Payoneer Reviews - Financial Lender Pros & Cons

adele-katz writer
By Adele Katz
Updated October 9, 2020
Editor's Rating
Best for International Payment Transfer
Customer Rating 21 Reviews

Payoneer was founded in 2005 as an international, online payments processing platform. It was designed to help freelancers and online business owners accept international payments without having to pay high processing fees, lose money in foreign exchange conversions, or wait several days for payments to be cleared. In 2019, Payoneer expanded into a slightly new line of business by adding Capital Advance, a merchant cash advance.

Payment Products
  • Payoneer Global Payments Service
  • Payoneer Capital Advance
Payoneer amounts
Payoneer Terms of payment
Several months

Company Profile

Payoneer specializes in helping freelancers, eCommerce sellers, and small business owners who need ways to make and receive cross-border payments.

Payoneer was created to cut through all the fees and hassle of cross-border payments. Freelancers and small business owners open a Payoneer Receiving account that functions as an international bank account. With this account, they can accept payments from the US, UK, EU, Japan, Canada, Australia, and Mexico directly, without paying high fees in bank charges or foreign exchange conversion.

Freelancers want to accept payments from overseas clients, and eCommerce sellers need to be able to pay suppliers and receive payments from customers in other countries. But setting up a bank account in another country is an expensive and long process, and it’s simply not practical for most small business owners and gig workers. It can also take many days for bank transfers and foreign credit card transactions to be processed. On top of that, small business owners and freelancers pay high fees both for payment processing and for foreign exchange conversions.

Payoneer enables free and low-fee international payments, competitive foreign exchange, and ensures your funds are available quickly.

Payoneer users can:

Payoneer was founded in the US in 2005 and quickly became the most popular payments platform. Today, Payoneer operates in 200 countries and territories and supports over 150 local currencies. It’s used by large companies like Amazon, Google, Airbnb, Walmart, Fiverr, and Upwork to send payments around the world, and by millions of small online business owners and freelancers.

Payoneer Global Payments Service

  • Free or low-fee cross-border payments
  • Over 150 currencies
  • Fast international transactions
  • It can be complicated to set up different accounts
  • The list of prohibited industries is very long and excludes a lot of businesses

Payoneer’s primary product is the Global Payments Service, or GPS. When you have a Payoneer account, you can use it to request and accept payments in over 150 currencies around the world, and to make payments to suppliers etc. Payoneer also allows you to set up a local payment account in USD, EUR, GBP, JPY, CAD, AUD and MXN.

Payoneer Fees

Payoneer fees for payments are as follows:

Once you’ve got funds in your Payoneer account, you can:

Other fees:

Payoneer is also integrated in many online marketplaces and freelancer platforms, like Amazon, Walmart, Fiverr, and Upwork, so you can connect your Payoneer account and then use it to make and receive payments directly within the platform. Check each marketplace to see their fee structure. Get a $100 bonus after your first $1,000 in transactions.

Payoneer Target Market

Payoneer basically has two target markets:

Payoneer Prohibited Industries

You can only use your Payoneer account for business purposes, which means you can’t use it to send funds to family or friends. You also can’t make any payments to or accept payments from any business in a prohibited industry. There’s a long list, but prohibited industries include:

What’s required to apply for a Payoneer Account

Opening a Payoneer account is pretty fast and easy. You’ll need to start by completing a registration form, which asks for your basic personal details and email address, company name, and contact details. You’ll also need to share a government-issued ID, details about your payment method like your bank account, and information or documents to verify your business, like links to your business website or your online freelance portfolio.

It takes up to 3 business days for Payoneer to review your application.

There’s no minimum revenue requirement or credit requirement to open a Payoneer account.

Payoneer Capital Advance

  • Funds are approved and cleared quickly
  • Low fees
  • Gradually settle the term amount over several months
  • You can’t request a Capital Advance; Payoneer will offer you the funds when you are eligible
  • Capital Advance is only open to Amazon and Walmart sellers
  • You’ll only be able to borrow small amounts at the beginning

In 2019, Payoneer added Capital Advance to its list of products. It’s a merchant cash advance that offers online sellers on Amazon and Walmart a way to access extra working capital. Instead of interest rates, you’ll repay a single fixed fee. Payoneer offers amounts of $100 to $500,000, but initially you’ll only be able to borrow small amounts. Once you’ve established your reputation as a trustworthy borrower, you’ll be offered larger amounts. Capital Advance offers are only available in USD or GBP.

Your Capital Advance is connected with a specific Amazon or Walmart store, because it’s based on your accounts receivable.

When Payoneer offers a Capital Advance payment for your Amazon or Walmart store, it calculates the repayment period, which it calls the settlement period, according to your typical sales volume and monthly revenue amounts.

Payoneer automatically deducts a fixed percentage of your revenue from every transaction you make in that store to repay your advance. For example, you might need to repay a $50,000 Capital Advance with a fee of 3%, or $1,500. Payoneer might take 35% of every sale that you make until the end of the repayment period or until you have repaid the full amount, whichever comes first.

If you can’t repay the advance by the end of the settlement period, Payoneer will collect 100% of payments that you receive in your Payoneer account from any source, not just from the store connected with your Capital Advance offer, until the amount is fully repaid.

Payoneer Credit Policy

Because Capital Advance is a merchant cash advance, it doesn’t rely on your personal or business credit score at all. Payoneer doesn’t even consider your credit score. The only issue is your sales volume and revenue.

Payoneer Industry Restrictions

Payoneer won’t allow any businesses in certain prohibited industries to open a Payoneer account, so once you have an account you can feel confident that your industry is accepted.

Target Market

Payoneer Capital Advance is aimed at online sellers and eCommerce business owners who make sales through,, and Walmart. Payoneer won’t check up on what you’re doing with your advance, but it’s intended for business owners to use to expand their business. For example, Payoneer suggests that you could use it to increase your inventory, scale up your marketing, or move into new markets.

Payoneer Term Length

You’ll only find out the length of your Capital Advance term when you receive an offer, but it’s usually several months. Payoneer automatically collects a percentage of every sale you make in your Amazon or Walmart store, until you’ve repaid your fee.

Payoneer Application Requirements

Payoneer Capital Advance is unusual because you can’t apply for it. You have to wait for Payoneer to offer you the option of accepting a Capital Advance.

To be eligible for Payoneer Capital Advance, you have to be a Payoneer user and sell on,, or Walmart.

For Amazon sellers, you need to:

Walmart sellers need to have been selling for at least 6 months, get paid in USD, and have an address in the US or Puerto Rico.

When you’re eligible for a Payoneer Capital Advance, you’ll see a Payoneer Capital Advance offer in your Payoneer account. You can choose whether to accept the offer, and how much to borrow, up until the maximum amount in the offer. After you accept the offer, it usually takes just minutes for the funds to appear in your Payoneer account.

Payoneer Interest Rates

Payoneer charges a single fixed fee for your Capital Advance, and you’ll repay it by paying a fixed percentage of the revenue you receive for every sale until the full amount is repaid. The fee is calculated according to your sales volume and revenue, but it’s typically between 1-3% of the advance amount.

Documentation Fees

Payoneer fees are explained in a separate section and do not include a documentation fee.

Origination Fees

Payoneer fees are explained in their own section and do not include origination fees.

Renewal Policy

You can’t take another Capital Advance for the same store until you’ve finished repaying your current advance. You also can’t request to renew the advance; you’ll have to wait to receive an offer for a new advance.

You can take Capital Advance on more than one store at the same time. For example, you might be offered $3,000 Capital Advance through your store, and $10,000 through your Walmart store, and another $5,000 for your separate store.

Interest Forgiveness

If you repay your Capital Advance amount much earlier than Payoneer estimated, you might get a refund for some of the fee, but Payoneer makes those decisions on a case by case basis and you won’t know in advance.

Advance Use

Payoneer doesn’t place any restrictions on what you can do with your Capital Advance, but it’s intended to help you expand and scale up your business.

Online Reputation

Payoneer has a strong and positive reputation both as a payments processing platform and as a lender to online sellers, so Payoneer reviews are favorable. It has a TrustPilot rating of 4.5/5, and is trusted by large corporations including Airbnb and Google. Most online reviews appreciate the ease of use, low fees, and good customer service.

Licenses & Accreditations

Payoneer is accredited by the Better Business Bureau (BBB) and has a B rating. It’s registered with the Gibraltar Financial Services Commission to carry out payments in the EU; as a Money Service Business with FinCen in the US, and registered in Hong Kong, Japan, Australia, India, and Europe. It has 51 state licenses in the US and 5 global licenses.

Company Contacts Details

Payoneer US: 1-800-251-2521
Payoneer Support Center

17 User Reviews

Eric Nguyen

Oct 22, 2020 10:52 AM

Is Payoneer a safe way to continue to receive and send money internationally to freelancers? We're currently using Upwork and Paypal, but am curious if there's a lower-cost alternative that doesn't compromise transaction speed.


Scarlett Lang

Oct 23, 2020 11:05 AM

Yeah, I think they're a reliable payment platform. What freelance platform are you using? My team and I have been using Upwork and Freelancer for the last five years. We've occasionally found issues with Paypal and even using our corporate credit cards on the aforementioned platforms. Sometimes, a payment is declined by the card and we're left in the dark-basically not understanding if it was the seller's issue, a platform issue or any other issues that are more opaque (possibly-platform related?). I think when it comes to choosing an alternative payment platform the three most important considerations are (in order of importance): transactional fees, speed of payment transfer/funds availablilty timeline, platform integration. Does that make sense? I've read a lot of the Payoneer reviews and they all seem pretty positive. I've really only use Payoneer a handful of times. From my experience, it takes two days for a payment to clear. I've also seen them place maximums on the amount I can send at one time. I think, though, I may be mistaken that you can instantly receive your payment if you're willing to pay an additional fee.


Eric Nguyen

Oct 26, 2020 1:38 PM

We use a variety, each freelance platofrm pertains to a specific type of job function. For example, for web design projects, we'll use Freelancer, Upwork or even DevelopersForHire. I think you make good points, for us we're usually most careful with who we work with and not as careful with how we send a receive money. Generally speaking, we make progress payments through the course of the development work and so refunds aren't necessarily something we're concerned with. However, I can see it from the other side too. If we were a seller or developer, we'd care about the fees and timeline to receive the payment disbursement.


Scarlett Lang

Oct 27, 2020 12:03 PM

Eric, I think if you're using Upwork and you're trying to pay using Payonner, you're going to run into issues. I don't think you can use them for payment transfers in the USA. Not 100% sure about this, though.


Eric Nguyen

Oct 28, 2020 3:24 PM

LOL. Yeah, actually that's one of the freelance websites that I was curious about. When it comes to vetting international payment transfer companies I guess we have to stick to the larger companies? For example, Paypal seems pretty easy to work with and is generally their payments are accepted internationally. What we've found is that transferring money internationally using PayPal is that the money doesn't appear instantly unless the freelancer is using is PayPal Debit Card or is willing to pay the extra fee to have instant access to the funds. I was hoping that Payoneer differed from PayPal in that respect. We've also tried Square Cash as an online option to pay freelancers, but it's basically the same as paying via electronic funds transfer (EFT). From what I recall, we tried them a handful of times and the money was sent from our business checking account to their Sqaure Cash Account. Same old issues too. Payments sent to freelancers take several business days to hit their account and while the fees to send internationally with Square Cash were a little less than PayPal (~2.6% to 3% of the total payment), there's also a transaction fee. A creative work around that we found is that if we pay a freelancer using Square Cash, we can side step the fees if we pay the actual freelancer instead of their company. Where people may run into issues is if you're working with an agency and you have to pay their company. So, again, if you're lucky enough to actually work with a freelancer that's not employed by an agency, you could always just use and pay them that way. I don't think you'll pay any fees. For us, though, as I mentioned, we generally work with freelancers that are a part of a larger agency so that won't work for us.


Ludwig Morar

Nov 1, 2020 8:42 PM

PayPal has worked really well for me as a freelancer. I have profiles on all the major freelancer platforms and prefer PayPal over the rest. Here’s the reason why: PayPal helps legitimize and streamline getting paid by offering a free custom site for you invoice from. Simply go to and create a fully-customizable business page where you can send invoices from and collect payment. After you send the link, and the client pays you, you’ll see the money in your PayPal account immediately. I’ve read reviews on Payoneer and I have yet to see such a service offered? Happy to be wrong here, but there’s a reason that they’re the 800lb gorilla in international payments.


Kathryne Jenkins

Nov 1, 2020 9:22 PM

Agreed. PayPal is probably the best online payment platform to speak of. I’ve read a bunch of Payoneer reviews and the frustrations are symptomatic of a bad platform: higher fees and longer wait to receive funds. In my opinion, when you have other platforms that seem to properly cater to the freelancer, the laggards should realize it and put their house in order. I’m not going to leave the platform that I’m on to make a payment for services rendered. I stead I’m going to use the payment platforms that are offered on the site: Fiverr, Upwork, Freelncer of what not.


Lionel Willms DVM

Nov 1, 2020 10:30 PM

Was doing my homework on online payment transfers and still have questions. If you read about Payoneer's Better Business Bureau reviews, they have a total of 314 total complaints, 4.21 Stars out of 5 possible. I think that what really demonstrates a company's willingness to work through the difficult issues is what amount of complaints are left unresolved. According to the BBB, Payoneer has satisfactorily responded and settled all outstanding complaints. To me, that speaks volumes about Payoneer's customer service and their willingness to make things right both for the seller and the payee. True, that their BBB Rating is a B, but I think it's worth pointing out that given the amount of complaints registered against them through the BBB since inception, all have been laid to rest and resolved. This is a international payment transfer company that has been around since July 14th 2008-that's no short run (15 years)! Again, and it's just my perspective but if you compare Payoneer's reputation against PayPal, I think what you see is that Payoneer is just flat out willing to go the extra mile to remedy what issues that users may encounter. Anyone look into how their reputation stacks up against PayPal? I see a lot of talk on this site and Quora about comparing Payoneer against PayPal. Just curious what others have experienced. I don't anticipate using Payoneer as much as all that much, but for my Veterinary clinic, we tend to outsource all of our marketing and after hours support. For our webdesign and email/print marketing, we primarily rely on people in India and for after-hours telephone support, we use the Philipines. If I can save a few bucks using Payoneer I'd like to, but I'm thinking I should ask our freelancers if they'll accept payment using Payoneer first. Again, any info you guys have about comparing Payoneer to PayPal is appreciated.


Carli Dare

Nov 3, 2020 2:00 PM

Lionel, wow. You're quite the researcher. LOL. Must be the Dr-type, eh? From my perspective and my experience working with both PayPal and Payoneer, I think there's a clear reason to stick with PayPal for international money transfers. The fees that Payoneer charges are higher than Paypal ($3/transfer). Also, comparatively, you can send money internationally with PayPal and your freelancer will receive it in two business days. With Payoneer, in comparison, you'll likely wait an extra day. Longer even if you're sending in excess of a couple thousand dollars.


Lionel Willms DVM

Nov 4, 2020 2:06 PM

Yeah, funny funny. We tend to be tinkerers and researchers. Guilty as charged. To be quite frank, we're mostly just using the payment platforms that integrate with the freelancer websites. The only real reason that I found this review on Payoneer was that I was thinking of moving off the platform. The freelancer actually suggested it since he has to pay a commission to the site on every project. I'm ok with working directly with the freelancers, I just wanted to make sure that the money I pay gets to its destination quickly and cheaply. Does that make sense?


Carli Dare

Nov 4, 2020 2:14 PM

Agreed. I feel like I use different payment platforms like Payoneer, PayPal, Square and a handful of others. For me, and this is going to really sound first-world-ish but I don’t really care all that much about the transaction fees. If it’s $2/transfer or $3/transfer doesn’t matter all that much to me. I will say that something that really appeals to me about Payoneer is that they offer a loan product called “Payoneer Capital Advance.” I haven’t seen any in-app offers from PayPal...yet


Lionel Willms DVM

Nov 5, 2020 9:02 AM

Carli, I get what you're saying. I guess I would have to agree with that statement. Whether the transfer fee is $2 or $3, is really immaterial. At the same time, I don't think that I'd ever need Payoneer's Capital Advance product. Again, for me, it's just about getting my freelancers in India and the Philipines paid quickly and reliably.


Carli Dare

Nov 4, 2020 2:20 PM

Lionel, if you don't mind me asking, how much money are you sending through these online payment platforms each month? Also, you mentioned the Philippines and India. Are you set on only working with those two countries, or do you have plans to send money elsewhere. I've had difficulty using PayPal when sending money to freelancers or agencies in Africa and the Middle East. That's one reason that I think if you read up on the Payoneer reviews, you'll be happily surprised that while you might not be able to send money quite so fast, or as cheap, it's certainly better than not being able to send it at all, right?


Hester StrackeII

Nov 5, 2020 1:20 PM

We have been and continue to use Payoneer over PayPal for one simple reason. We outsource the development of our Asterisk-based phone system overseas. The developer that we use is in a country that doesn't have PayPal and that should be a serious concern for anyone out there looking for a freelancer and looking to pair that freelancer with a reliable and cheap platform for recurring payments. For those of you who are interested in building your own phone system or Private Branch Exchange (PBX), you'll be happy to know that there are multiple open-source platforms out there that developers continue to build out from with feature sets that are consistent with what's commercially available. For most small companies, the consensus is usually don't build, just buy. And while that argument does have merit, another point to consider is control. Not just control over recurring, software-as-a-service (SaaS) costs, but in actually controlling the development and features that you and your staff can use. For us, we use freelance platforms like, upwork, fiverr. It takes time and patience, but if you're lucky you can really meet some talented programmers that are not only looking to make money, but are also looking for meaningful employment that is recurring and reliable. For us, developing our own PBX was definitely a tech priority. When we surveyed the landscape and looked at the marketplace for VoIP telephone, so many companies out there preached that they were unique, but all seemed like they had the exact same suite of features to offer. Each one had an iOs application, voicemail transcription, call forwarding to your cell, access to vanity numbers both DID and 800. What we were concerned with were the following: upfront cost, recurring costs and frankly what it would cost to scale to more seats. Seems like in this day and age, every piece of software is now sold as a service and those monthly costs can easily add up and deceive you on what the total operational costs are. We started out journey finding a programmer in Canada that could help us. In fact, the company that built our platform based off the open source code also wrote the book on Voip for Dummies.His name is Jim Mcelveen. Once we had the platform or foundation built, he gave us the API to make changes and thus began our search for freelance programmers that could write code for our VoIP PBX. Ultimately, what we found were programmers in Pakistan and Afghanistan who were well versed in writing code for PBXs. Unfortunately, in their countries, PayPal isn't accepted, but Payoneer is. We really some of the reviews on Payoneer and to be frank they didn't look great when compared with PayPal, but what other choice did we have. We weren't going to wire that was out of the question. Way too expensive and given that this was a recurring project, the transactional costs to send money abroad each week were just too much. For one thing, if we sent international wires, there would be wire fees for both the sender and the recipient. Secondly, their bank could delay the freelancer being able to access the cash and third, the money would be sent in USD and received in Afghan Afgahni or Pakistani Rupee, so there exchange fees would also eat into their profit. What we ultimately settled on was sending the freelancers money every two weeks and only using Payoneer. Our freelancers have Payoneer Debit Cards and once we send the money it's basically available to them. Sure they still have to pay some transaction fees, but Payoneer is legal in their country, reliable, fast and efficient. I hope this helps!


Alisa Kashlerin

Nov 5, 2020 2:54 PM

Ok, thanks. That’s actually helpful. Most of the freelancers that we work with are not in the West either. We’re reading up on payment platforms to try and understand which can provide the most versatility and are cheap, not to mention are accepted by freelancers. I guess we never took country exclusions into consideration prior to reading this Payoneer review. Does anyone have a link to a resource where it details what countries accept Payoneer?


Hester StrackeII

Mar 9, 2021 1:43 PM

We use Payoneer to send money to freelancers in Pakistan. We used to use Xoom, which I think is owned by PayPal? Fact check that, please. We love Payoneer and our freelancers prefer it over Xoom. From our experience, it's faster, cheaper and more reliable to send/receive money.


Alisa Kashlerin

Mar 9, 2021 1:52 PM

Thank you, Hester. I guess my partner used Payoneer a few years back-sending payments to freelancers in the UK and Australia. I suppose that we'll give it another shot thanks in large part to your recommendation. One thing we try to be mindful of as a small business are the fees we pay. It can be our bank fees, or even transfer fees on money we send abroad using payment platforms like PayPal, Stripe and Xoom. We generally pay 50% of the contract upfront, so you could imagine that because of they way we try and keep freelancers honest and timely, we ultimately pay double the transfer fees (once when the contract is agreed upon and another when we we have the deliverable). We're hopeful that someone eventually comes out with a product that asks if the payment will have subsequent payments so that the initial and subsequent payments are discounted. Does that make sense?