Payoneer Review - Is It a Good Payment Tool for Amazon Sellers

Payoneer Review: Is It a Good Payment Tool for Amazon Sellers?

As we all know, Payoneer is a leading brand in virtual banking, and its popularity is rising exponentially.

This is due to the fact that it comes loaded with a multitude of benefits that make the global money transfer process seamless and secure.

And the Amazon Sellers are in for a treat if they choose Payoneer to be their virtual banking partner.

However, there are a few downsides associated with the use or functioning of Payoneer accounts.

In this article, we will walk you through a detailed analysis of this seemingly flawless digital banking brand and introduce a few amazing alternatives too.

What is Payoneer?


Payoneer is an America-based financial services provider.

This company basically excels in online money transfers, including all kinds of digital payments across borders.

Currently, Payoneer successfully and quite efficiently supports and enables virtual payments in 200 countries.

Over 150 currencies are also supported, making Payoneer an extremely versatile service worldwide.

This innovative digital banking brand is not strictly reserved for money transfers. Rather, it can actively serve as a money converter too, and that too at a nominal fee.

Whether you want to convert USD into Pounds or Pounds into Pesos, Payoneer virtually converts the currencies without any hassle.

How Does Payoneer Work?

Payoneer works in a very simple way. After you sign up and register for an account, you will be provided with a virtual account number and routing number.

To use the services by Payoneer, you simply have to log in to your account and add the relevant details.

After that, you can send or receive payments. Moreover, you can head over to the Activity tab to change currencies.

For your ease, Payoneer also enables withdrawing funds to the local account in various different currencies.

In the tab labeled Receive, users can click on Request a Payment and enter a due date. This request is conveyed to the client in the form of a notification.

Notice that when your Payoneer account balance is zero or there is no usage record for more than 6 months, the account will go dormant. If you use it again, you need to log in to the account to reactivate it without providing any necessary documents.

How to Sign Up a Payoneer Account?

Payoneer has a very intuitive interface which makes the sign-up process quite seamless.

Nevertheless, we will walk you through the step-by-step guide on how to easily create an account on Payoneer.

Step 1- Getting Started

First, choose whether you want to create an account for an Individual or for your Company. Then, enter your personal information. Ensure that the entered details are consistent with those on the National Identity Card or Birth Certificate. Press Next.

create payoneer account 1

Step 2- Contact Details

Here, you will have to enter all your contact information such as country, address, phone number. After entering the code received on your phone, click Next to proceed.

create payoneer account 2

Step 3- Security Details

Enter your email address as the username. Choose a security question and answer it. This security question will come in handy if you forget your password. Enter the Captcha to proceed.

create payoneer account 3

Step 4- Almost Done

Finally, you will have to provide detailed information regarding your bank account. Agree to both the Terms and Pricing conditions to finish the sign-up process.

After a while, you will receive a confirmation email of your registration.

create payoneer account 4

How is Its Customer Care?

The customer care services offered by Payoneer are exceptional.

Owing to the multiple assistance methods used by Payoneer, it is renowned for providing efficient customer support.

It employs 3 different yet equally effective methods to offer assistance. The methods are as follows-

  • Send Message- With this option, users can feed their name, email address, choose a broad topic that their issue falls in. Multiple languages are supported for this. A detailed question or complaint can then be written and sent. An attachment option is also available to send files, images, etc.
  • Live Chat- The Payoneer live chat team can offer assistance in around 70 languages. However, this feature might be subject to availability.
  • Call Us- A more quick and direct method of assistance is the calling feature. Some international and local calling charges may be application and this feature is also subject to availability.

According to Payoneer’s reviews on Trustpilot, people stated that its customer support is super fast and professional. And it gains a 4.4 out of 5-star rating among customers’ reviews.

Payoneer Features and Benefits

Payoneer is rapidly gaining recognition and dominance in the virtual money transfer business owing to the multitude of benefits that it offers.

Some of the prominent features are as follows.

  1. A variety of payment sending and receiving methods are available, including credit and debit cards as well as the ACH Debit card and e-cheque. Hence, customer ease is guaranteed through this flexibility.
  2. Users can use this virtual platform to convert their currency. Moreover, batch transfers to multiple accounts can be done simultaneously.
  3. Since more than 150 currencies are supported, cross-border money transfer is rendered seamless.
  4. To cater to a diverse population, more than 70 languages are supported.
  5. Payoneer is built to provide maximum security to its customers during their business transactions. And, so, fraud protection tools, two-factor authentication, and data tokenization are some measures to ensure a secure platform.
  6. Payoneer can be connected or linked to other websites to allow easy and direct money transfers. This platform can be integrated on other sites using an API.
  7. To ensure customer care is at the highest possible standards, a round-the-clock customer care service in multiple languages is available.
  8. The Request a Payment option also serves as a great tool to offer the clients to choose a money transfer method based on their convenience.

Payoneers Pros and cons

The Pros
  • The speed of money transfers is 0-3 days.
  • Over 200 countries, 150 currencies, and multiple languages supported.
  • Round-the-clock customer support.
  • Batch payment method is supported.
The Cons
  • Only receive payments from e-commerce platforms or businesses, not receive payments from individuals or personal bank accounts.
  • There is an extensive and lengthy sign-up process which can take a long time.
  • Monthly payment of $20,000 minimum is required.
  • Payoneer transfer, withdrawal, conversion fees are a bit too high.
  • Even on the Mastercard, an annual fee is deducted.

Payoneer services for Amazon sellers

As a leading brand in e-commerce, Amazon is gaining a foothold in virtual business.

And, to support and assist Amazon sellers, Payoneer provides a seamless money transfer method for multiple marketplaces.

The Amazon sellers are allowed to receive payments or disbursements from the sales directly into their Payoneer account and transfer or withdraw that fund into the local bank accounts.

This can be achieved by a very easy process of applying for an account in the Seller Central.

Here is how to add a Payoneer account as the deposit method on your Amazon seller central:

set up deposit method on Amazon
  • Sign in to Seller Central.
  • Hover over the Settings tab, and then click Account Info.
  • Click Deposit Methods > Assign to submit your Payoneer account info, such as account holder’s name, account number and routing number.

How Much Are Payoneer Fees?

The fees for different kinds of services varies and is listed in detail below:

  • Sign Up- The process of signing up for an account on Payoneer is totally free and requires no charges.
  • Receiving Fee- You can get paid by multiple methods, and the fees vary accordingly.
  1. If you are receiving payments from a Payoneer customer, no fee will be charged.
  2. If you Request a Payment from your clients, they can send payments through either Credit Card(all currencies), which will be charged 3%. Or through ACH Bank Debits(US only), which will be charged as 1%.
  3. If you are receiving payments through marketplaces like Upwork, Airbnb, Fiverr, the fees will vary according to the companies specified charges which will be deducted upon transaction
  • Withdraw fee- You can get the funds into your local bank account in the currency of your choice. If you-
  1. Withdraw to local account in currencies, such USD to USD, EUR to EUR, or GBP to GBP, a nominal fee of 1.50 $/€/£ will be deducted upon each withdrawal.
  2. Withdraw to a local account in a different currency, a 2% above market rate conversion fee will be charged.
  • Paying Fee- When you have to pay your suppliers or freelancers, you can pay them through 2 easy methods.
  • If you use Payoneer balance to pay-
  • A recipient having a Payoneer account, no fee will be charged.
  • A recipient who does own a Payoneer account, a 2% above market rate will be charged.
  • If you don’t use Payoneer balance, you can still pay your contractors through local bank transfer, which is charged 1%, or credit card charged 3%, or ACH Bank Debit(US only) charged 1%.
  • Amount Transfer Fee- The funds in your Payoneer account can be moved, and every move is charged 0.5% of the amount being transferred.
  • Annual Fee- If your account is open but inactive for 12 months with no transactions on your account or Prepaid card, you will be charged $29. 95 fee.

Is Payoneer Safe?

Payoneer is as safe as it comes.

It is loaded with various security measures that are strict and elaborate. Thus, user data safety as well as all global transfers, are taking place through a very secure network.

Through PCI Compliance, it is ensured that the cardholder’s data is protected, the access control measures are maintained, and the whole network is secure.

Furthermore, an added measure of high security is the Fraud Protection Tool which offers a high-risk countries filter, shipping/billing mismatch, and much more.

All the sensitive data is carefully protected and managed through the process of tokenization.

Also, the two-factor authentication further adds to the security measures, maximizing Payoneer’s safety.

Is It Better Than PayPal?

Most people like to compare it with PayPal.

Paypal and Payoneer bear a few major differences due to which one gains preference over the other.

People are used to comparing them together and try to find a better option for payment transactions.

Complaints about unreturned funds, blocked accounts, and inaccessible and unavailable support team have been observed with the use of Payoneer.

And some complaints regarding account withholding without warning by Paypal have also been seen.

Considering customer reviews and overall analysis of these two brands, the benefits and ease of using Paypal might outweigh the few perks offered by Payoneer.

If you are also interested in PayPal, here is its pros and cons.

The Pros
  • PayPal money transfer speed is 1-2 speed
  • Registration or sign up to send or receive payments is not mandatory.
  • The batch payment option allows sending payments to around 10,000 people at the same time.
  • There is no annual charge for using the MasterCard.
The Cons
  • Only 25 currencies are supported.
  • Non-verified accounts have an individual transaction limit of $10,000.

It works for eBay or other websites to collect payments, but unfortunately, Amazon doesn’t support PayPal as its deposit method.

Payoneer Alternatives

Choosing the right virtual payment method is crucial for business as well as personal transactions.

Even though Payoneer is an excellent digital banking platform, you can always explore some great alternatives.



Worldfirst is suitable for larger money transfers and transactions around the world.

On personal accounts, there is a minimum transfer amount of $1000, but no transfer fees apply.

Whereas business transfers are subject to some beneficial services with competitive exchange rates, and transfer fees are applicable.



With more than 170 countries supported, Pingpong enables cross-border money transfers at a 1% service fee with no monthly fees or minimum amount requirements.

Up to 8x cheaper conversion rates and it even allows users to observe the exchange rate and then choose when to convert.

A feature-packed dashboard, auto-convert, and auto-withdraw are some of the great features.



Airwallex supports over 130 countries and 23 currencies. Only 0.5-1% above interbank FX rates are charged on conversions.

Bulk payments can be scheduled to save time. And, integration with popular brands like Amazon and eBay is enabled. No transaction or sign-up fees charged. Multi-currency payment cards can be created.

Currencies Direct

currencies direct

Currencies Direct is a very innovative virtual platform through which users can send or receive payments without any transfer fees.

Over 200 countries and 40 currencies are supported. After free and quick sign-up, users can begin transactions that take only a day.

Live exchange rates can be checked 24/7, and the payments can be tracked online or through the app.

The Bottom Line

In short, Payoneer is on the go to redefine virtual banking through the introduction of versatile tools and high-standard safety tools that ensure that global money transfers are nothing but effortless.

At this point, we can say that Payoneer is an appropriate banking method with tons of benefits and a fair share of drawbacks.

However, there are multiple other alternatives such as Paypal, Currencies First, and Worldfirst that are equally powerful banking tools that users can take advantage of.

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