Payoneer Fees: A Comprehensive Guide to Pricing and Charges

In terms of popularity, Payoneer is one of the most widely used payment systems in the world, and this makes sense considering its convenience. You can use the service to receive and send money internationally, which is one of Payoneer's stand-out features. Numerous freelancers all over the world rely on this payment solution, as it allows them to work from home with clients from other parts of the globe.

But what is the Payoneer annual fee, and when is it charged? How much will you lose when withdrawing money at an ATM? These are all relevant questions, and one of the first things you should do before you start using Payoneer in your day-to-day life is to learn about its fees and commissions.

In this article, we will discuss all the most important Payoneer fees so you are not surprised later and can ensure that using this service is beneficial.

Payoneer Fees and Commissions: Complex Things in Simple Words

So, what are the fees for Payoneer? Naturally, it's the first thing that worries most users considering this payment system. Payoneer is not a free service, but you do not have to pay an annual fee to use this payment system if you receive transactions regularly. However, some other fees apply to customers and are not so easily avoidable.

Fees apply for payment processing, such as credit card transactions, wire transfers, or internal transfers between Payoneer users. There is also a fee for currency conversion, as well as a Payoneer ATM withdrawal fee. We've gathered all the info about Payoneer credit card fees and other charges:

The fee amount depends on various factors, such as the debit or credit card you are making a transaction with, currency, and whether it's personal payments or business transactions. When transferring money to a particular state, a commission may be charged in the amount allowed in that state.

Fees for a Service Use

Users can either open a virtual account or order a card from Payoneer. There is no fee for registering and using an account. However, it is worth noting that there are usage fees for inactive users (applied only after 12 months of usage). Therefore, you will pay $29.95 if the total amount of transactions in the last 12 months is less than $2,000.

Transaction Fees

Payoneer allows you to send money directly to users' accounts or utilize other options like credit card payments. The fees that are charged will be different for each case. That is, you will be able to transfer money between different Payoneer accounts for free. If you use a credit or debit card to send money to Payoneer, then Payoneer transfer fees will be 3% or 1% of the transaction amount, respectively.

Payoneer also has an option for recurring and batch payments. In such a case, you will be charged 2% of the transaction and can send money to up to 200 bank accounts.

One more thing to mention is that the Payoneer payment system has direct integration with Wish, Fiverr, Upwork, and other networks and marketplaces. This allows users to conduct transactions directly from online platforms. You can check how much they charge on their websites.

Currency Conversion Fees

On top of all those above mentioned charges, you may be levied an additional fee if you send money in a currency other than yours. There are two options: if you use Payoneer MasterCard to make such a payment, you will be charged 3.5% to exchange currency; if you make a transaction between two Payoneer accounts, you will only pay 0.5%.

Receiving and Withdrawing Payments

Whatever the source of the transaction, receiving payments on your Payoneer is free of any fees. Even if it was in currency other than yours, all the charges are on the sender. However, if you want to withdraw your money, that's a whole different story.

The amount of Payoneer withdrawal fees varies depending on the chosen currency. If the accounts are in dollars, euros, and pounds sterling, a fee of 1.50 dollars/euros/pounds sterling is charged. If your Payoneer account and your bank account are in non-local currencies, then up to 2% of the amount will be levied.

Payoneer Annual Fee: What You Need to Know

Another essential fee we need to discuss is an annual one, as people commonly forget about it when using their Payoneer accounts.

When you register your account for the first time, you won’t be charged a registration or annual fee. What is more, you won’t be charged an annual fee for 12 months of having your account.

Once the 12-month period is over, you may be charged an annual fee if you have been an inactive user. All transactions in your account will be reviewed, and if you have received less than $2,000 (or the equivalent of this sum in another currency), you will be charged an annual fee of $29.95. According to Payoneer, those who exceed $2,000 in transactions are subject to a special waiver and don’t have to pay it.

Another question to discuss is how you have to pay this annual fee. Usually, the fee is charged automatically from your Payoneer balance. If you have less than $29.95 in your account when the fee is due, all the remaining balance will be used to pay it off, but you will still have a debt in your account. You won't be able to use the Payoneer services until you add a sufficient sum to your balance.

If you are confused about your exact annual or another fee, you can sign in to your account and go to the “Pricing and Fees” section under “Fees” where you can view all the charges that apply to your account. It’s important to do this from time to time, as Payoneer may occasionally increase their fees.

Conclusion

Payoneer is a convenient transaction system that charges small payments compared to its competitors. You can use your account without monthly maintenance and only pay a small fee for deposits, conversions, and withdrawals. Fast transactions and cooperation with many freelance platforms and online stores around the world make this payment system suitable for everyone and very versatile.

FAQ