Transfers Between Payoneer Accounts: Fees | A Step-By-Step Guide

If you operate a business that works with global talent and suppliers while serving customers all over the world, chances are you use a global digital payment platform. American financial technology company Payoneer is a popular option, helping small and medium-sized businesses with international money transfers and online payment processing since 2005.

Given the platform’s prominence, we will use this article to discuss how to transfer funds between Payoneer accounts and the fees associated with it. We'll also discuss the Wise Business account. The global account that can help your company with all things cross-border.

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Fees and Costs for Payoneer Transfers

While receiving payments from another Payoneer customer is free, making a payment from your balance to a recipient’s Payoneer account is not. For payments inside the US, there is a flat fee of up to $4, while for payments outside the US, there is a charge of 1% of the transaction amount with a minimum fee of $4.⁴

As transfer fees are variable depending on the sending and receiving countries, currencies and limits, and transaction amount, the total fee will be clearly displayed during the payment setup process and you are able to view the precise fees paid for a transaction on the “Fees” page within your Payoneer account.⁵

There’s also an annual account fee of $29.95, which is waived if you receive $2,000 or more in annual payments.⁴

You Could Save By Switching to Wise Business

Transferring funds to another account

If you want to transfer money between different currency balances within your own Payoneer account, you can do so by selecting “Manage currencies” online or on the app.

You can withdrawal funds and some them from Payoneer to Wise Business. Many users do this

How to Transfer Funds to another Payoneer user:

Step 1: Create Account

The first step to accessing the services that Payoneer offers is to create an account. You will need to give the firm some basic information and it will take approximately three business days to have your information verified.²

Step 2: Select Pay

Once you have created an account, sign in via the internet or the mobile app, select “Pay” and then “Pay to a recipient's Payoneer account”.³

Step 3: Fill Out Payment Information

Then you select the payment recipient’s name by either typing in their email or selecting the contact from the “Recent recipients” list. Select the card or currency balance you wish to pay from in the “Pay from” field, and the currency balance you want to pay to in the “Pay to” field.

Next, enter either the amount you want to pay or the amount the recipient should get, and Payoneer will calculate the total with any outstanding fees. If there is a currency conversion, Payoneer will also calculate the exchange rate.

Step 4: Brief Description

After selecting the purpose of payment, you will write a small description of what the payment was for on the “Transactions” page.

Step 5: Review

Review all the information to ensure it is correct, and select “Pay” to send the payment. There is a chance that payment limits or other such restrictions could stop you from making a payment to another Payoneer customer, but you will receive a detailed message explaining why the payment did not go through.

You can make single payments, or batch payments of up to 500 payments, to other Payoneer customers. The money is typically available in the recipient’s account within two hours, but it can take up to two business days in some rare cases. If you use the Payoneer mobile app and want to see if a payment has been received yet, you can enable push notifications for when a payment is confirmed.³

Final Thoughts

Thanks to years of innovation, Payoneer has made a name for itself in the world of cross-border payments and delivered record-breaking volume and revenue in 2024.¹

When it comes to running a small or medium-sized business, keeping costs low is essential and discounts from services such as Payoneer can add up over the long run. And free payments from other Payoneer customers can be a major selling point if you already work with partners who use the platform, and it is widely used by businesses and professionals in more than 200 countries.

Payoneer offers customers a simple way to move money between other Payoneer users, and it may help simplify payment processes for your small or medium-sized business.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

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