In today's time when the use of online payments services is increasing rapidly, Online frauds are also increasing. That's why the security of online transactions are very crucial. All the online payment companies try to provide high security to their users to prevent spam and hacks. Does Payoneer offer the protection we deserve as a user? Let's find out in my Payoneer Reviews 2017.
In my personal experience, I am using Payoneer for almost one year now, and I am very satisfied with the service so far. So I decided to write Payoneer Reviews, which should help all my readers to know more about Payoneer.
Before going deep into reviewing Payoneer service, first, let me introduce you to Payoneer Online Payment Solution. So let's find out more about Payoneer.
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- 1 Introduction to Payoneer
- 2 Payoneer Reviews 2017 - The Best Payment Solution
- 3 Payoneer Security - Is it Safe Enough?
- 3.1 Creating Payoneer Account and Manage it
- 3.2 Transfer Funds Through Payoneer
- 3.3 Get Paid or Receive Funds Through Payoneer
- 3.4 Withdraw Funds From Payoneer Account
- 3.5 Transferring Limits for Sending and Receiving Funds
- 3.6 Payoneer Advantages - Payoneer Review 2017
- 3.7 Payoneer Disadvantages
- 4 Conclusion
Introduction to Payoneer
Payoneer is an online money transfer and e-commerce payment service, founded in 2005. Payoneer's main headquarter located in New York City. Payoneer has 3 million users in more than 200 countries and provides transactions in more than 150 countries.
The Platform (Payoneer) is famous for providing its service with low currency conversion fee. In 2016 Payoneer expanded their service into INDIA in keeping with the ideal of trade across borders. Yet, in INDIA Payoneer is not allowed to offer their pre-paid master-card.
Payoneer's goal is to empower their customers to grow their business by enabling them to pay and get paid as quickly globally as they do locally. Payoneer's currency conversion fee is one of the best advantages they have; they charge a low fee for currency conversion in comparison to their competitor PayPal.
Whenever you receive 10$ or more in your Payoneer account, then it will automatically transfer to your local bank account. It takes much less time to transfer the amount in the bank (Max 3-4 Days) Whereas Paypal takes 7 Days.
Payoneer Reviews 2017 - The Best Payment Solution
Payoneer is the best payment solution for freelancers because its currency conversion fee is very low. If you are working online on websites like freelancers,upwork or Fiverr then you can get paid through Payoneer without any fee.
Your funds will be transferred to your local bank account automatically whenever you receive 10$ or more in your Payoneer account. The best thing is that Payoneer is free of cost, so you will not be charged anything for transferring funds to your local bank account.
Offer - Signup here and get 25$ bonus when you receive 100$ in your Payoneer account.
Payoneer Security - Is it Safe Enough?
Our security is always in our hands if we don't do what is not recommended then we are not going to be trapped. But few aspect of security also depends on service providers. However, they offer us the best protection with their service. But if we don't follow the rules seriously then we are most likely to get offended by Spammers or hackers.
So let's talk about the Payoneer's security, they provide to their customers to prevent frauds or hacks.
Protection By Payoneer
At Payoneer, every transaction is heavily guarded behind their firewalls and sophisticated anti-hacking techniques. They monitor each and every transaction to prevent frauds, phishing encounters, identity theft and other attacks.
Whenever an attack is identified their team of dedicated security specialists investigate the source and take precautions to protect your account, as well as other account holders.
All the account holders receive an Email notification when their account information is updated. They also inform you if any unusual account activity detected into your account. If you find a notification for an activity you have not done, then you can just contact Payoneer Support team 24x7, and they will resolve your issue.
Protecting Yourself - Use these guidelines and leave the rest on Payoneer
If you don't make any mistake, then it is very rare that your account gets hacked or spammed. Security is in your hands if you are aware of the guidelines and strictly follow them then your account will be safe. Rest you can leave on Payoneer's security system if you find any suspicious activity then instantly contact Payoneer customer support.
Follow the guidelines given below to protect yourself online
- Keep your security software, Operating system, and Browser updated, better you set them to auto-update if possible.
- Use a trusted anti-virus or internet security software.
- Make a password longer enough containing upper and lower case, alphanumeric that doesn't form a word.
- Do not use the same password for other accounts.
- If you keep a written record of your password, then keep them in a safe place, don't save them on your device.
- Always Pay, write your login credentials or personal information over an HTTPS connection, check HTTPS in the web URL. HTTPS connection is always green and usually, contains a green lock icon.
- Always sign out of Payoneer after visiting the site, if you are using public network or computer then delete browser history.
- Never share your password or speak it near others, always keep your password in your mind.
- Never reply or log in to Payoneer using a link you received via Email, always login to your account by entering the address in a browser.
- Always keep your Payoneer card details at the safe place, don't share the pin with anyone also don't write it anywhere just keep it in your mind.
Now I will tell you about how you can create Payoneer Account, sending & receiving money through your Payoneer account.
Creating Payoneer Account and Manage it
- To create your account, you just need to sign up to Payoneer
- Now after input all the required details, you will be asked for the bank account you want to use.
- After setting up your account completely, you will need to confirm your bank account, and that's it.
- After one week you will receive your Payoneer Master card, which you can use to shop online or offline.
- Payoneer Charges 29$ Annual fee, which is reasonable because you will get an excellent service in return.
Transfer Funds Through Payoneer
There are three ways to pay through Payoneer, and these are
- Pay via Payoneer Account
- Global Bank Transfer
- Mass Payout Services
Pay via Payoneer Account (Not Available in INDIA)
It is the simple method of paying through your Payoneer account. You just need to follow these steps.
- Login to your Payoneer Account
- Hover on "Pay" or "Send Payment" option in the main menu and click "Make a payment."
- Fill the required details in the form and send.
Global Bank Transfer - Pay Globally Via Payoneer
You will need to Sign up for Payoneer's Mass Payout service to use this feature.
- Signup for Payoneer's Mass Payout Service
- Invite Your Payees to Signup to Payoneer and enter their Bank details.
- Now make individual or Mass payments using Payoneer.
Mass Payout Services - Expand Your Business in New Geographies
Pay at once to all your beneficiaries, follow these simple steps and you are done.
- Signup to Payoneer Mass Payout Service
- Offer Payoneer as payment option to your beneficiaries
- Add funds to your mass payout account
- Send Funds to your beneficiaries
Get Paid or Receive Funds Through Payoneer
Note: If you are a freelancer and want to use Payoneer for receiving funds, then go through this article to receive funds from Freelancing Marketplace.
There are two ways to getting paid through Payoneer and these are
- Payoneer Account Transfer
- US Payment Service (ACH) and EU Payment Service (SEPA)
I have never tried ACH or SEPA to receive funds into my Payoneer Account, I have used Payoneer account transfer so far. So I will talk about getting paid via Payoneer account transfer.
Payoneer Account Transfer - If you are an INDIA citizen then you will need to Request a Payment from the Dashboard of your Payoneer account to receive payment.
Follow the simple steps given below to receive or request a payment using Payoneer.
- First of all login to your Payoneer Account.
- From the menu, Receive > Request a Payment
- Fill in the Payment request form and send it.
- Now your client will receive an email from Payoneer with the payment details. Your client can click on "Pay Now". Your client will be redirected to Payoneer Platform where they can pay the bill.
- Here your client can select the payment method and can pay the requested payment.
- Now you will receive a confirmation email as soon as the payment credited to your Payoneer account.
Here is a video explaining "How to Request a Payment via Payoneer."
Withdraw Funds From Payoneer Account
There are two ways to withdraw your funds from your Payoneer Account, and these are
- Payoneer Master Debit Card (Not Available in INDIA)
You can use your master debit card to shop online or offline as soon as you receive funds into your Payoneer account. You can also withdraw the funds via ATM, and you will be charge $3.15 per transaction in ATM.
- Local Bank Account Transfer
Local Bank Transfer is a better option because it is free of cost. However, it will take up to 4 days to withdraw your money in your Local bank account. In INDIA, when you receive $10 or more in your Payoneer account then it will be automatically transferred to your local bank account.
Transferring Limits for Sending and Receiving Funds
As you can see in the picture given above, you can send minimum $20 and maximum $1000 per day and per transaction. Same applies for the receiving funds as well; you can receive total $5k monthly.
Payoneer Advantages - Payoneer Review 2017
- Best conversion rate - It Pays you highest in your local currency while converting from $ or any other currency.
- You can receive payments from multiple affiliate networks and freelancing marketplaces.
- Withdrawing funds to your local bank account quickly, usually in 2 or 3 days, Which is fastest.
- The Payoneer Debit card works on all ATMS, so you can easily get your cash in your hands.
- The Payoneer reward you and your friend 25$ when you receive 100$ (If you signup via referring link).
- It provides good customer support with 24x7 availability.
- Payoneer's Global payment solution allows you to transfer funds globally directly in your beneficiaries Local Bank Account.
- Pay to multiple beneficiaries at once using Payoneer's Mass Payout Service.
- All the top freelancing companies are connected with Payoneer, so you can just select Payoneer as your Fund receiving option.
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- Payoneer charges 3.15$ per transaction through ATM, which is quite high.
- The Daily and the Monthly limit are low. We expect more from Payoneer.
- Conversion rate of any currency in USD (while sending money) is low, and also transaction fees is high, same as PayPal.
Payoneer is the best Payment solution for freelancers and low money transfer individual or business. It is not that good for large firms owners because of its fund transfer limitations. In comparison to Paypal, Payoneer daily transfer limit is very low.
We hope it will be extended in future. If you are an individual or small firm owner, who transfer $5000 monthly or less then Payoneer is the best Payment solution for you.
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