Payoneer in 2025 - Issues, Solutions, Advantages and Benefits

Forget everything you've learnt about Payoneer in the past. I have all the current updates in this article, based on personal experiences.

First, let's start with this basics. I understand that you might have known a few, if not a lot about Payoneer.com, but then, for the sake of those who don't, I'll start with the basics.

What is Payoneer?

Payoneer is one of the several cross-border business payment platforms, that enables individuals; entrepreneur or not, freelancer or not, and business owners to pay and get paid around the world. Like most other similar platforms, Payoneer allows you to create, have and manage UK, US, Euro among other foreign bank accounts so that you may be able to receive payments like the locals.

You can open a Payoneer account using your personal details or your business details. Opening a Payoneer account in your business details requires that your business is already fully registered in your country of residence. Thus, if you want to open a Payoneer account for your business in Nigeria, for example, your business must have already been fully registered with the CAC.

Once your Payoneer account is opened, it goes through a brief human reviews before your newly opened Payoneer account can be approved and ready for use. This review process usually takes around 24 hours, in my case, my account was approved in less than 24 hours.

Your own account should not take longer than that provided all the info and documents you provided during registration are correct and valid.

How Does Payoneer Work?

Payonner works just how you want it. It all depends on how and for what purposes your Payoneer account was created in the first place.

For example;

• If you have created an account in your business details, you could;
  1. Receive payments as a freelancer, from your clients around the globe.
  2. Collect payments from your websites through Payoneer, utilizing either of Payoneer's plugins for WooCommerce or Shopify. You can also embed the Payoneer payment page on your website.
  3. Collect payments from popular ecommerce stores such as Amazon and eBay by either linking your Payoneer account to these ecommerce stores or by simply providing your Payoneer foreign bank account to these stores as the receiving account.
  4. Receive peer-to-peer payments. Thus, another payoneer account holder can send you payments and you can do the same.
  5. Pay workers or affiliates. You can use Payoneer to issue payments such as salaries, wages and commissions amongst others to your workers and partners alike.
• For personal payoneer accounts, you have access to all the options listed above except that you cannot setup a shop or collect payments from your own website through Payoneer. And you also have limited options when it comes to paying others such as suppliers, workers or affiliates.

Can I Transfer Money from Payoneer to My Bank Account?

Yes. You can transfer money from Payoneer to almost any bank account in the world. You just need to add your bank account to the beneficiary list on your Payoneer account before you can initiate a transfer to that account.

It should be noted that even if the bank account you are transfering to is in your name but it is not listed as an approved beneficiary, you cannot transfer to that account. Also, this is just one of the many options through which you can withdraw funds from your Payoneer balances.

How Do I Withdraw My Money from Payoneer Account

For this, every Payoneer account holder has three options;

• You can withdraw money from your Payoneer account to your own pre-approved local bank account. I use pre-approved because your local bank account must have already been linked to your Payoneer account. This is done to protect against fraud so that no one can withdraw money from your payoneer account balances except that such is sent to your bank account.
• You can send money to another Payoneer account holder. This can be for any reason. It could be that you're paying for a service delivered or to be delivered, you're paying for goods or even salary. You can even send money to another Payoneer account holder so that you may receive your local currency from that person in exchange. It's your choice.
• You can withdraw using your Payoneer debit card. Yes. Payoneer offers every account holder an option to request for a debit card which can then be used to withdraw funds from their Payoneer balances from ATMs across the globe.

What is the Minimum Amount I Can Withdraw from Payoneer?

$50 is the minimum amount you can withdraw from Payoneer. You can also withdraw an equivalence of $50 from your other Payoneer balances. For example, if you have £45 in your GBP balance instead, you can also withdraw that balance provided it's more than $50 at the prevailing exchange rate.

How Long Does Payoneer Transfer Take?

In my own personal experiences, sometimes, it takes two business days. Other times, it takes three to four business days. The speed of the transfer depends on which of my local bank accounts I am withdrawing into.

For example,

• It takes roughly 4 business days for the money to impact my UBA bank account.
• I receive the transfer in my Access Bank account in just 2 business days. The same for my Fidelity bank account.
• Zenith bank and GTBank take 2 business days and sometimes, 3 business days for the money to reflect in my bank accounts.

While I cannot speak for other banks, since I don't have personal experience with them, some say that Payoneer experience is better when you use First Bank accounts. And I think generally, transfers from Payoneer balances to your local bank accounts take a maximum of 5 business days to arrive and reflect in your account. Again, you may ask, since it takes between 2 and 5 business days for a transfer to reflect in your bank accounts, but...

How Long Does it Take for A Payoneer Transaction to Process?

It takes only a few minutes for a transaction to process. Everytime I initiate a transfer transaction from my Payoneer account, it only takes a few minutes for it to appear as processed. However, if you have some pending verification documents to submit, it may take up to 12 hours before the transaction appears as processed.

Like when I initiated my first transfer from Payoneer, I was asked to submit an ID card, which I did and in about an hour, I checked and found that the document has been approved and the transaction processed.

How Much Fee Does Payoneer Charge?

Payoneer charges varying amounts or percentages depending on which transaction is being done and the amount involved. For example, $1 is charged when you receive a payment that is less than $100 or its equivalent in other currencies from market places or companies you work with - the company or marketplace you work with also determines this often. If the amount is greater than or equal to $100, certain percentages are charged but it is also capped to a maximum of certain amount depending on recipient bank currency and destination.

For withdrawals to own bank account, from personal experience, I was charged $10 when I transferred $96.63 to my bank account while I was charged just $73.99 for transferring $2,466.39 to the same bank account. I later learnt that any withdrawal above $333.34 attracts a 3% charge while any withdrawals below $333.34 attract a fixed $10 charge per transaction.

Is Payoneer and PayPal the Same?

No. Payoneer and PayPal are not the same. They only offer similar solutions to similar banking hurdles. As a matter of fact, if you look and dig deeper, you will realize that Payoneer and PayPal are more different than they are alike.

Is Payoneer Faster than PayPal?

Well, I would say Yes. Because for international transactions, which of course, is the main reason most users seek to use either of Payoneer or PayPal, I have found Payoneer to be faster. For local transactions though, mostly for US, UK and EU residents, PayPal maybe faster.

Is Payoneer and Wise the Same?

While Payoneer and Wise are more alike than Payoneer is to PayPal, Payoneer and Wise are still not exactly the same. Wise offers solutions that can very easily rival mainstream banks offers. Payoneer on the other hand, offers solutions that more easily connect individuals to businesses, businesses to businesses and individuals to individuals by leveraging mainstream bank solutions.

Can I Transfer from Payoneer to Wise?

Yes. You can transfer funds from your Payoneer balances to your Wise account. You just need to be sure that your Wise account bears the same name exactly as it appears on your Payoneer. If you are transfering from business account, you need to have valid documents to prove that the recipient account has a relation with your Payoneer business account.

Can I Transfer from Payoneer to PayPal?

No. You can only draw funds into your PayPal balance if you have successfully linked either of your Payoneer receiving accounts or debit card to your PayPal account. And in that case, that would be possible from your PayPal dashboard. Not from your Payoneer account.

Can I Withdraw $20 from Payoneer?

No. You cannot withdraw $20 from your Payoneer account. The minimum amount you can withdraw from your Payoneer balances is $50 or its equivalent in other currencies.

Is Payoneer Used in Nigeria?

Yes. I opened my Payoneer account in Nigeria using my valid Nigerian documents. In addition to Nigeria, Payoneer is available to and can be used in most African countries. For your info, Payoneer is available and fully functional in 190+ countries across the globe.

How Do I Contact Payoneer?

To contact Payoneer, login into your Payoneer account then, look to the top-right corner of your screen. Your account name is displayed there. Click the account name then, locate the Support Center link and click on it. That should open another Page which displays several knowledge-based articles. If you actually want to chat with a customer agent or send an email to Payoneer, simply type "contact" in the search bar. The AI assistant there would prompt you to ask your questions. Just go ahead and ask your question and then, just below the answer provided by the AI, you'll see a "...satisfied with ...". Simply click "No" and a contact form would pop up on your screen straight up.

How Much Maximum Can Be Withdrawn from Payoneer?

You can withdraw up to 30 times with a maximum of $5000 daily. You can withdraw $5000 once and that's it for the day. Or, in fractions of up to 30 different transactions with a volume not exceeding $5000.

Maximum Daily Transaction Volume Affects NOT Company or Enterprise Accounts

If your Payoneer account was setup as a company or an enterprise, the maximum daily transactions limit does not affect you. You can pay as many commissions, salaries, wages, suppliers or even affiliates as your enterprise needs daily in as much as you have sufficient balances for the transactions.

In Conclusion

If I compare my experiences with using Payoneer when I first opened my personal payoneer account in the year 2011 to my experiences from the year 2022 when I opened another Payoneer account for my business, the glaring difference between darkness and light might not be enough - and that's likely not an exaggeration.

If you would, let me list out a few of the experiences that delights me the most.

• Inclusiveness and Responsiveness: in addition to the more inclusive options, the experience with using the platform is now very much faster, better and responsive. I cannot help but smile everytime I navigate the platform.
• Better Customer Experience: in my first experience with Payoneer, it takes weeks before you can get a single response from customer assistant agents and if you're finally attended to, you'll be lucky if the first response resolves your issues at all. But everything is better and faster now. You get attended to within 24 hours. And their help resources provide even more comprehensive solutions than before.
• Cheaper and Flexible Fees: majorly, the exorbitant fees of the old experience was what deflected me from using Payoneer until in 2022, when I am faced with another challenge that only Payoneer's fleet of solutions could better resolve made me turn to Payoneer again and this time, I am very pleased. In fact, Payoneer is miles better in this regard.
• No Unpleasant Surprises: from fees to timing, security to protection, Payoneer lets you know exactly what's to happen, when it'll happen and why it'll happen. For example, Payoneer lets you know the breakdown of their fees before you initiate the transaction, letting you know what goes to where. With this info before hand, you'll be able to make informed decisions.

Click here for all Payoneer related articles that we have published in the past. You might find another interesting discussions in the list.

Have Questions to Ask?

I think I have provided answers to most of the questions you may be having and I can only hope these resolve all your concerns regarding Payoneer, however, if you still have any question, you may ask in the comment section and myself or another admin shall respond as soon as possible.