Payoneer Review: Is Payoneer Worth It?

January 14, 2020


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There are lots of ways to transfer money online, right? 

But, not EVERY global money transfer services support to all nations, countries. Ex: PayPal (There are still a few PayPal not supported countries)

For that reason, should you avoid doing your online business? Shouldn’t you engage in your freelancing work? Charge from your customers? Shouldn’t buy stuff from Amazon, eBay, etc.?

Why not? You should…

But, how?

Here’s this NEW international money transfer service that comes in.

Yes, it is Payoneer.

Payoneer is a global money processing service, just similar to PayPal, yet has a few distinct features compared to PayPal. In this Payoneer review, I will take a look at Payoneer and explain how you can benefit from it. And will show you how far Payoneer is effective and useful for your online marketing affairs.

Payoneer Review: Is it a scam or…?

What is Payoneer?

Before we go through the full Payoneer review, you may want to know what exactly Payoneer is.

Payoneer is a financial services business that provides online money transfer and e-commerce payment services founded in 2005 with a $2 million in seed funding from then-CEO Yuval Tal and other private investors. Currently, Scott Galit is the CEO of Payoneer inc.

Payoneer provides various services related to money transferring such as wire transfers, online payments, account-to-account money transfers, reloadable prepaid master debit cards. And also account holders can withdraw their money from Payoneer to local bank accounts (available to only a few countries) or to their e-wallets. Currently, Payoneer is available for more than 100 currencies in 200 countries.

When someone pays through Payoneer Mastercard (ex: buy goods from the local supermarket), payments will be converted into local currency automatically. Payoneer also provides a US payment service, by which you can get a free USA bank account (USA virtual bank account).

In fact, Payoneer is a must use online money transfer service by everyone, especially people who are located outside of the united states and want to receive money through US companies quicker.

Who uses Payoneer?

Within the previous decade, Payoneer service rapidly spread all over the world and so many US companies started supporting Payoneer as a reliable online money processing service. Here are a few companies that accept payments and payouts from Payoneer.

  1. 123RF
  2. Inc.
  3. 99designs
  5. Amway Corporation
  6. Avangate
  7. Airbnb
  8. Elance
  9. Digital River
  10. Fiverr
  11. Facebook
  12. Envato INC (includes all websites within the Envato network such as Envato Studio, Themeforest, etc.)
  14. Hide My Ass!
  15. iStockPhotos
  16. Infolinks
  17. Welocalize
  18. Google Inc
  19. Keynetics Inc. (ClickBank)
  20. Linkshare
  21. oDesk
  22. Microsoft Corporation
  24. uShip
  25. Impact

Besides these companies, you can get payments from other companies instantly using Payoneer’s US payment service.

Many freelancers who are located in Asia and Africa use the Payoneer payment service efficiently. Because it is compatible and in most times your payments are available within 2-3 hours.

Is Payoneer for you?

If you are a blogger, internet marketer or freelance worker, then the Payoneer payment service is suitable for you. In most service companies, you can find that Payoneer is an available money withdrawal option.

hide my ass affiliate program payment option, payoneer
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Receive affiliate payments with Payoneer MasterCard

As an example, here is the withdrawal section of ThemeForest (a partner website of Envato Inc). Even though I don’t sell anything in there, I promote affiliate products on this blog and other channels.

themeforest payment method, payoneer selected
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If your country is not a PayPal supported country, then Payoneer should be your best choice. If you need a fast payment service which is supported worldwide, then Payoneer could be your best money processing service.

The applicant must be at least 18 years old to apply for a Payoneer account. See Payoneer terms of service here. You will not be charged any fee when creating your account and receiving your MasterCard. But, Payoneer charges a yearly fee and a fee when you withdraw money from your local ATM machine. (More on that later…)


By using Payoneer as your online money processing service, you could get lots of advantages. Here are a few of them.


Payoneer constantly improves its technology to ensure customer privacy and authentication. So you don’t need to worry about the protection of your Payoneer account. You can set up three security questions which will be asked whenever some fraud login attempts for your account. Only you know the answers, so only you can log in to your account.

Also, Payoneer deactivates your Payoneer MasterCard when you don’t use your Payoneer account for awhile. You can activate your Mastercard again. But, this is a good move to ensure your money is safe with Payoneer.

Free MasterCard:

I don’t know any other way you can get a free MasterCard. Payoneer offers every account holder a free MasterCard which is supported in every country. So you can withdraw your earnings through your local ATM machine within minutes. Also, Payoneer will replace another card if you lost your existing MasterCard.

US Payment Service to get a free USA Virtual Checking Bank Account:

This is one of the best offers Payoneer provides to people. With Payoneer’s US payment service, you can open a free virtual US bank account. To open this account, you should fulfill some requirements, but once you get these requirements, you can open a US bank account online for free at all.

I use my US virtual Bank account to receive money from US companies and other European companies which offer direct deposit to US bank accounts as a payment option. I never need to wait and see weeks to get my paychecks. With a US bank direct deposit, I can withdraw my earnings within a few minutes.

Clickbank ACH weekly deposit settings
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Get European Bank Accounts to Receive Money from European Companies Faster:

Yes, now you can receive money from European companies faster and easier. When you have a Payoneer online account, the Payoneer team will create a European bank account for you. (I got two German and UK bank accounts)

So, when you next time wants to receive a payment from a European company, just provide them your checking bank account details. They will deposit money and you can transfer them into your local bank or withdraw them using your prepaid MasterCard.


As many US and European companies accept Payoneer as a reliable payment system, you can set up Payoneer as the default payment method by two-three clicks. Also, as the Payoneer Card is a one-time authentication debit card (no need to verify your identity again), you can easily pay bills, recharge your SIM and shop online.


Payoneer supports over 100 currencies worldwide. No need to convert funds into the local currency you are dealing with. Payoneer MasterCard automatically converts them to the local currency at competitive rates. You don’t have to do anything for that.

Account to Account Money transfer:

Now you can transfer money from one account to another easily with Payoneer. This is very helpful if you provide custom offers for your customers. If your buyer uses Payoneer, you can both benefit from Payoneer secure and fast one-to-one money processing service.

Transfer Money to local bank account:

This feature is currently available for only a few countries. But, we can expect that Payoneer will enable this service to other countries as well. If you are in one of those countries where Payoneer’s direct bank deposit is supported, you can withdraw your money to your local bank account with just a few clicks. How awesome that is?

Multilingual Online support:

Unlike other online payment processing services, especially unlike PayPal, Payoneer has a robust customer support service which works 24x7x365. I have used the Payoneer Online chat service a few times and was able to solve my problems within half and hour so. This is a must-have feature in every company where users have problems.


You will avoid fees when shopping online with Payoneer Card and sending funds to friends, relatives, and customers located abroad. Payoneer has low monthly fees for unlimited time uses.

Phone APPs to Check Account Balance:

Now you can download and install the Payoneer app for Android and iPhone phones. Using these apps, you can check your balance within your mobile phone for free. No need to use ATM machines which takes some time and also charges a fee too.

Financial Responsible:

You only spend the amount that is loaded to the card. Payoneer MasterCard is a debit card, not a credit card. So you know that the maximum amount that will be spent. So you can manage your account responsibly.

Load Money from a local bank (savings or checking account) to Payoneer Account:

Like other payment processors, with Payoneer, you can load money from your local bank account and from credit card to your Payoneer account easily. This is very helpful if you have a seller who only has the Payoneer as a payment method.

Different Payment options:

You can withdraw your money from a few different methods. They are,

  • Deposits to local banks worldwide
  • Prepaid Debit cards.
  • Wire transfers (only available for a few countries)
  • Global and local e-wallets
  • Local-currency paper checks.

My experience with Payoneer so far…

In the tutorial on how to open a US virtual bank account, I have explained my experience with Payoneer. When I first apply for Payoneer, I didn’t read the terms and conditions of Payoneer.

At that time, I was 17 years old. So my application was rejected. After I surpassed the 18 year age threshold, I contacted the Payoneer team and set up my account again. Within a few weeks, I received my Payoneer card.

Then applied to the US payment service to open a US bank account for me. Within a few days, my application was approved for the US payment service. After that, it was easier for me to send and receive money from Payoneer. With the use of my online checking bank account (it is a First Century Bank account), I received online payments from ClickBank and other USA companies.

us payment service - payoneer
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So far, I have received many payments from US and European companies. Also, I have used the Payoneer Card to recharge my prepaid SIM card and buy stuff online. My last purchase was Hide My Ass! VPN (HMA!). It is a super VPN service by which I can change my IP location to anywhere in the world. As a blogger, internet marketer and SEO, I know the importance of IP address and usefulness of changing the IP location. You can check out current numbers of servers and server locations of HMA VPN over here.

It has been over one year since I have started using Payoneer services for my financial affairs. Only reduced a fee for Payoneer’s yearly charge. But, it is not from my affiliate commissions nor money loaded from my local bank account. I was received that from a person I referred to Payoneer!

Overall, I am happy with Payoneer, not just only because it is a flexible and popular payment system that provides various payment services, but also their customer support service is outstanding. When I have got a problem, I am just a few clicks away to solve it.

How to Apply for Payoneer

Every person with over 18 years old can apply for a Payoneer account. If you are under 18 and want to create an account to receive money from your freelancing services, you can apply for a Payoneer account for one of your parents or another relative. Once you reach 18 years, you can apply for an account.

Before we start learning how to open your account, you would like to know the fees that Payoneer charges from you.

When you apply for a Payoneer account, your card will belong to you, but payments are made with the help of Payoneer mass payout company. For my card, Avangate is the company that supports me to send/receive money online. If you apply through ShareASale, you will receive a MasterCard with the label of the ShareaSale logo. Same with other US companies.

So, Payoneer fees could be different as the US company your card is associated with and your card usage. Here are the fees of my Payoneer account which is associated with Avangate Inc.

pricing and fees
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Note: Your Payoneer account’s charges could be different as your associated Payoneer mass payout company and card usage.

How to Apply for a Payoneer Account

Even though Payoneer is very useful for people who are outside of the USA, US residents can also open accounts for free. Here’s how to open your account shortly.

Step #1: Go to Payoneer over here.

Bonus: When you sign up to Payoneer through this link, your account will be loaded extra $25.00 for free once your account is loaded with $100.

Step #2: Click the signup button and fill out the application form.

payoneer homepage get $25 bonus
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After you have successfully filled out the form, you will see a thank you page.

payoneer thank you page
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If your application has some errors, you will be notified that your application is declined. Like I got a few years ago.

application declined message from payoneer
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If your application is error-free, you will receive a success message.

Step #3: Activate MasterCard

The next step is to activate your MasterCard. It could take 2 weeks or more to receive your Payoneer card. It depends on your Geo-location and the mail delivery efficiency. Once it arrived, you should activate your master card.

With the MasterCard, you will receive a four-digit number. You need to submit that number to verify that you received your card.

Log in to your Payoneer account and click on “Card Verification”.

activate mastercard
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Then provide your card information such as card number, PIN number (you can enter a manual number which you will use when withdrawing money from ATM machines and in other security cases).

Once you successfully activated your card, you will receive a message to your email account.

card is not activated email
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Step #4: Once your MasterCard and Payoneer application is approved, you are ready to apply for the Payoneer US Payment service. For this, you have to follow a specific way. For more information, read this article: Open a Free US Virtual Bank account for Non-US Residents using Payoneer


You will receive an email to your account.

you are not eligible to apply for us payment service email
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Follow the instructions above to open a US bank account for you.

Once you have successfully followed the above steps, after a few weeks, you will receive another email from Payoneer.

us payment service active message - opened us bank account
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Now you are ready to go with Payoneer!

usa bank account details
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Cons and what Payoneer should improve

Although Payoneer has lots of features and provides various services for business, internet marketing, and freelancing, still there are a few sides Payoneer should improve. A few of them as my opinion is,

Payoneer Payment Processing integration to other third party services:

I have found that this is one of the biggest issues most bloggers and internet marketers encounter. If you are living in one of those countries where PayPal is not supported, so you know the importance of having a reliable and secure service to transfer money internationally just like Payoneer.

But, unfortunately, we couldn’t find many more ways to integrate Payoneer with other systems and forms. I use Jotform to collect information from my clients and readers. Jotform uses good technology to integrate other payment systems easily with a few clicks. Even though Jotform provides ClickBank as a payment processing system, I couldn’t find Payoneer in that payment processing services list. I also contacted the Jotform support team regarding this issue.

Payoneer Buy it Now Buttons:

PayPal is far ahead than Payoneer when it comes to collect payments from customers. If Payoneer can offer purchasing options, more people will start using Payoneer for their business affairs.

Payoneer Donation:

This is a similar situation like “Buy” buttons. I have seen that many people ask whether they can create Payoneer Donation buttons.  If you want to use Payoneer for donations, you can’t use Payoneer currently to load funds automatically to your account. Even though Payoneer has a Prepaid MasterCard® Card Online Payment Service, it is not available for every account.


Payoneer charges a fee every time you withdraw your money or for an ATM decline. So this could be something difficult for an internet marketing beginner. But, once you set up proper changes yourself, such as using Android or iOS apps for checking balances, paying bills, service fees online, etc, you can overcome many of those difficulties.


The Internet has made a global village where people coming from all over the world have started their online businesses with various companies. Some have started their own business such as building a website, launching an info product, etc. Others have become affiliate marketers, content writers, video game testers, video creators, graphic designers, Freelance workers through Fiverr, etc.

Many of these freelance workers work with large companies such as Upwork, Envato. Many of those are US companies. In countries such as Pakistan, Nigeria, and Sri Lanka PayPal is not supported (cannot receive money from others). This is a huge problem for people living in those countries.

Payoneer is a good PayPal alternative and provides different services related to money processing (And not a scam too). With the help of Payoneer, you can get a free prepaid MasterCard and open a free US virtual Bank Account for your lifetime.

Already thousands of freelancers are using Payoneer to receive their earnings from US companies and use the Payoneer card to withdraw money from local ATM machines. If you want a secure and compatible way to transfer money internationally, so Payoneer would be your choice definitely.

So what is your best international money processing service? Share your reviews of Payoneer in the comment form below.



Virtual Bank Accounts on US, UK, EU, CHINA AND JAPAN


Prepaid MasterCard


Customer service


Online payment options for small business owners


Fees and charges



  • Withdraw to local bank account
  • Invoices
  • Amazon store integration


  • Poor customer service
  • Lack of support for small business owners
  • Lack of integrations with other tools and services
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About the author 

Chamal Rathnayaka

A blogger, Growth Hacker, and Internet Marketer since 2012. Chamal Rathnayaka is the founder of this very site and he's sharing his experience and knowledge on Internet marketing through Pitiya blog. Send him a message on


  • Hi, It’s really an amazing article with a bunch of information of Payoneer. Recently, I have received my card 🙂 I can guess you have spent a lot of time to craft this lengthy post, Am I right?
    Thank you for sharing really useful information.

    • Yes, i am satisfied with what Payoneer has offered to me. And yes, i experienced lots of things with Payoneer. That’s why i thought to review Payoneer. Did you apply for their US payment service?

  • Very nice review that i am reading in the internet , frankly MasterCard payoneer its the best and amazing card that iam using noaday .

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