Overview
Payoneer, at a glance.
Payoneer is an e-money institution headquartered in the United States, regulated by FCA, Central Bank of Ireland, FinCEN and 5 other regulators. The business account has no monthly fee. Opening an account takes a few days.
Customer funds are held in segregated accounts, separate from Payoneer's own operating accounts. Payoneer is not a bank.
Why businesses pick Payoneer
- No monthly fee and free to open
- Local receiving details in 13 currencies, and 19 currencies by SWIFT
- Collects payouts from marketplaces and platforms into one account
- Virtual and physical Mastercard business cards
Watch out for
- $29.95 a year if you receive less than $6,000 in 12 months
- Withdrawing to a bank account can cost 1.2% to 4%
- Card payments in another currency cost up to 3.5%
- Many fees depend on your region and are shown only inside the account
Business fit
Will Payoneer accept your business?
Four quick answers. Where your company is registered and what it does rule a provider in or out faster than anything else.
Based on Payoneer's published rules
Needs review
Payoneer works with E-commerce, but does not publish the countries it accepts companies from.
Payoneer does not publish a minimum company age or turnover, so those two answers are not checked here.
This is one provider. Your profile checks all of them.
- Every provider that fits your business
- The reason behind each match
- Company age and turnover checked too
Who it works with
Accepted and not accepted.
What Payoneer publishes about the businesses it takes on.
Who Payoneer serves
- E-commerce
- Marketplaces
- IT and software
- Import and export
- Professional services
- Video games
Not supported
Industries and countries Payoneer does not accept, from its own published lists.
Industries
- Adult services and content
- Animals and wildlife
- Certain legal services, including trusts and asset management
- Financial services, including brokerage, insurance, lending, payment processing and money services
- Firearms, explosives and dangerous materials
- Energy products and rare earth minerals
- Gambling, lotteries and prize contests
- Precious metals, loose stones and other high-value goods
- Illegal products and services
- Cannabis and CBD products
- Non-business use, including person-to-person payments
- Cryptocurrencies, NFTs and crypto mining
- Counterfeit goods and copyright infringement
- Governments, defence, arms and military
- Pharmaceuticals, pharmacies and telemedicine
- Unfair, predatory or deceptive products and services
- Tobacco and alcohol
- Real estate sales, investments and trading
Countries
- Not published
Coverage
Where can you use Payoneer?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
13 currencies
Local receiving accounts · 13 currencies
- USD
- EUR
- GBP
- SGD
- HKD
- AUD
- CAD
- JPY
- AED
- MXN
- IDR
- BRL
- KRW
Receive by SWIFT · 19 currencies
- USD
- EUR
- GBP
- SGD
- HKD
- AUD
- CAD
- JPY
- AED
- MXN
- ILS
- PLN
- RON
- THB
- CZK
- NZD
- NOK
- SEK
- TRY
Payment reach
190+ countries and territories
Payments out by wire, ACH or local transfer.
Who can apply
Company incorporation countries
Not publishedOwner nationality
Not publishedOwner residency
Not publishedCompany types
Not publishedPricing
What does Payoneer cost?
Look beyond the monthly fee. Your total cost depends on how many transfers you make, where they go and how much you convert.
Account cost
Opening fee
Free
Monthly fee
Free
Conditions
$29.95 a year if you receive less than $6,000 in 12 months
Business account
$0 per month
$0 setup · $0 in year one
Transaction fees
| Cost | Listed amount | How it is charged |
|---|---|---|
| Outgoing | ||
| To another Payoneer account | Up to 1% + $4 | Percentage plus a fixed fee · To a Payoneer account in another country; up to $4 within the same country |
Other fees
Currency exchange (FX)
| Cost | Listed amount | How it is charged |
|---|---|---|
| FX markup | 0.5% | Percentage of the amount · Between your Payoneer balances |
Cards
| Cost | Listed amount | How it is charged |
|---|---|---|
| Virtual card issue | Free | No charge · Additional virtual cards |
| Delivery | Free | No charge · The card costs $29.95 a year |
| Card FX | Up to 3.5% | Percentage of the amount |
| ATM withdrawal | Up to 1.8% + $3.15 | Percentage plus a fixed fee |
Onboarding
From application to live account.
Payoneer says opening an account typically takes a few days, including verification.
- 1
Register
Choose the business account and enter your business and identity details.
- 2
Verification
Upload identity and company documents for the checks.
- 3
Receiving accounts
Request local account details in the currencies you need.
- 4
Account live
Connect marketplaces, or start receiving and sending payments.
Documents you need
- Business details
- Identity documentation for the account holder and relevant representatives
- Additional KYC documents requested during verification
- Bank-account information for withdrawals where applicable
FAQ
Your questions, answered.
Is Payoneer a bank?
No. Payoneer is not a bank. In the UK, Payoneer Payment Services (UK) Limited is an e-money institution authorised by the FCA, reference number 966835. Customer funds are held in segregated accounts.
How much does a Payoneer business account cost?
There is no monthly fee. An annual fee of $29.95 applies only if you receive less than $6,000 in 12 months. Converting between your Payoneer balances costs 0.5%, and withdrawing to a bank account can cost 1.2% to 4%.
Which currencies can you receive with Payoneer?
Local receiving accounts are available in 13 currencies: USD, EUR, GBP, SGD, HKD, AUD, CAD, JPY, AED, MXN, IDR, BRL and KRW. A further list of currencies can be received by SWIFT.
Does Payoneer offer cards?
Yes. Payoneer offers virtual and physical Mastercard business cards where they are available in your region. The card costs $29.95 a year and additional virtual cards are free.
How long does it take to open a Payoneer account?
Payoneer says it typically takes a few days, including verification.
Which businesses does Payoneer not accept?
Its prohibited list includes adult services, gambling, cryptocurrencies, cannabis and CBD, weapons, pharmaceuticals, tobacco and alcohol, real estate, and most financial services such as brokerage, lending and payment processing.
Where is Payoneer licensed?
Payoneer lists licences or registrations in the UK, Ireland, the United States, Singapore, Hong Kong, Japan, Australia and India.
Alternatives
How Payoneer compares.
If Payoneer is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
 PayoneerThis pageE-money institution |      +3 | Marketplace payoutsMass payments |
 WorldFirstE-money institution |  | Marketplace sellersTrade payments |
 Wise BusinessE-money institution |  | Low FX costsStandard businesses |
 PaysetE-money institution | | 35 currenciesHigh-risk industries |
 3S MoneyE-money institution |   | Local IBANsNon-residents accepted |
Not sure which one fits? Your profile ranks them for your business, with the reason behind each.