Get paid to your local bank account worldwide via Payoneer!

Payoneer can be said to be an online platform that offers payment or transfer of money between persons or business organizations all over the world. This online platform is trusted by many because of its steadfastness and excellent services it provides daily. Get paid by marketplaces and international clients as if you had your own local account! And it’s so easy to use too.

An overview

From my own experience, I've found Payoneer's global payment service to be reliable. I've been a freelancer on upwork.com for quite some time now and have received payments to my local bank account via Payoneer. You can register and get your local receiving accounts, send customers the details of your receiving accounts, allow customers to pay via local bank transfer to your receiving accounts and automatically transfer the funds to your Payoneer account. After receiving your payment via Payoneer, you can withdraw payments to your local bank account, in local currency, pay another Payoneer customer – anywhere in the world – for FREE! and withdraw your funds at ATMs worldwide or make purchases online and in-store.

Yes, Payoneer is available worldwide!

This is one of the most frequently asked questions by people globally. Of course, it is available for the top currencies in the world that includes:

• Australia (AUD)- The transfer of this currency is via BECS, with direct entry.

• Canada (CAD)- The transfer of this currency is via EFT

• Caribbean/Jamaica (JMD) – The transfer of this currency is via Transfast (TF)

• Europe (EUR) - The transfer of this currency is via SEPA.

• Japan(JPY)- The transfer of this currency is via Zengin

• United Kingdom, England, Northern Ireland, Scotland, and a whole lot of others use BACS and FPS.

• United States (USD)- This is the popular or most used of them all and transfer is done through ACH.

A lot of you reading this article would be interested in online businesses, that’s the reason you would want to know about this platform called Payoneer. There are a lot of successful businesses that use this online platform for their transactions. You could be part of these businesses already or you may want to know more about them. They include;

1. Freelancing sites: Fiverr, Upwork, Envato studio, Guru.com, and others.

2. Amazon sellers

3. App development

4. Affiliate networks: Click bank, Jvzoo, Amazon Associates, Flex offers, Rakuten Marketing, and a whole lot of others.

In summary, these business platforms use Payoneer to carry out all of their online transfers. Below I would give you the means or ways in which the currencies can be transferred:

1. Credit or Debit Card

As I highlighted earlier, Payoneer accepts major credit and debit cards like USD, EUR, and JPY. If you’re a businessman or company, you would have any of the above cards and which you can use to transfer money directly to your country without having to convert first.

2. ACH Bank Debit

ACH can also be called Automated Clearing House and it is a means in which your client can transfer money to you in a very fast and easy way. It has a lot of benefits like low cost and a 0-1% charge fee.

Although the debit method accepts the only USD which is the most used currency. So, on the Payoneer site, you can go to pay and click on pay now choosing the ACH debit.

3. Local Bank Transfer

This is another engaging payment platform that Payoneer offers. It may sound kind of weird for most businesses all over the world but it is possible. You can transfer from your local bank to Payoneer and you do not need to convert to another currency. The currencies in which you can transfer are; USD, EUR, AUD, and GPB.

When you provide your account details in your Payoneer, your customer can then make payments. It normally takes 2-3 business days to receive the money. It, however, comes with a limit which includes a 20 USD minimum transfer and 100,000 USD maximum transfer.

Knowing the above payment process is crucial so you wouldn’t have stress in going on with your online business. Payoneer, however, comes with its Pros and Cons like every other payment platforms. Let’s take a look below.

Payoneer offers to receive accounts which enable you to receive local bank transfers from companies and marketplaces in the US, UK, EU, Japan, Canada, Australia and Mexico directly to your Payoneer account.

Pros of Payoneer

1. You can avoid bank charges: Using Payoneer to transfer and receive money all over the world, you would certainly avoid crazy bank charges. It would give you the energy to carry out balance checking, emails, and others without being charged a fee.

2. You get cash faster- When you want to receive cash from Payoneer to your local bank account, you tend to get it faster than other payment platforms out there. As far it’s a business day, you could get your cash in less than 12 hours.

3. High level of security- Using Payoneer, your details are super secured and difficult to hack or access. When opening an account with them, all important details like ID would be asked of you, thereby making your account safe.

Cons of Payoneer

1. Poor 24/7 customer support- Of course, this is a big disadvantage of using the Payoneer online platform. Their customer service is poor to the extent that you shouldn’t expect to receive answers to your complaints in 24 hours. It could take a few days depending on your luck.

2. Stressful card renewal fee/process- the renewal of your Payoneer card is a stressful process and they also charge a big fee which is sometimes tiring and discouraging to the average online businessman.

What's the minimum amount to get to request a payment and the requirements for receiving payment into the account?

The minimum amount to receive from a person or company into your Payoneer account is $20. That is the same for the other major currencies I talked about earlier in this article. This is so for this company and a fee is not attached to the company/person transferring it via credit card.

Also, before you can withdraw from your Payoneer account you need to have a minimum fee of $50 or AUD/JPT/EUR. Although, before you can receive payments into the platform, you would need to confirm your;

• Government ID card

• Your email address

• Personal bank details

• Kind of business you operate on.

What are the fees for using the service?

This is a question that is normally asked by online business companies and persons. But Payoneer doesn’t charge a fee in using their service. The only service charged is the renewal of the Payoneer card which costs $29.95.

Apart from that, a conversion fee percentage of 3.5% is charged for USD, GBP, and EUR cards.

Can payment be transferred from Paypal.com to payoneer.com?

There have been a lot of controversies concerning the transfer of money from a Paypal account to your Payoneer account. It’s a possible process, but you would need to follow the following processes below.

• When logged into your PayPal account, go to the payment menu in the bank section and click on the link to a new bank.

• Input your Payoneer details and account number and then then the accounts should be linked by agreeing on the information provided

• Paypal would then send two payment amounts for confirmation

• You then input the right amount, confirm, and wait for the transfer.

How local bank account deposits is possible worldwide with payoneer.com

The transfer of money to your Payoneer account via local banks is only possible in countries that use the following countries in their local banks; USD, EUR, GPB, and AUD. Without the above, your clients or business partners cannot transfer the money. The processes in the payment process involve,

1. You sending your Payoneer account details

2. Your clients going to their local banks and depositing the money with the above currencies without converting

3. The minimum amount that can be deposited is 20 USD/EUR/AUD/GPB.

4. It takes 2-3 business days for you to receive the money.

5. There is no additional fee.

With the above, you as a businessman or woman who is planning to use this platform would know if it would be favorable for you both in the present and the future. An online business needs a trustworthy payment platform. If you find it worthwhile, you can go for it.

You are welcome to share your views. Leave a comment on this topic.

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