner companies that need no introduction such as Amazon, Upwork, and Airbnb. Now, there are Payoneer companies in several countries, including India, and the Philippines.
Payoneer is undoubtedly one of the most serious payment services in the world, and it offers some rather new services that are not found with Neteller, Paypal, or even Skrill, for the simple and good reason that Payoneer is really built for the trade and therefore for societies.
Payoneer services
Payoneer works like Paypal for an individual. It is therefore possible to receive money, make deposits, and then use our account to pay on merchant sites using this payment method. They are more and more numerous, we find in particular Amazon or Cdiscount.
It is a wallet that allows you to manage your transactions on the Internet while protecting your bank details. You no longer pay with your traditional bank card, and therefore your details do not remain on the poorly secured listings of online sales sites. You will only need your credentials to receive or send money.
Payoneer also allows you to have several bank accounts in different currencies. We are talking about the Global Payment Service. This way, you can easily receive payments from European, British, American, and Japanese companies, as if you had a local account. It's a great way to receive payments from around the world without incurring additional fees.
However, these accounts do not allow you to pay, they are only used to receive. You will benefit from all the information, from these local accounts, such as an IBAN or a RIB.
All transfers are very fast at Payoneer both in terms of inputs and outputs. It's almost instantaneous from one Payoneer account to another, and it only takes about 48 hours to transfer to your bank account.
Finally, Payoneer lets you get prepaid cards, and you can get them for different countries in different currencies. It's pretty good to avoid changing your money every time you travel abroad.
The security and reliability of Payoneer
Payoneer is approved by Mastercard Corporated, and therefore there are the same guarantees as with the most significant global banks. Better yet, we never reveal our real bank details on e-commerce sites. The money in our Payoneer accounts will have the same protection as that in your bank, no more and no less.
Opening a Payoneer account
Before starting our transactions on Payoneer, we will have to open an account. Nothing too complex, it's quite similar to all payment services of this kind. A first form must be completed with your surname, your first name, a valid email address, your country of residence, your address, a telephone number, and your date of birth.
You are then asked to create your password, with a minimum of 8 characters, then to define a secret question and give its answer. Finally, you must choose a document to send to verify your identity. You have the choice between an identity card, a passport, or a driving license.
Once this step is completed, the account is created. A confirmation email assures you that your registration has been taken into account and that a Mastercard Payoneer card will be sent to the address mentioned in the form. For this, however, you will have to wait for a company to make a transfer to you since the card is chargeable.
Your Payoneer will allow you to use your account like a bank account. You can set limits, withdraw money, and pay in shops, restaurants, or hotels. The Mastercard Payoneer card costs €22 per year in management fees.
If it is simply used to pay in online or physical stores, then there is no charge. All card payments are free worldwide. On the other hand, you will have to pay €2.30 per ATM withdrawal. It's rather expensive but still less than the cost of a withdrawal outside Europe with a traditional bank card.
More annoying, you have to pay a fee to load this prepaid card, up to 1% of the amount. Finally, the exchange fees for currencies are also quite significant, since they amount to 3.5% of the amount to be exchanged. There are 140 possible currencies.
The exchange rate is however generally good, and for Euros, Dollars, and Pounds, one will receive the money in the correct currency and therefore no need to exchange it.
In the end, the rates may seem high for an individual and this is the case if you do not travel or you do not receive money from companies. On the other hand, for international business, it is obviously a very interesting solution, which allows rapid transactions in the right currencies, with management costs much lower than with traditional banking establishments.
Service client
Payoneer customer service has a very good reputation, for those who speak English or Indian. Indeed, it is not possible to converse in other languages by email or telephone. On the other hand, the site is fully translated into French and we find all the information we are looking for. On the whole, all the subjects are covered, it's rather clear and precise.
If you really need to call and you speak good English, then you will surely be delighted with the responsiveness and professionalism of your interlocutors. Emails are often answered in less than 12 hours, and we are answered within minutes on the phone each time. Payoneer is a serious payment service, and its customer service proves it pretty well.
The benefits of Payoneer
- Perfect for international trade, to receive money in euros, dollars, and pounds sterling.
- Bank details are never shared.
- Transactions are very fast, whether sending or receiving money.
- Fees are low for businesses.
- A prepaid card allows us to use our funds immediately, both online and in physical shops, restaurants, hotels, etc.
- The site is complete, which allows us to get to grips with all the features rather quickly.
- Customer service is responsive and professional.
The disadvantages of Payoneer
- Significant ATM withdrawal fees.
- Charges to load the prepaid card.
- No customer service in French.
Our opinion on Payoneer
It is a fund reception system that you cannot do without when doing business internationally. The possibility of having 3 real accounts in the US, Europe, and England, necessarily makes your life easier in your transactions. You work in the currency of the country you want, which is easier for you and especially for your customers.
Prepaid cards can be made available for each of your accounts, so you can use your money simply, as with a traditional bank account. Some fees are to be expected, such as 1% of the amount to load the card or €2.30 for each cash withdrawal.
The site is clean and pleasant to use, and the applications are too. In the event of a problem, customer service is professional and responsive. However, they only speak English. Generally, this is not a problem since we use Payoneer for international trade.
In short, if you have a company and want to do business in the US, England, or Japan, you need a Payoneer account.
Disclaimer: This post contains affiliate links. I will make a small commission if you use any of the links to open an account and start using the service.
No comments