Payoneer was established in 2005 for both corporate and private clients to be able to receive payments from abroad. Once you create a Payoneer account, you can receive payment from clients in different country into your Payoneer account and have it transferred into your local bank account in your local currency based on the current exchange rate at the time of the payment. The service helps to bridge payment gap. You can provide products and services to residents of any country as long as Payoneer supports your country and that of your client and you both have a Payoneer account.
The payment service provider supports CNH, JPYEN, GBP, EURO, USD, Australian PS, Canadian PS, many other currencies. The company serve big brands like Upwork, Getty Images, Amazon, Airbnb, Google, and many other corporate giants.
To be able to serve companies in different parts of the world, the Payoneer has offices in Japan, Philippines, India, China, Hong Kong, Gibraltar, Spain, UK, Israel, and in several states in the United States. In fact, it currently has 16 offices worldwide and still counting. Since it is a multinational company, it is being regulated by several organizations in different companies. It is currently regulated by OPGSP in India, FTSP in Japan, MSO in Hong Kong, E-Money in Europe, MSB/MTLs in both United States and Canada, and in Liaison offices in Philippines and China.
It has more than 5 million registered users and the service supports up to 70 languages. The company currently has an android and an iOS app that allows users to transfer funds, request a withdrawal, and check their balance.
With its mass payout feature, companies can pay numerous recipients at the same time. Big clients can request a postpaid monthly bill instead of paying per transaction. Most importantly, customers can pay their VAT obligations to the European authorities from their Payoneer account with no transfer fee.
Support of cryptocurrencies
Unfortunately, Payoneer does not support cryptocurrency in any form at this time. You canâ€™t transfer funds in digital currency on Payoneer and neither can you receive funds in same currency.
- You can use your Payoneer MasterCard in any location around the world.
- You donâ€™t need a bank account to use Payoneer.
- The company is heavily regulated.
- It serves over 150 countries.
- It has an office in 16 locations around the world.
- Invoices are generated automatically.
- With mass payout feature, you can pay numerous clients at the same time.
- There is a mobile app for their services.
- Payment processing is virtually instant.
- It simplifies cross-country payment.
- It is easy to sign up.
- Their fees are relatively low.
- You can withdraw funds in cash directly.
- It has no support for cryptocurrencies.
- It can only be used to receive money from abroad and not to send money back.
- It does not support a few other currencies.
- Mass payment is sometimes delayed.
- Payoneer MasterCard cannot be used for certain activities like gambling.
- Payoneer MasterCard requires the payment of an annual fee whether you use it or not.
- The response of the customer support team can sometimes be slow.
The company is honest and it is well regulated and it has contributed a lot in bridging payment gaps all over the world. You can only receive money through it because that is exactly what it was created for. You can send money through other options. Overall, it is a great company whose service is reliable.