Payoneer Business Account review: Who Should Use it in the Philippines?

Many Filipino entrepreneurs are going global, whether through freelancing, e-commerce, or export services. With this shift comes the need for modern business finance solutions that facilitate cross-border trade in ways that many local banks don’t — offering multi-currency support, lower fees, and a more user-friendly experience.

Payoneer has emerged as a popular non-bank provider helping businesses in the Philippines meet these needs. In this article, we’ll go over what the Payoneer business account offers, including its fees, account opening process, and unique features that set it apart.

And since you're on the lookout for an international business account, we'll also highlight how Wise Business can help Filipino businesses receive payments from overseas customers like a local (using local account details), manage multiple currencies in one account, and benefit from lower conversion fees, and use of the mid-market rate.

What is a Payoneer business account, and how does it work?

A Payoneer business account is a global payment solution designed to help businesses send, receive, and manage cross-border payments with greater ease. It is popular among freelancers, online sellers, and small-to-medium businesses (SMBs) operating internationally.

Technically, every account opened with Payoneer is a business account, since the platform is built for business use. Payoneer doesn't offer separatepersonal and business accounts like Wise. However, during the signup process, Payoneer will ask you to specify whether your business is registered (e.g., sole proprietorship, corporation, LLC, etc.) or not.

Some of the main features of a Payoneer account include:

• Receiving Accounts: Get local bank details in multiple currencies like USD, EUR, and SGD to receive payments like a local.
• Marketplace Integrations: Connect with over 2,000 global platforms such as Amazon, Shopee, Fiverr, Upwork, and Airbnb for easy collection of earnings.¹
• Payoneer Mastercard: Use physical or virtual cards to spend directly from your Payoneer balance or withdraw cash at ATMs worldwide.
• Mass Payouts: Pay up to 1,000 recipients in a single batch, in multiple currencies.²
• Capital Advance: Access working capital of up to $750,000 to fund business growth.³
• Payoneer Checkout: Accept global card payments directly through your online store.

Payoneer can also support businesses in the Philippines by providing a dedicated business account for global payments.

Keeping your personal and business finances separate is important not only for tax compliance but also for building credibility with clients and partners.

➡️Learn the pros and cons of using a personal bank account for business in the Philippines.

Payoneer business account pricing

Payoneer fees mainly come in the form of transaction fees for sending or receiving payments. However, there is also an annual account fee for dormant accounts, as well as an annual fee for your first Payoneer card, which you should be aware of.

Here’s a look at the main costs associated with a Payoneer business account:

Which types of businesses in the Philippines benefit most from a Payoneer business account?

One of Payoneer’s biggest advantages is its integration with over 2,000 global platforms and its support for multiple currencies.

Many international marketplaces do not use PHP as their base currency. Instead, they often use USD or other major currencies. Some platforms also don’t support bank transfers and only allow payouts through select services, such as PayPal or Payoneer.

Take Shutterstock, for example. It currently only allows contributors to get paid through PayPal, Payoneer, or Skrill — and only in USD. Bank transfers are not available.⁵

So, if you’re a photographer in the Philippines who sells photos or videos on Shutterstock, Payoneer becomes a very useful tool. It allows you to receive payments in USD and then withdraw the funds to your local bank account in PHP.

Since Payoneer integrates with a wide range of platforms, it is potentially useful for businesses and individuals who earn through:

• Freelance marketplaces such as Upwork, Fiverr, and 99designs — helping self-employed professionals get paid by global clients.
• E-commerce platforms like Amazon, Shopee, Lazada, and Shopify — enabling online sellers to collect payments from international customers.
• Content platforms, including TikTok, Shutterstock, Udemy, and Patreon — helping creators monetize their audiences worldwide.
• Hospitality platforms like Airbnb — supporting property owners and hosts who rent to international guests.
• Affiliate networks such as ClickBank, ShareASale, and CJ Affiliate — helping marketers collect commissions without friction.

Limitations of using Payoneer business account

Just because Payoneer works with many platforms doesn’t mean it's always the most cost-effective option.

For example, when you withdraw money from Upwork through Payoneer, you’ll face a small fee from Upwork, along with Payoneer’s own charges.⁶

By comparison, using a Wise Business account with USD account details lets you withdraw funds from Upwork without any fees if you choose the “Direct to U.S. Bank (USD)” withdrawal method.

The scope of Payoneer’s multi-currency support is also more limited compared to Wise. With Wise Business, you can get bank details to receive payments in 25 currencies, with of these being local account details**. Payoneer provides account details for only around 10 currencies. This makes Wise a better fit for businesses that need currencies Payoneer doesn’t support and helps them avoid unnecessary currency conversions.

Wise also uses the real mid-market exchange rate with no markups and charges low, transparent conversion fees starting from 0.57% for sending international payments. Payoneer, on the other hand, uses “wholesale” exchange rates (not the mid-market rate) and adds up to 3% for cross-border payments.

Opening a Payoneer business account: Step-by-step guide

Whether you’re a freelancer or run a business with a large team, the process of opening a Payoneer account is quite similar. Follow these steps to get started:⁷

1. Visit the Payoneer website: Go to payoneer.com and click "Register."
2. Choose your business type: Select the option that best describes your business, such as Freelancer, Service Provider, or E-commerce Seller.
3. Provide payment details: Choose the approximate amount of monthly international payments you expect to receive, then click "Register."
4. Enter personal details: Select whether your business is registered. Enter your full name, email address, and date of birth, then click "Next."
5. Add contact information: Select your country (e.g., Philippines) and enter your address. Provide your mobile number, then enter the verification code sent to you. Click "Next."
6. Set up security details: Create a secure password and choose a security question. Enter your government ID details (ID type and number), then click "Next."
7. Add your bank account details: Select whether it’s a personal or business account, and provide the necessary information, such as the bank name and account number. Review and check the boxes to agree to the terms and conditions and the pricing and fees, then click "Submit."
8. Wait for approval: Your application will be reviewed by Payoneer. You’ll receive an email confirmation within a few business days—often within hours.
9. Upload verification documents: Once approved, sign in to your account and upload a clear copy of your government-issued ID and proof of address (such as a utility bill or bank statement).
10. Verify your bank details: Complete the verification as instructed in your Payoneer account (this may involve confirming micro-deposits or uploading a bank statement).

Once all verification steps are complete and approved, you can start using the full features of your Payoneer account, including sending and receiving payments.

Wise Business: A great alternative to Payoneer business?

A Payoneer business account can be a valuable tool for businesses in the Philippines, especially for those earning through global platforms and marketplaces that restrict payouts to specific services like Payoneer or PayPal. On top of that, Payoneer's other features, like multi-currency receiving accounts, bulk payments, physical and virtual cards, and access to working capital, further enhance its appeal.

That said, it’s not without its limitations. Payoneer’s exchange rates and fees are not always the most competitive, and its range of supported currencies is somewhat limited compared to other providers. With the ability to receive payments in 25 currencies, hold funds in 40 currencies, low and transparent fees, and our use of the mid-market exchange rate, Wise outperforms Payoneer in many key areas.

• Obtain account details to receive payments in USD, EUR, GBP, SGD, HKD and more for a one-time fee of 1,400 PHP.
• Zero fees when you get paid via ACH, FAST, InstaPay/PESONet, & other local transfers.
• Send money to pay invoices, suppliers & contractors fast, with less fees
• Always get the mid-market rate with transparent conversion fees starting from 0.57%.
• Pay your bills and ad-hoc overseas expenses using the Wise Business card without hefty foreign transaction fees.
• Seamless integrations with popular accounting software.

➡️Get started with Wise Business today

Sources:

1. Business Payment Services & Online Payment Processing | Payoneer
2. Global Bulk Business Payments Solution | Payoneer
3. Working capital to grow your eCommerce business | Payoneer
4. Low fees and no hidden costs | Payoneer Fees
5. How do I get paid for my work? - Shutterstock Contributor Support and FAQs
6. Payoneer fees and timing - Upwork
7. How to Create & Set Up a Payoneer Account | Full Tutorial

Sources checked on 1st October 2025