In today’s international marketplace, African freelancers and SMEs need a reliable way of receiving international payments. A Payoneer bank account is designed to meet the needs of African freelancers and online business owners in unique ways.
In this article, you get to discover how you can create a Payoneer bank account, and verify it. You’ll also find out the different fees the platform requires.
What is Payoneer Bank Account?
The Payoneer bank account is an online service that provides online transactions and other services. This foreign bank account allows business-to-business payments. As a business owner or freelancer, you can use this account to receive payments.
With a Payoneer bank account, you can receive payments in three currencies such as USD, GBP, and EUR. You can also withdraw to your local bank in your currency or other currencies. Payoneer was established in 2005 and it has grown significantly since then.
International companies like Amazon, Walmart, Google, and freelancer websites like Fiverr and Upwork make use of Payoneer bank accounts. So, if you’re a freelancer or business owner using any of these platforms, you can benefit from their cross-border wire transfers.
Pros
- Payments between Payoneer accounts are free.
- Payoneer is operating in 200 countries with over 150 currencies.
- Payoneer bank account offers invoices and enables payment requests from individual clients.
Cons
- A conversion fee of 2% will be charged during international transactions. For a Mastercard, you’ll have to pay a yearly fee.
- It is not a supported payment method.
- Card transaction fees are on the high side.
Features of Payoneer Bank Account
Payoneer has a variety of amazing features that make Payoneer’s bank account stand out as a frontrunner in the area of online transactions. The features of the Payoneer bank account are as follows:
- Payment Request: The Payoneer bank account gives the user the opportunity to create or customize invoices for different clients.
- International Payment: This bank account allows international payment services. It also allows its clients to receive payments in currencies like USD, EUR, and GBP. If you receive any other currency, you’ll have to convert it into EUR.
- Mass Payouts: A Payoneer bank account allows businesses and companies to make mass payments to over 200 countries. This is only applicable to businesses that pay at least $30,000 to their recipient.
- Exchange Rates and Currency Conversion: This platform offers exchange services and currency conversion. They rely on the normal market exchange rates for conversion. For conversion of funds using Payoneer, a fee of 0.5% will be charged. In this feature, there is no fixed exchange rate or hidden fees.
Getting Started With Payoneer
Getting started with Payoneer is very easy. Follow the steps below to set up your Payoneer bank account.
How To Open a Payoneer Bank Account
- Download the Payoneer app on the Google Play Store or Apple Store.
- Click on “Register.”
- Click on the option of preference and click “Next” to continue.
- Click on “Ok” to move on to the next phase of the registration.
- Fill in your details and Click “Next.”
- Fill in the required information then click on “send code”, a verification code will be sent to your phone number. Input the “Verification code” and then click “Next.”
- Input your password, security details and Identification details then Click “Next.”
- Fill in your local bank details then Click “Submit.”
- Verify your email via your email account and your Payoneer account will be reviewed within 2-3 days.
How Can I Verify My Payoneer Bank Account?
- Log in to your Payoneer account.
- Tap on the profile icon on the right side of the menu.
- Click on “Settings” then Click on “Verification Center.”
- Select the important requirements from the list.
- Upload the document and Click “Submit.”
Your Payoneer account will be reviewed in 2 to 3 days.
How Can I Receive Payment From Payoneer?
- Log in to your Payoneer account.
- Click on “Receive” then Click on “Receive Payment.”
- Create an “invoice” by filling in your Payer details and Payment details. Click on “Next.” then Attach a document.
- Click on “Preview” to see what your invoice looks like then click on “Request Payment.”
Your payment request will be sent to the Payer email address which will be used for the transaction.
How To Withdraw Money From My Payoneer Bank Account
- Log in to your Payoneer account.
- Click on “Withdraw” then “Bank account” on the main menu.
- Select the “Currency balance” you would like to withdraw from.
- Input your “Withdrawal details” like your bank account, amount, and description.
- Click on “Review” then the details of your withdrawal will be displayed.
- Tick the “Checkbox” and Click on “Withdraw.”
A confirmation email will be sent to you.
How To Send Money With Payoneer Bank Account
- Log into your Payoneer account and Click on “Pay” then “Make Payments.”
- Input the email address of the recipient.
- Fill in the following payment details; “Payoneer currency balance, Amount, and Payment Purpose.”
- Tap on “Review” and make any relevant changes you want to make.
- Click the box to confirm and Click “Pay Now.”
Note: if the currency you have in your balance is different from the recipient’s currency, you will need to convert your currency to that of the person’s currency. Furthermore, a conversion fee will be charged for your transaction.
Payoneer Bank Account Fees
There are different fees for different services in Payoneer which are:
- Withdrawal Fee: The withdrawal fee to local banks in another currency is 2%. If you’re withdrawing to a local bank in the same currency you’ll have to pay a fixed fee of $1.50 or €1.50.
- Yearly Account Fee: An active Payoneer account doesn’t have a yearly fee. However, if a Payoneer account is active for 12 months, you’ll have to pay a yearly fee of $29.95.
- Receiving Payment Fee: The fee for receiving payments in Payoneer through a credit card is 3%. A fee of 1% will be charged when you make transactions through US ACH Bank payment.
For business and freelance platforms like Fiverr, Upwork, and Airbnb the charges will vary.
Conclusion
Payoneer bank accounts provide a solution for African freelancers and SMEs seeking to succeed in the international market. With this bank account, receiving international payments and expanding businesses is easier.
With Payoneer, you get to enjoy the benefits of low fee charges of 2% when you send payments from your Payoneer account and a 0% fee when you receive payment from a Payoneer account. Quick transfers and a seamless user interface with a variety of features to meet your unique needs. The Payoneer bank account is a game changer for Africans.
Frequently Asked Questions
1. Can a Nigerian Own a Payoneer Bank Account?
Yes, Payoneer is open to Nigerians. It is also the best choice for online business owners and freelancers in Nigeria.
2. Can I Transfer Money From Payoneer to My Bank Account?
Absolutely! You can withdraw money from your Payoneer account to your local bank account in the currency of your choice.
3. Can I Withdraw $10 From My Payoneer?
You can withdraw up to $10 from your Payoneer account. The minimum withdrawal amount is $20 with a $1 Payoneer fee. The maximum amount you can withdraw is $3000.
4. How Long Does It Take Payoneer To Verify Account?
It takes up to two to three business days for Payoneer to verify your account. Once approved, a confirmation message will be sent to your email account which allows you to request and send payments.
