Payoneer is a real cross-border payments company, founded in 2005 and listed on the Nasdaq since 2021 under the ticker PAYO. It publishes a fee schedule, but fees vary by country and account type, a yearly account fee applies to low-volume accounts, and in 2021 it settled apparent US sanctions violations with the Treasury.
If you sell to clients abroad, sooner or later someone will tell you to get paid through Payoneer. It's a name that crops up for freelancers and online sellers, so the question of whether it's the real thing is fair. I've read Payoneer's own pages, its fee schedule and the US Treasury's notice, so you can see the good and the awkward in one place.
Who is behind Payoneer
According to Wikipedia, Payoneer was founded in 2005 by Yuval Tal and went public on the Nasdaq in 2021 under the ticker PAYO. A listed company publishes accounts and answers to regulators, which is more than you can say for most look-alike payment sites. Payoneer's own site describes a "Full Financial Stack" covering receiving, holding, converting and paying funds, managing teams and accessing capital.
It says it serves 190+ countries and territories and supports 70+ currencies. That's a wide reach, but it also explains why the rules and fees differ depending on where you live.
Payoneer licences and card issuers
Payoneer's disclaimer says Payoneer Inc. or its affiliates are licensed to engage in payment services where the law permits it. It names First Century Bank, N.A. as the issuer of its Corporate Purchasing Mastercard and Payoneer Europe Limited, from Ireland, as the issuer of its Business Premium Debit Mastercard. A page of multi-jurisdictional licences is linked from the footer, and that's where I'd look for the licence covering your own country.
I haven't seen Payoneer claim FDIC cover on its about page, so I won't suggest any. Treat it as a payments company, not as a savings account.
What it costs to use Payoneer
Fee detail is where Payoneer pages are most useful and also most variable. The pricing page says receiving a payment from another Payoneer customer is free, and so are payments into a local-currency receiving account. Payouts from marketplaces and integrated platforms vary, so check the platform paying you.
| What Payoneer's pricing page says | Detail |
|---|---|
| Withdrawal to your own country's bank, local currency | 1.50 US dollars in supported countries |
| Withdrawal involving a different currency | 1.2% to 4% |
| Annual account fee | 29.95 US dollars, only if the account receives less than 6,000.00 US dollars in any 12 consecutive months |
| Different regions and account types | Prices and fees may differ |
The pricing page itself says different prices and fees may apply in different territories and for different account types, and that availability depends on eligibility. So treat any number in a blog post, including this one, as a starting point, and look at the Fees section in your own account before you rely on it.
How long a Payoneer withdrawal takes
Payoneer says withdrawals to a local bank account typically take one to three business days, and your own bank may add its own charges on top. If a client is paying you through Payoneer, work back from your invoice date and leave a margin.
The US Treasury sanctions settlement involving Payoneer
This is the awkward fact, and it's worth knowing. The US Treasury's OFAC announced in 2021 that Payoneer agreed to settle apparent sanctions violations by remitting approximately 1.4 million US dollars. OFAC later corrected the figures in its notice to 1,385,901.40 US dollars for 2,220 apparent violations.
Settlements like this are about a company's compliance controls in the past, not about whether your own payments will arrive. It's still a good reason to understand that payments companies must screen their users, and that you may be asked for identity documents, particularly when your account is new or your payments are large.
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Phishing and fake Payoneer messages
Payoneer's security centre advises that if you receive a suspected phishing email claiming to be from Payoneer, you shouldn't click the links or answer it. Forward it to Payoneer customer support with "Suspected Phishing Email" in the subject line. Never share your card number or password with anyone who contacts you first, and open Payoneer by typing the address or using the official app.
- Be wary of a client who sends a payment and then asks you to return part of it.
- Don't give your login to someone offering to set up your account.
- Check the sender's address before you open anything claiming a held payment.
Who should consider Payoneer
Freelancers and sellers who get paid by overseas clients or platforms often have Payoneer offered as an option. If you're starting out, my guides to freelance writing opportunities and starting out as a freelance copywriter cover where those clients come from. For tax, speak to an accountant or the tax authority in your own country, because how foreign income is reported varies.
Is Payoneer worth using?
Payoneer is a real, listed company with published terms and a fee schedule that spells out most costs. Its fees depend on where you are, so read your own pricing page, and don't ignore the annual fee on quieter accounts. This isn't financial advice. If something goes wrong, use the company's complaints process first and then your own financial regulator.
Frequently asked questions
Is Payoneer legit?
Payoneer is a real payments company founded in 2005 and listed on the Nasdaq under PAYO, according to Wikipedia. Its own pages describe licences by region and publish a pricing schedule.
How much does Payoneer charge to withdraw money?
The pricing page lists 1.50 US dollars for a withdrawal to a bank in your own country in local currency in supported countries, and 1.2% to 4% where a different currency is involved. Fees vary by territory.
Is there an annual fee on Payoneer?
The pricing page lists 29.95 US dollars, charged only if the account receives less than 6,000.00 US dollars in any 12 consecutive months.
How long does a Payoneer withdrawal take?
Payoneer says withdrawals to a local bank account typically take one to three business days, and your bank may add its own fees.
Has Payoneer been fined by a regulator?
OFAC announced in 2021 that Payoneer agreed to settle apparent sanctions violations by remitting approximately 1.4 million US dollars, later corrected to 1,385,901.40 US dollars.
How do I report a fake Payoneer email?
Payoneer says not to click links in a suspected phishing email, and to forward it to customer support with Suspected Phishing Email in the subject line.
