Payoneer is an online financial services provider that has been in the business since 2005. Unlike other similar companies, Payoneer specializes in money transfers between businesses and freelancers. In other words, the company accepts only business-related transactions and is not suitable if you want to send money between your family and friends.
Nevertheless, Payoneer is one of the go-to services if you work in the eCommerce field and want to do your business in a safe environment. Many of the largest names in the business like Google and Amazon use it as well.
The Payoneer network unites more than 200 countries and more than 150 currencies for you to work with. They offer a variety of payment options that stand out with their flexibility and speed.
When you think about online financial services, you would normally think of PayPal first, right? In this case, what makes Payoneer better than PayPal which is the most widespread tool for sending and receiving funds? The answer is simple – the fees are lower.
However, this is not the time to compare these two giants in the business. Instead, we will give you the honest pros and cons of Payoneer. Like any other company, they have their beneficial features and potential drawbacks.
Pros of Payoneer
• Payoneer provides a variety of payment options including bank payments and ATM withdrawals
• Low fees for most payment options (See the negative fees in the Cons section below)
• Widespread – 200+ countries
• Low minimal transaction amount of $20
• Multi-lingual customer support in 9 languages – English, Spanish, Chinese, Ukrainian, Russian, Vietnamese, Japanese, Korean, Arabic
• Reasonable currency exchange fees