I Used Payoneer for 9 Years - Here's My Honest Review of This Online Payment System (Pros & Cons)

Have you ever wondered how people get paid online from all over the world?

Meet Payoneer — a friendly online service that's like having your own virtual bank.

It helps you easily manage money coming in from businesses everywhere!

Freelancers, online sellers, and digital creators have trusted Payoneer for years because it's simple, safe, and perfect for international payments.

Payoneer connects smoothly with popular online marketplaces, so keeping track of your money becomes easy and stress-free.

To learn more, read my timeless review here: What Is Payoneer And How It Works

And here's something cool — I even have a special signup deal for you!

Claim Free Payoneer Account with Bonuses

This will help you handle your money smartly, so you can spend more time doing what you love — growing your business and achieving your dreams online!

In this article, I'll share my personal experiences with Payoneer from a video I made while biking around exciting Bangkok.

Ready to jump in? Let's go!

Starting with the Downsides

I'll start with discussing some of the challenges I’ve encountered with Payoneer.

I know that many people like to hear about the good stuff first, but I believe in being honest and transparent — so I’ll start with the negatives.

1. Fee on Transfers Between Payoneer Accounts

One of the most noticeable changes I’ve seen recently is that Payoneer now charges fees for transfers between Payoneer accounts.

In the past, these transfers were completely free, which made sending money back and forth very simple.

However, things have changed.

Now, when you transfer funds from one Payoneer account to another, you might see a fee applied.

The exact fee can depend on the country of the recipient, so it isn’t a one-size-fits-all situation.

I always recommend checking the details — you can click the button below to find more information on these fees if you’re curious about the latest numbers.

Learn More About Payoneer Fees Here

2. Incoming Payment Fee

Another downside that I’ve noticed is the fee applied when money comes into your Payoneer account.

Typically, this fee is around 1% of the incoming payment.

For example, if you receive $1,000 from Amazon as a payout, a small percentage of that will be taken as a fee.

Here’s something encouraging though: this fee isn’t set in stone.

Over time, if you’re consistently receiving payments from different companies into your Payoneer account, you can reach out to their support team.

Explain that you’ve been a loyal user for a while, and sometimes they can reduce this fee — even down to 0%.

It’s a great idea to communicate with them about your business needs because every little bit saved can add up!

3. Withdrawal Fee to Your Bank Account

Another fee you should be aware of is the withdrawal fee when transferring money from your Payoneer account to your personal bank account.

Typically, this fee is around 2%.

However, if you use my special offer, you might be able to get it lower it. Even if it helps you lower it by 0.1%, it might be good. Try talking to the support.

Claim Free Payoneer Account with Bonuses

This might seem like a small difference, but over time, every fraction of a percent adds up, especially when you’re dealing with larger amounts of money.

Always remember: it’s your business, and you deserve to negotiate the best possible rates.

Don’t hesitate to contact Payoneer support and ask if they can lower your fees.

It’s worth trying — after all, every bit of savings can help your business grow.

4. Customer Support Experience

Some people have expressed concerns about Payoneer’s customer support, saying it isn’t the best.

I must say, though, that my experience has been quite different.

I’ve been using Payoneer since 2016, and whenever I’ve encountered an issue, I’ve managed to sort it out without too much hassle.

Payoneer offers several ways to reach them — there’s chat support, email, and even phone support in some cases.

While opinions may vary, in my experience, the customer service has been reliable enough to keep my business operations running smoothly.

Payoneer Alternatives and Competitors

Before moving on to the pros, I should also mention some other options.

One alternative is Mercury, a US-based service that some sellers find useful.

I haven’t personally used Mercury, so I can’t share firsthand details, but it may be worth exploring if you’re looking for a different financial solution.

Choosing the right platform for your business is important, and exploring different options can help you find the best fit for your needs.

Other alternatives include Wise, WorldFirst, Currencies Direct, and a couple of online banks recommended by my friend Oded Faran: Revolut and N26.

-: Offers on Some of These Online Banks :-

Send or Receive Payments with Guaranteed Rates on Wise

Use Code VOVAWF and Get a Free Account of WorldFirst

Join N26 — a 100% Mobile Bank Account

Travel and Send Money Abroad Affordably with Revolut

Read Next: Payoneer Free Account With Bonus Perks (Don't Miss This!)

These services cater to international businesses and freelancers who need smooth cross-border transactions.

Depending on where you operate and what fees you’re comfortable with, one of these alternatives might work better for you than Payoneer.

Now, Let’s Talk About the Pros

After covering the challenges, it’s time to move on to the positives.

There are several great features about Payoneer that can be very useful for anyone running an online business.

1. Your Very Own Online Bank

One of the biggest advantages of using Payoneer is that you essentially get your own online bank.

With Payoneer, you can receive payments from marketplaces, send money to other marketplaces, and even transfer funds to other Payoneer accounts — all through a secure, online banking service.

This is particularly useful for businesses that operate internationally or across different platforms.

Now, it’s important to note that Payoneer isn’t available in every country.

Not everyone can open a Payoneer account, so if you’re interested, make sure to grab my deal below.

Claim Free Payoneer Account with Bonuses

That way, you can see if your country is supported.

But if you can sign up, having your very own online bank can streamline your financial operations significantly.

2. Low-Cost Transfers to Other Payoneer Accounts

Another major plus is the ability to send money to other Payoneer accounts with very low fees.

Although transferring funds used to be completely free, the fees are still relatively low compared to other international payment methods.

This is a great benefit if you work with suppliers, freelancers, or business partners who also use Payoneer.

For instance, if you’re an Amazon seller, you can use Payoneer to pay your suppliers without having to deal with high international transfer fees.

3. A Handy Tip on Negotiating Fees with Suppliers

Here’s a practical tip that I’ve learned along the way.

Suppose you’re dealing with a supplier and they mention that they can accept payments via Payoneer — but there’s a 2% withdrawal fee that you’re expected to cover.

Instead of just agreeing to that fee, try negotiating with them.

Explain that you understand the fee is part of the process, but suggest splitting it 50/50.

That way, each of you would cover a 1% fee instead of the full 2%.

Let’s say you’re closing a deal worth $10,000.

Normally, a 2% fee would mean you’d pay $200.

But if you split the fee, you’d only pay $100, saving you an extra $100.

This might not sound like much at first, but in business, every saving counts.

That extra $100 could be reinvested in buying more stock or even saved for future expenses.

I like to think of it in fun, everyday terms.

Imagine that extra $100 could pay for 100 motorbike rides around Bangkok! Yep, a motorbike taxi ride can be around $1 there, of course it depends on where you go, when, etc, but yeah, it is true.

These small savings really add up over time.

4. Withdraw Money to Your Personal Bank Account

Another great benefit of using Payoneer is the ability to withdraw money directly to your personal bank account.

Whether you need cash for everyday expenses, to save up for something special, or to invest back into your business, you can easily transfer your funds when you need them.

This flexibility is one of the reasons many online business owners choose Payoneer as their primary payment system.

5. Multiple Bank Accounts in Different Countries

Here’s something pretty cool: with Payoneer, you can have bank accounts in different countries and transfer money between them.

This feature is especially useful for global businesses that deal with multiple currencies or operate in various regions.

Although managing multiple accounts might sound complicated, Payoneer makes it straightforward and accessible.

It’s like having a little slice of banking in each country where you do business!

6. The Payoneer Capital Advance – Extra Funding When You Need It

After you’ve been receiving payments in your Payoneer account for a while, there’s another exciting feature you might encounter: the Payoneer Capital Advance.

This is essentially a funding option offered to businesses that show a steady stream of revenue.

Here’s how it works: Payoneer tracks your incoming payments, and if they see that your business is generating consistent revenue — say, from your Amazon sales — they might offer you additional funding.

One day, you simply log in to your account and see an offer pop up asking, “Hey, would you like some extra capital?”

Read Now: Get Payoneer Capital Advance: Quick Funding for Your Business

Now, this extra funding isn’t free money.

There is a fee associated with it, and Payoneer will automatically deduct a small percentage from your future incoming payments until the amount is repaid.

But the great part is that this process happens automatically, so you don’t have to worry about making manual payments or complicated arrangements.

In my own Amazon business, this feature helped me stock up on inventory when sales were booming.

Sometimes, your sales might be strong, but you just don’t have enough cash on hand to restock — and that’s when an option like the Payoneer Capital Advance can be a lifesaver.

Learn More About Payoneer Capital Advance Offer

I’m not a financial advisor, so I always encourage you to consider your own situation carefully.

However, based on my personal experience, this feature has proven to be very useful.

If you’re interested in learning more, check out the full video review below.

In this video, you’ll find all the details about how it works, what the costs are, and whether it might be a good fit for your business.

7. The Payoneer Card – Convenience on the Go

There’s one more feature that I think is a big win for many users: the Payoneer card.

This card is a fantastic tool that allows you to withdraw money, make payments, and even handle everyday expenses with ease.

Whether you’re paying for Google ads, buying supplies, or even grabbing some delicious pad thai here in Thailand, the Payoneer card makes it all possible.

One of the best parts about the card is that it lets you access your funds quickly — no matter where you are.

While traveling in Bangkok, I observed how useful it is to have a card that allows quick cash withdrawals on the spot.

And speaking of Bangkok, I recall a playful moment from the video: while riding my bike, a truck almost came too close, followed by a bus appearing on the scene.

It was a moment where I had to hold on tight and maneuver carefully through the traffic.

Thankfully, I made it through safely — and it just goes to show that sometimes even in chaotic situations, having reliable financial tools like the Payoneer card can keep you covered.
It’s important to note that the Payoneer card is a debit card, not a credit card.

This means you’re using funds that you already have in your account, which can be a smart way to manage your money without worrying about debt or interest charges.

Bringing It All Together

To summarize, Payoneer has a few downsides, mainly related to fees.

Transfers between Payoneer accounts now come with a charge, depending on the recipient’s country.

There is also a 1% fee on incoming payments, though some users can negotiate this down to 0%.

Withdrawing funds to a personal bank account typically costs 2%, but my special offer might help you reduce it, try negotiating with the support.

Claim Free Payoneer Account with Bonuses

While some users report issues with customer support, my experience has been positive — I’ve always been able to resolve problems through chat, email, or phone support.

Despite these drawbacks, Payoneer offers many advantages.

It acts as an online bank, allowing you to receive payments from marketplaces, transfer funds, and manage international transactions seamlessly.

While transfer fees exist, they remain relatively low compared to other platforms, making Payoneer a convenient choice for freelancers and businesses.

A useful tip is to negotiate fees with suppliers — splitting a withdrawal fee, for example, can lead to significant savings.

Another major plus is the ability to withdraw funds directly to a personal bank account and manage multiple accounts in different countries.

Payoneer also offers Capital Advance, a funding option for eligible businesses needing extra cash flow, and the Payoneer card, which allows you to withdraw money, pay for services, or make purchases worldwide.

If Payoneer doesn’t fit your needs, alternatives like Wise, WorldFirst, Mercury, Currencies Direct, Revolut, and N26 could be worth considering.

Each has its own strengths, and comparing them can help you find the best financial partner for your business.

Final Thoughts and Conclusion

Navigating the world of online payments and international transactions can sometimes feel overwhelming, but with the right tools and a proactive approach, you can make informed decisions for your business.

I hope this detailed review has given you a clear picture of both the advantages and challenges of using Payoneer.

Every business has its ups and downs, and the key is to be informed, negotiate when possible, and explore all available options.

If you’re considering Payoneer, please check out my offer for extra perks and to explore other alternatives like Wise, Mercury, Currencies Direct, and WorldFirst.

Claim Free Payoneer Account with Bonuses

Every little saving — from negotiating a 2% fee down to 1% to choosing a service with lower transfer fees — adds up over time and can significantly impact your business growth.

Thank you for reading my review.

Whether you’re navigating a bustling city like Bangkok or working from your home office, I hope you find the right financial tools to help your business thrive.

Stay motivated, keep learning, and remember that every challenge is an opportunity to grow.

Happy selling, and here’s to your success!