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How to Receive Payments Through Payoneer

by Lottar


The need for online money transfer is increasing as businesses go international. Freelancers need to be paid from different parts of the world, and their clients need reliable payment platforms to do so.

Payoneer is one of the more recent alternatives to PayPal, and is one of the leading platforms for international money transfers. It offers fast and convenient ways to receive money, especially from international sources.

Here we will take a detailed look at what Payoneer is, and how you can use it to receive payments.

What is Payoneer?

Payoneer is an American financial services company that facilitates online money transfer, digital payments and many other services. Specifically, it enables business-to-business payments, meaning that only recognized businesses or freelancers can use it to receive payment.

The platform allows users to receive payment in three major currencies: USD, GBP, EUR. Once they have received funds, users can then withdraw to their local bank accounts, either in local or other currencies.


Any established company or client can choose to pay you as a business or a freelancer through Payoneer. They then notify you to join Payoneer, if you haven’t already.

After joining, your client or partner must send you an email inviting you to accept them as one of the people from whom you can receive payment on the platform. This is done so that Payoneer can keep track of companies you are affiliated with.

Once you add the company as a payment source, you can receive payment from them going forward. You will need to undergo verification for Payoneer to ensure that you are a legitimate business owner or freelancer, and not just using the platform to receive funds.

Even if you receive payment, you may not be able to access it until the verification process is complete. You will also need to add your bank account from which you can withdraw the received funds from Payoneer. You can add more than one bank account depending on your needs.

How to Create a Payoneer Account

Creating a Payoneer account is easy, all that is required is an email and a password. The email must be functional as you will need to receive a verification email to confirm that you own the address. Follow these steps:

  1. Visit Payoneer and click on Start top right to register.
  2. Enter your email address and create a password.

After that, you can log in with your password and the registered email address to access your account. You can always change your Payoneer email address after registration, so don’t worry.

The next step is to verify your account in accordance with the requirements for all Payoneer users.

How to get verified on Payoneer

Getting verified is a big step to receiving payment on Payoneer. Until this is completed, you cannot withdraw funds from the platform.


You will be asked to provide a government-issued identity document, such as a driver’s license, and a bank document from your local account to which you wish to withdraw funds. After that, you will have to fill in a questionnaire to provide information about yourself and your business.

You may not need to provide these details until you receive payment and Payoneer requests it. However, it is best to get verified before you receive your first payment to avoid unnecessary delays in accessing your funds.

To begin your verification after logging into your account:

  1. Go to the profile icon on the top right and click on it. Choose Settings from the drop-down menuand then check Verification Center below that.
  2. Provide a government-issued ID, usually a driver’s license. Payoneer will provide guidance for a clear photo.
  3. Fill out the questionnaire with the required information about your business, what kind of clients you work with, etc. and submit.
  4. Your information will be reviewed and if it passes review, you will be given access to the funds.


You may be able to access the funds for withdrawal and other purposes if some information, such as your ID, is approved, even if the others have not yet been accepted.

How to receive payment with Payoneer

Now that you have your account all set up, it’s time to receive payment into your account. Depending on your client, you may need to provide an invoice that you can generate on Payoneer to receive payment.

If your verification process went well, you will be able to receive payment from your customer the same day they make the transfer. If they don’t require an invoice, you don’t need to do anything, you’ll just get a notification when the funds arrive in your account.

What security does Payoneer use?

Payoneer has licenses from many countries and is a recognized Money Services Business (MSB) by the Financial Crimes Enforcement Network (FinCEN). Users’ funds are kept safe in low risk financial institutions and always liquid.

You can also personally protect your account by enabling two-factor authentication for your Payoneer account. You may not want to use Payoneer indefinitely, in which case you may delete your Payoneer account when you are done with the platform to protect your information from hackers or other attacks.

Fees and charges for using Payoneer

Like any other online payment platform, you will have to pay certain fees for Payoneer’s services. Payments from other Payoneer customers’ accounts are always free, while payments by credit card attract a 3% fee, and ACH bank debit attracts a 1% fee.

In addition, withdrawal fees still apply when withdrawing the received funds to your local bank account. For USD, a withdrawal of $500 or less attracts a minimum fee of $10 for withdrawal in a local currency.

Withdrawal in the local currency from a Payoneer account of the same currency, like withdrawing USD from a USD account, costs only $1.50. The same goes for a EUR and GBP. Withdrawal in a non-local currency, such as USD from a EUR account, attracts a 2% fee.

Benefits of using Payoneer

  • Worldwide service accessible in almost any country
  • Allow customers outside the US to receive dollar payments
  • Supports multiple languages
  • Payment can be received almost immediately

Disadvantages of using Payoneer

  • Fees are quite high
  • Verification takes many days to complete
  • Contacting customer service can be a headache
  • Verification process is cumbersome
  • Not very easy to use

Is Payoneer worth it?

Payoneer is worth using because it gives so many of its users access to cross-border payments where no other choice exists. If you are a freelancer or a business looking for a way to receive payments from your business partners or client, this is a reliable platform to use no matter where you live.

However, there are other payment options, such as PayPal, and these may have lower fees. There are several alternatives that you can check for your online payment.



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