Guide on Payoneer account: Fees, features & comparison

Businesses have the need to make international payments to overseas workers, freelancers or contractors and need these transactions to be actioned quickly and with the lowest possible fees.

Payoneer’s business payment account might be a solution. We’re going to take a closer look at it here and compare what Wise has to offer.

Table of contents
What is Payoneer? Features and services offered Account detail currencies Getting paid Withdrawing money Sending money Pros & cons Fees Opening a Payoneer account in AU Requirements Is Payoneer safe in Australia? Wise Business: Transparent alternative for global finance

What is Payoneer?

Payoneer is a digital commerce partner for business worldwide, including Australia and has over 5 million customers.

Its goal is to assist businesses worldwide, push frontiers and unify and create global ecosystems.¹ It allows Australian business, sole traders, and entrepreneurs to make and receive payments from partners across the globe.

Who is Payoneer made for?

Businesses that interact with staff, freelancers, and suppliers worldwide and need to receive and pay money in multiple currencies will benefit from using Payoneer.

The account isn’t for everybody, and there are some restrictions to entry. It might be a solution for you if you’re operating in the following ways²:

• Small to medium business (SME) — pay or get paid for goods and services globally
• Service provider or freelance agency — get paid via their clients over online marketplaces
• Online seller — e-commerce businesses
• Marketplace or enterprises — mass payouts across the globe

Some businesses aren’t eligible for a Payoneer account, including restricted industries such as gambling and adult entertainment.²

Features and services offered by Payoneer in Australia

The Payoneer account helps you to manage your international finances. Here is a snapshot of some of the ways the account can assist³:

• Bill your customers in over 150 countries
• Make payments to businesses in over 190 countries
• Pay your VAT
• Pay ads and online expenses
• Integrate with financial applications like Xero
• Access working capital

Currencies you can get payoneer account details for in Australia

You can receive local account details in the following 8 currencies:

• AUD — Australian dollar
• CAD — Canadian dollar
• EUR — Euro
• GBP — British pound
• HKD — Hong Kong dollar
• JPY — Japanese yen
• SGD — Singapore dollar
• USD — US dollar

Getting paid with Payoneer

Payoneer accepts payments by the following methods²:

• From another Payoneer account
• ACH bank debit
• Credit or debit card
• Local bank transfer
• Wire transfer (SWIFT)

Withdrawing money from Payoneer

The first step to withdrawing money from your Payoneer account is to set up the bank details of your accounts. These must be in the same name as your Payoneer accounts.

Add these via the ‘Your Accounts’ tab on the main screen.

Making a withdrawal is straightforward. From the Payoneer account where funds are held, choose the account where you want the funds to go and click ‘withdraw’.⁸

Sending money with Payoneer

Making a payment via Payoneer is straightforward, especially if the other party has a Payoneer account. If not, you’ll need to provide Payoneer with the recipient's bank details at the time of the transaction.

The steps are easy⁹:

• Navigate to Pay —> Make a payment
• Enter the recipient details
• Enter payment details
• Click ‘review’
• Click ‘pay’

Pros & cons of Payoneer account

Benefits

The Payoneer account takes away the hassle of making and receiving payments in multiple currencies, for example⁴:

• Pay another Payoneer account holder, for free, in minutes
• Get paid into 8 local receiving accounts (listed above)
• Built-in billing service to request payments
• Transfer earnings to a local bank account
• Pay VAT in the UK and EU with GBP or EUR
• Access to Mastercard debit cards

Cons

Payoneer works best if the senders and receivers have Payoneer accounts. The fees get rather complicated using alternatives as outlined below.

Payoneer fees in Australia

Payoneer has a unique fee structure. It’s currency dependent and is also how the money is being received or withdrawn. The table below details these.

Service	Payoneer⁵
Account opening fee	Free
International transfer fees - receiving	Free Payoneer to Payoneer Free into any of your local receiving accounts except the US: USD 0–1% Payments from other clients will have these fees: ACH bank debit by clients 1% Credit card by your clients 3% Receive from payment platforms like Upwork and Fiverr. Fees may be charged by that marketplace
International transfer fees	Free Payoneer to Payoneer Up to 2% of the transaction amount Fixed fee of 1.50 - EUR/GBP/USD When you use your EUR, GBP or USD balance to make a payment to someone whose bank account: is in the same currency as your balance is in a country where the payment currency is the local currency is in the same country that you have listed in your Payoneer profile
Withdrawing to your local bank account Example: USD to your Australian bank AUD	From your Payoneer balance in a different currency: Up to 2% of the transaction amount, and an exchange rate based on wholesale market rates.
Withdrawal in local currency from a Payoneer balance in that currency	Fixed fee per withdrawal: 1.50 EUR EUR to EUR withdrawal 1.50 USD USD to USD withdrawal 1.50 GBP GBP to GBP withdrawal
Withdrawal in non-local currency Example: EUR balance –> USD bank account, the bank is in Hong Kong	up to 2% of the transaction amount Note: For withdrawals with no currency conversion, a minimum fee may apply
ATM Fees - Withdrawals	Based on the currency being withdrawn: 3.15 USD 2.50 EUR 1.95 GBP

Fees current as at 30 March 2023

As you can see from the above, the fee structure is complicated and requires careful management to ensure you’re not paying more than you budget for.

Opening a Payoneer account in Australia

Before signing up, determine whether you will register as an individual/sole trader or as a business entity. The latter will require further documentation and application details⁶:

Sole trader / Individual

You’ll be asked to provide some basic information such as your name, email address and date of birth. Create a user-name and password, link a bank account or credit card, and upload photographic ID.

Company

Applications for registered businesses will need to supply the same details as above, but provide the personal details of the primary representative of the organisation.

Applications are usually processed in 3 business days. You’ll receive a confirmation by email.

Requirements to opening a Payoneer account

Provided your business doesn’t operate in the restricted industries, you can register for an account. You must be over 18.⁷

You’ll need to provide the following documents in JPG or PNG format only. Don’t send in PDFs.

• A valid government-issued photo ID like:
• Passport
• Driver’s licence
• An Australian state and territory issued identity photo card

Company registrations need to provide a working URL of a website that belongs to their business or is somehow connected.

Is Payoneer safe in Australia?

Payoneer is registered in Australia as Payoneer Australia PTY LTD (ACN 621 926 501) and is regulated by the Australian Securities and Investments Commission (ASIC) under the Australian Financial Services License number 504803.¹

Note that Payoneer does set limits on payment amounts. Once your account is established, you’ll be advised what they are.

There’s also a monthly limit that you cannot exceed without contacting Payoneer directly.¹⁰

Wise Business: Transparent alternative for global finance

If you’re looking for a business account that enables you to work globally then it’s certainly worth considering Wise as an option.

👆Click here for a detailed comparison on Payoneer vs Wise Business in Australia

Wise Business is an authorised financial service provider that’s regulated by Australian authorities. It is an international money transfer and currency specialist that serves personal customers and businesses around the globe.

A Wise Business account allows users to can send, receive, and hold in multiple currencies. Experience hassle-free global transactions by transacting like a local business. Here's what you get with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 recipients at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, QuickBooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 65 AUD

Sign up for the Wise Business account! 🚀

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you.

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Sources:

1. Payoneer About us
2. Payoneer blog Who is eligible?
3. Payoneer business account Australia
4. Payoneer Australia
5. Payoneer Fees
6. Payoneer account registration
7. Payoneer blog registration identity
8. Payoneer local bank withdrawals
9. Payoneer make a payment
10. Payoneer FAQs

Sources checked on: 30 March 2023