Being one of the fasted growing freelance payment system (especially in India, Pakistan, Bangladesh, Philippines, Jamaica, Algeria, and Madagascar) for affiliates and freelancers, it compelled me to write the complete review of Payoneer.
I came to know about Payoneer in 2016 when I decided to start freelancing. Selecting a payment gateway I could rely upon was not an easy task because of rules, regulations present in our country.
The best and the most popular solution (Paypal) had a poor currency exchange rate (1$=61.01₹) when the actual rate was floating around $64. This way, I was getting around 30,000₹ for $500 when it was supposed to be at least 32,000₹.
So, in overall; I was loosing at least one nice pair of clothes every time when I transact with Paypal.
This was the time, I started looking for the alternatives to Paypal.
Even though Stripe, Authorize and much more were there but I selected Payoneer for these following reasons.
1. $35 Sign-Up bonus when I start using it.
2. Lowest Currency Exchange Fees.
3. Fast Transactions as I have been told.
4. Timely earning opportunities.
I was afraid of seeing bad reviews flooding all around the internet. However, I decided to give it a try. [Now I know how business competition can kill your reputation].
The primary reasons I can think of some bad reviews are some paid jerks and some virtual assistants.
[Payoneer doesn't accept virtual assistant accounts due to increasing fraud activity with their accounts]
Anyway, Let's see the pros, cons, services like Payoneer service and customer support
I will also try to answer some of the most frequent questions people ask about Payoneer.
Let us go in depth.
Is Payoneer Fake/Scam?
No, no! Absolutely not. I am using Payoneer for around 2 years and I totally disagree with the people who claim it to be fake.
Here is the latest payment proof I received from Payoneer.
It took less than a day to get money into my account from Amazon via Payoneer with the best conversion rate possible.
Is Payoneer Safe to Use in India (Or in Your Country)
After reading Payoneer Reviews on some other websites, I found this person, saying his account was hacked because anyone can change the password just by knowing your date of birth.
This was really scary. This felt me vulnerable.
Now read the truth:
However, while investigating the same with my own account, I found this rubbish. This was not true. Like every other website (including PayPal) you need to give your email/mobile details to reset your password, which is a standard process followed everywhere.
have a look:
Payoneer Pros - Is Payoneer Any Good.
Payoneer has many good features you will love to use. This is the only platform I am using for all Amazon affiliate programs I am enrolled in.
- Payments from multiple affiliate networks
- There is no bank account required
- The account is held in US Dollars
- The payments are available within 2 hours
- Low-cost fee structure
- no administrative hassles
- get the cash in hand much faster than PayPal or any other alternative payment methods
- Good Security measures with Government ID’s and Utility bill which confirms your address
- Integrated with most top Freelancing Websites. Websites like Freelancer, Up work, and Fivver provides an option to use Payoneer for money transaction.
- You can receive payments from companies that accept US Accounts, You can also receive money from other sources that accept US accounts.
And a few more like accepting in all major currencies like GDB, USD, EUR, YEN, and CNY. You can get all the payments directly to your local bank in local currency.
Payoneer Cons - When It Sucks
I was in doubt regarding document upload notification. I wrote a query on their customer support and then this happened...
It was no less than a moonwalk to get their reply. It took 2 days to reply them. However, they replied quickly to the future thread, but this was the time I really hated their service.
They should (and will probably do) add two-factor authentication for more security. But I understand, this is because of some regulations in some countries. This will definitely make user accounts more secure.
In my personal Payoneer experience, I didn't encounter many troubles accept when it took around 2 days for the first payment to get into my bank account.
Rest is all good!
Countries Payoneer is Popular in [Hint: Asia]
Payoneer is highly popular payment system for international money transactions in India, Philliphines, Pakistan,
Payoneer is regularly gaining popularity in South Asian countries like Pakistan, Northen-American countries like Jamaica, South-Asian countries including Madagascar and Algeria and Venezuela.
India is one of the biggest potential customer bases for Payoneer which is the largest base of freelancers in the world.
Countries like Bangladesh and Nepal are also looking actively for Paypal alternatives and so gaining interest in Payoneer.
Paypal/Bank Transfer vs Payoneer - Which is the Best?
Comparison to Bank transfer and PayPal
- Payoneer offers the best currency conversion fee of 2% above the mid-market rate and is the best option for making cross-border transactions. Transfers made through Payoneer allows customers to save on forex conversion & transaction fees.
- Payoneer offers a great service called the “Global Payment Service” (used by LTP for making a direct international transfer) which provides users with local US, EU, JP, and the UK receiving account numbers. Funds paid into these accounts are received into the user’s Payoneer account and then transferred automatically to the user’s local bank account in INR which keeps the cost of transferring money low and efficiency high.
- The option of direct wire transfer between banks is a very expensive and has the probability of the transfer being delayed or getting lost. PayPal is another option of direct transferring of money but charges a landing fee as high as 4.4%. [Additional details LTP whitepaper]
- Simplicity: Single step registration process.
- Flexibility: Get paid by international companies, affiliate networks a, d marketplaces.
- Grow Globally: by tapping into Payoneer's network of millions of customers worldwide.
- Fast Payments: Funds are transferred within 24 hours, directly to your local bank account in INR from Payoneer account.
Global Payment Support in Payoneer
- United States (USD) / Transferred via ACH
- Europe (EUR) / Transferred via SEPA
- United Kingdom: England, Northern Ireland, Scotland, and Wales (GBP) / Transferred via BACS and FPS
- Japan (JPY) / Transferred via Zengin
Payoneer Customer Care Review
Being a global financial service, Payoneer has still some space to improve. Customer care support from Payoneer is not great when get compared to PayPal.
Payoneer provides Chat, Call, and Email services for customer support and you are not likely to use them most of the time. However, the chat and call support is only available from Monday to Friday. Email support takes around 1-3 days to get the reply. This should be a bit quicker.
However, I don't think the cons can surpass the benefits it does have.
How to Earn Money with Payoneer [$35 to $1000 Per Month]
Payoneer Refer a friend Review
Here comes something exciting. Payoneer provides $35 sign-up bonus if you register with this link. Also, you get $25 bonus when you refer someone and he joins Payoneer.
Payoneer regularly promotes offers to win cash-prizes worth $1000 or more when you gain enough payments within a time period. This is all bonus you get other than the client paycheck you are receiving for your services.
Payoneer Services Review
Payoneer provides many useful services for affiliate companies, freelancers, writers, digital marketers etc. Some of them are as follows.
International Money Transfer for Freelancers, Sellers, and Affiliates.
It includes both affiliate publishers as well as advertising companies.
Amazon Affiliate Account Support
- You can combine your all Amazon affiliate earnings with only one account with Payoneer.
Payoneer Mass Payout Service for Companies
Companies looking for bulk payments to their affiliates or employees can take benefit of mass payout system.
Global Payment System Review
The core service of Payoneer provides an option to request money from any client from any country. Whether you are working with the direct clients or via any freelancing service, Payoneer is worth signing up.
Conclusion - Should You Join Payoneer?
Payoneer is a not a fraud or scam. They have improved a lot from their inception in 2005. Even though the customer support is slow, Payoneer is the best alternative to Paypal or any other similar service.
The choice is all yours, but I recommend giving it a try if you are looking for a cheap alternative to Paypal. When you will increase your earnPayoneerh Payoneer, the transaction cost (1% in the beginning) will reduce. This is the all I could write in this Payoneer Review but there are many things left. Join and experience yourself.