How does Payoneer work
Payoneer works as an online cross-border payment account: freelancers, businesses and e-commerce sellers sign up, receive international payments into virtual local accounts, then hold, spend or withdraw the funds.
The process has three stages: opening and verifying the account, collecting money from clients or platforms, and managing the balance. Reviewing Payoneer pricing is a sensible step before you start receiving payments.
- Register: You sign up on Payoneer's account registration page using your personal or business details.
- Verify your identity: You upload legal identification and business documents so Payoneer can complete its security review.
- Receive virtual account details: Payoneer issues virtual local bank details in major currencies, including USD, EUR, GBP and JPY.
Once the account is active, Payoneer offers several ways for money to come in.
- Local bank transfers: Clients abroad pay into your virtual Payoneer account through local rails such as ACH in the US or SEPA in Europe, so the payment looks like a domestic transfer on their side.
- Payment requests: You can email invoices or payment requests, and clients can settle them by credit card, bank debit or local transfer.
- Marketplace connections: Payoneer links with more than 2,000 platforms, including Upwork, Fiverr, Airbnb and Walmart, so earnings from those sites can arrive in your account automatically.
After funds arrive, the Payoneer balance can be used in a few different ways.
- Multi-currency balances: You can keep money in separate currency balances within one Payoneer account.
- Withdrawal to a local bank: You can move funds from your Payoneer balance to your own bank account in your home currency.
- Payments and card spending: You can pay suppliers and contractors from the balance, or spend it worldwide with a Payoneer Mastercard.