If you are an internet marketer, freelance or virtue assistant, and searching for the best way to get paid online from your employer, affiliate network or global marketplace, then you should have probably heard of ‘Payoneer’ because it is associated with many major platforms on the internet as partnerships and its claim that can help to save up to 71% fees compare to other payment options.
What is Payoneer?
Payoneer is a financial service mainy designed for individual and small businesses and eCommerce that can transfer fund electronically from one account to another across the world on the internet. It is a registered company that incorporated with MasterCard and is located in New York, United States. If you are an internet marketer, freelancer, online retailer or medium enterprises this financial service provider has the benefit for its low transaction fee compare to other online financial service providers. It comes with a tangible debit card (MasterCard) that is pre-load and re-loadable.
The Benefits Of Payoneer
1. Receive payment from companies in the United States and other countries
2. Doesn’t require to have a banking account
3. Fund transferred within 2 hours time
4. The debit card can be used to purchase any item/service online and any local stores that accept MasterCard.
5. Able to withdraw cash to your local bank account from Payoneer
6. Low transaction fee for huge fund transfer to recipient
7. The activity can be access on real time to keep track of the statement online
8. Can request fund from any Payoneer account payee or without account user
9. The account can be use with paypal as debit card for future payment
1. Fund cannot be self-deposit either from your own payoneer account or credit card. Need to be received from someone else
2. Your fund will always be in USD (U.S. dollars). If you receive payment from non-US payee, the money is always in USD
3. The transaction fee can be expensive for small fund transfer/withdrawal
Who is it for?
Anyone who wish to receive fund across national border or from overseas, especially if you are an internet marketer who receive commission from affiliate network or freelance from fiverr. It is great for receiving a huge sum of fund transfer and enjoy the benefit of low transaction cost.
Please note that Payoneer has partners who offer their service for you to sign up with them and get their exclusive company logo branded on the card just like below.
The only differences is the fee structure. Depend from which Payoneer partnership did you sign up for the account. If you sign up directly from Payoneer official website www.payoneer.com, below are the fees that apply to all card holders:
– There is an annual fee of $29.95 USD
– Every new debit card cost $12.95 to issue (Free for new sign-up)
– Withdraw cash from the ATM machine anywhere in the world charge $3.15 per transaction
– If failed to withdraw from ATM machine there is a charge of $1
– Checking balance via ATM machine charge $1
– Direct deposit to your account charge 1% per transaction
Also if the direct deposit is made from outside their partner network, there is a 1% charge for every transaction as well. Holding a preloaded debit card is best for shopping and buying stuffs either online or offline, its purpose is use for buying things and not worth for withdrawing cash out from the ATM machine. For withdrawal, the cheapest way to transfer fund from your payoneer account to your local bank is by withdraw to your bank and the fee is vary depend on the cross border fee charge by your bank.
I will take a Fiverr seller as an example: Fiverr has two payout methods, one is via paypal and second is via payoneer
I personally resided in Thailand, Payoneer is located in the United States. For example, if you receive $100 from Fiverr, Payoneer will deduct 1% or $1 as a transfer fee to your account. This is the flat rate fee.
Payoneer is free to sign up and you can earn $25 extra credit loaded to your debit card by having the first $100 deposit into your account. For more information about the financial service, you can visit their website www.payoneer.com for more information.