This Payoneer review 2018 is a summary of my own experience using their services; I detailed every information you need to know on how to use their services, collection of the card, commission fee structures, the pros and cons and my own initial temporal upsets.
To many people, this service is seen as the best PayPal alternatives; Join me as I explain all the intricate features, advantages and hidden facts about the world’s fastest growing online financial payment services.
What Is Payoneer
They are a financial service company founded in 2005 by an Israeli, called Yuval Tal, and it is headquartered in New York, USA. Being a financial service company, it is a fully registered member of the respected MasterCard Incorporated, and this is the reason why their cards are mainly a mastercard denominated card.
It’s main purpose and set objectives are:
- To bridge the gap in the world of online payment transactions.
- To provide virtual USA checking bank accounts
Since it was launched 12 years ago, it has served a great relief for people who does business online and who are mostly in need of a USA bank account.
Once you sign up for their card, you are immediately credit with USD50 ) for example, if you sign up and you have up USD 100 in the account, they will add it up to USD150 for you. Is this not a good deal?
- 2# Who Can Use their services?
It has same security measures like PayPal ( for example, you can’t receive payments into your PayPal USA account from an individual, except only from companies or corporate bodies).
It is created for genuine professionals who are:
- Online Consultants
- People that needs USA bank account but are not in the USA
- Business owners that wants to collect their funds in American Dollars ( USD)
The greatest use is that, ” Payoneer is the world’s best alternative to PayPal”
This means, if you work online and your clients in the USA, UK e.t.c. wants you pay you money for your services and if you don’t have PayPal, you can simply tell them to pay into your Account.
Advantages And Features
The advantages are huge and I have summarized them below:
- Opening the account is free. You can open your free account at their homepage: https://www.payoneer.com/
- The registration is simple and easy to use
- It is secure and very flexible
- One big advantage is the currency. you don’t have to worry when making withdrawals in your country’s currency, MasterCard automatically does the conversion for you using the current exchange rate.
- After successful registration, you will be issued a debit card which will be shipped to you using ordinary courier ( it takes maximum of 45-60 to get the card). Details about the card is further explained below.
- The card issued is a debit card and not a credit card; this means you can only spend the money that is available in your account. This helps you manage your expenses/budget and save you from accumulated debts ( which is common with credit card)
- You can transfer your fund directly to your local bank account in your country
- You can also withdraw money at any ATM using your card, which will be sent to you.
- You can use the card to pay for services ad buy products on the internet. For instance, I always use mine to pay for my monthly web hosting, oay for my Google Adwords campaign and also for my Facebook Ad campaign.
In essence, if PayPal is not available in your country ( including but not limited to the fact that you can’t receive payments into your PayPal account), then this service is your much needed solution.
- 4# Registration & Collection of Your Card
The major requirement before you can open the account and get the account is that you should be 18 years of age and older. With this out of the way, the following are steps you need to take to get the card:
- To register, go to their homepage and click sign up
- Fill in the details ( DONT forget your date of birth and other security questions. They are important for your own security because you will need to supply your date of birth.
- After filling in the details, a confirmation mail will be sent to you, just check your email , click on the confirmation link and voila, your account will be opened. However, you can’t use it YET because is not activated!!
To activate your account is by activating your card
- Once you have opened the account and it’s approved, the team at the company will ship your card immediately to the address you have specified. Details about this aspect is well explained below in ” My Observations”
- On getting the card, you are required to fill in the last 4 digits of the card in the activation form of your account.
Once you do this, then the account becomes activated and you can;
- Have access to your global payment solutions ( your USA bank account bank) – Once you login, you will see the below dashboard, just click on the global payment systems and you will see your account.
- Receive money into the account
- Send money online or offline
- Send money to other payment services e.g Skrill, Neteller e.t.c.
- Make payment to fellow users from your dashboard
Please note that ” Any money paid into your account automatically reflects in your card because they are linked together”
- 5# Commission structure
To be honest with you, I think their commission fees ( charges for receiving, making payments and for the maintenance of your card/account) is fair.
- Annual maintenance fee for the card – USD 29.95
- ATM withdrawal fees – USD3.5 per Transactions. ( For example, I live in Nigeria and on using the card on my countries ATM, I discovered that N1000 was charged per each withdrawal. This amount is equivalent to USD3.5
- Payments to fellow members i.e making payments from your own account to another account is FREE
- Payments from companies, third parties e.g. Affiliates companies into your account: 0.01% i.e if USD 333 was sent to your account from shareasale.com, they will charge 0.01 i.e USD 3.33 for ” ACH Corporate Load’
- Online payments or transfer to another services e.g. Skrill is 0.01%
- Balance Inquiry fee is 1USD i.e. $1
And on the merchants/companies;
- 6# Merchants / Companies That Accepts Payoneer
For example, if you are a freelancer on Fiverr, freelancer.com, elance e.t.c. you can collect your payments with your account. The following are companies that pays their clients/customers/staffs using their services i.e you can use them to collect your payments from:
- Shareasale ( My top affiliate network, highly recommended)
- Amway Corporation
- 2Checkout.com Inc.
Now, allow me to share my own experience and observations:
Let me start first with their card because without it, you can’t use their services.
- When I first registered, I was told through my email that the card was shipped. Up till this very moment, I have not received the card. At this point, my account status was: showing:
“YOUR CARD IS NOT ACTIVATED, CLICK HERE TO ACTIVATE IT”
And also, at the top of the dashboard ( see below), only ‘ Activity’ and ” Receive’ was showing. And of course, if your account is activated, the following will be shown at the top of the dashboard: Activity, Receive, Pay And Withdrawal ( If withdrawal is not showing on your own dashboard, it means, you can’t withdraw your money from your account to your local bank account).
- And even though my account was not activated at that time, I received a payment from Shareasale ( because I gave them my bank account as discussed above) and the amount reflected in the account, but I was not able to withdraw or even access it.
- I went back to my account and requested that a second card be sent; at the same time, I made sure that my address was updated to show a good address where I can easily collect the card ( because the card will be sent in your name); I used the format below:
My Full name
Hyundai Motors Nigeria Limited
270A Ajose Adeogun street,
V.I, Lagos, Nigeria, 2341
Because I did not have a postal address ( which is the second best option after expedited delivery by DHL), I contacted the fellow that accepts letters, mails at te above address that I am expecting a letter/parcel with my name on it. on the 41st day, the card arrived in an envelope, was delivered to me and I was able to activate the card.
The best way to receive the card is by a postal or DHL. To DHL is called expedited delivery and it takes 2-3 days to arrive. To use DHL, you will need to:
- Contact their support team at https://payoneer.custhelp.com/app/Contact_us
- Have a minimum balance of USD 50 already in your account ( that is the cost of using this service)
I hope you understand the above.
- Another vital point to note is that, when you receive payment from a third party e.g. freelancer, fiverr e.t.c.. The money will not enter and show in your dashboard immediately. From all transactions that has happened to me, it takes between 2-3 days before any money reflects in my account.
- Sometimes, when you make payment. After successful payment, your account balance might still shows the former balance ( even though the payment has been made). Just check the pending transaction by going to ‘ Activity’, ‘view transactions’,’pending transactions.
- 8# Can I use Payoneer debit card to Activate PayPal by Linking them?
The answer is capital NO.
It used to work before but it has been stopped by PayPal. You can no longer link your the card or your global payment USA bank account to PayPal.
- 9# Can I send money from PayPal To this Account?
The answer again is NO. Don’t let anyone deceive you. Even if you were able to link your PayPal account using the global USA bank address from them or using their card, PayPal will disable the account ( from experience).
The truth is that, PayPal does not work with Payoneer from any angle you might be looking at it!!
- 10# Money Transfer to Your Local Bank Account
While it is true that you can transfer your payoneer money to your local bank account in your country, please note that some countries like Nigeria are exempted.
From experience, withdrawing to your local bank account is better than using ATM withdrawal because of the high charges with ATM.
If you find yourself in this sad scenario, the only option is to open a Skrill account, link it with your account, transfer your fund there and then use Skrill to send the money to your countries local bank account.
Please note that the money will be sent in your local currency. They will not send the money in USD ( so no need of a domiciliary account when registering with Skrill, just use your normal local accounts)
This review reflects the true value, usefulness and purpose of the financial service company. To me, they are the best alternative to PayPal.
I have used it to receive more than 5,000 USD. I recommend you check out their service.