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Payoneer: Pricing, Features, and Review

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Payoneer tool is a financial services company that specializes in facilitating online payment transfers internationally. Payoneer operates in 200 countries worldwide and has over four million users. It can process cross-border transactions in more than 150 currencies.

Although other payment companies like PayPal offer similar services, Payoneer focuses more on international transactions with lower cost compared to its competitors. This Payoneer plugin review focuses on Payoneer as an online money transfer service. Read on to learn the details of Payoneer’s service and what it can do for your business.

Products & Services

Payoneer is not a merchant account provider. It doesn’t offer merchant services found in other traditional financial service providers. That is why you can’t use a credit card terminal or POS system with your Payoneer account. The service also doesn’t support payment gateway or virtual terminal.
Below are some of Payoneer plugin features the service offers:
Payoneer account – As a Payoneer user, you will receive an account that you’ll use to make and receive payments. Signing-up is free and is done online in minutes. Although it’s not a merchant account, you can make and receive payments through credit card. This type of transaction is done through an undisclosed backend processor.
Payoneer Prepaid MasterCard debit card – Along with your account comes to a MasterCard debit card, used to make payments after transferring enough funds to your Payoneer account. This is not a credit card, but an annual fee of $29.95 will still have to be remitted for it. This fee is rather expensive especially if you only use it occasionally
• Mobile app – Users get a free Payoneer mobile app that is supported by both Android and iOS devices. This app enables you to, withdraw funds, check your balance, and view transactions. You can’t make payments using this app, which is a big setback.
eCheck processing – Every Payoneer account has an eCheck (ACH) processing for making and receiving payments. Although it has no additional charges, a per-transaction fee is deducted.
Online reporting – As expected, you can access your Payoneer account online. Here, you can make payments and transfer received funds to your local bank account.
Security features – All transactions made using Payoneer are encrypted, but Payoneer doesn’t disclose encryption methods it uses or give any security details on its website.

Fees & Rates

On transparency, Payoneer tool pricing is very open on its fees and rates. Most charges like the cost of using the service are disclosed on the Fees page of Payoneer’s website. Here is a breakdown of its rates and fees:
• If you have an account and you are making payment to another Payoneer user you won’t be charged anything. This is beneficial especially if you have customers using Payoneer.
• Local bank transfer payments made using US dollars incur a 0% fee
• Transfers in euros or British pounds are free
• eCheck payments also incur a 0% fee in US dollars
• Payments made via credit card incur a flat 3.0% processing fee

Note that, these basic fees assume that there is no currency conversion involved in the transaction. Withdrawal funds to your local bank account from your Payoneer account, without currency conversation, costs a flat $1.50 each time. The conversion of withdrawn funds to your local currency costs, 2% above the mid-market rate for the conversion.

Most fees traditionally associated with merchant account are not charged on Payoneer. You will have to pay an annual fee of $29.95 for your Payoneer MasterCard debit card, which can be waived in some cases. Otherwise, there’s no setup fee and no monthly account fee. Though not established, there are reports about account inactivity fee. The fee is not high, but it helps to review your contract terms and conditions very carefully before you open an account. Also, check the User Agreement presented during sign-up which most people don’t read.

Contract Length & Early Termination Fee

Payoneer tool doesn’t require you to sign a long-term contract. Billing is on a month-to-month basis. You won’t be charged any fee if you decide to terminate the contract early, but you will need to follow the right termination procedure to ensure that your account is really closed. I must commend the company’s flexibility in allowing month-to-month billing without a lengthy contract, which is also common with other service providers. However, you’ll still have to pay an annual fee for your debit card.

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Sales & Advertising Transparency

Marketing is done primarily through Payoneer’s website which is done very well. They make it easy to navigate and includes links various information on what the service can help you achieve on payment. The website also has educational materials, such as an FAQ and several how-to videos. Signing up for a Payoneer WordPress plugin account is done online and even though it is quick and easy there are disadvantages in doing so. One of them is the danger of ignoring important terms and conditions clauses such as inactivity fee, which is not disclosed on their website. Another disadvantage is that takes up to a month to receive your debit card in the mail. This means you won’t enjoy its full services until it arrives. Payoneer has a social media presence, with accounts on Twitter, LinkedIn, Google+, and Facebook. Their main purpose is to distribute posts from Payoneer blog, which is frequently updated and contains educational material. A YouTube channel is also available having dozens of testimonials, tutorials, and educational videos.

Customer Service & Technical Support

Payoneer has a great customer support. Youcan access it via live chat which is only available in English, Spanish, or Russian. You can also contact them using email or a detailed and thorough knowledgebase and FAQ for answering questions and troubleshooting problems.


• Month-to-month billing with no early termination fee
• Free payments between Payoneer accounts
• Best for freelancers and international businesses

Support center


• No payment gateway or virtual terminal
• $29.95 annual fee • High credit card transaction fees

Checkout quick video review on Payoneer

Resource: John Colley


Payoneer makes it easy to accept payment from your clients and various companies. The simple withdrawal options and the prepaid card are other reasons behind the immense popularity of this global money transfer company. Apart from the high cost of debit card maintenance and inactivity fee, the Payoneer tool offers a superb online transfer service. I trust that this Payoneer plugin review was helpful. Feel free to try it out.

Great way to receive and withdraw payments with low transaction fees

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I’m an Award-Winning Freelancer & Web Entrepreneur helping new entrepreneurs launch their first successful online business. Ranked as Top 1% Successful Freelancers & Creative Head of NamanModiDigital my goal has always been to provide exceptional services by utilizing my outmost abilities thereby ensuring client satisfaction globally.

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