What does Payoneer mean
Payoneer is a financial technology company offering online money transfers, digital payments and cross-border business transactions for freelancers, online sellers and businesses.
The name refers to the company and its payment account, which lets small and medium-sized businesses and individuals get paid and pay others internationally. According to Payoneer and DHL, the service covers international payments across more than 200 countries and 150 currencies.
What Payoneer offers:
- International payments: Freelancers, online sellers and companies can send money to and receive money from people and businesses in other countries.
- Virtual receiving accounts: Users get local bank details in currencies such as USD, EUR or GBP, so overseas clients and marketplaces like Upwork and Amazon can pay them as they would a local account.
- E-wallet: Account holders can hold, send and receive funds through an electronic wallet.
- Access to funds: Money can be withdrawn to a local bank account or spent with a Payoneer Mastercard debit card.
Who typically uses it:
- Freelancers and service providers: People and agencies paid by clients abroad use it to collect those payments.
- E-commerce sellers: Sellers on global marketplaces use it to collect their earnings.
If you are considering an account, look at the Payoneer pricing that applies in your country and confirm the currencies you need are supported before sharing your receiving details with clients.