Payoneer is a company that serves multiple countries and helps business owners receive payments in many different currencies. With a Payoneer business account, you can store your earnings and even pay other Payoneer customers.
With all of the features this company has to offer, many wonder if it is actually some kind of bank. This article will help answer that question and many more!
Is Payoneer a Bank?
Payoneer is not a bank, rather it is a payment service geared toward businesses that would like to be able to receive payments online from customers and clients all over the world. Payoneer does not hold the funds you receive, instead, the money is transferred into your own business account, and you can then transfer it to your bank account.
There are some important details you should know about Payoneer if you are a business owner or freelancer and would like to create an account, so keep reading to learn more!
Is Payoneer a Bank Account?
Your Payoneer account has some similarities to a bank, in that you can transfer money from it and use the balance to pay others who have a Payoneer account.
You can also apply for a Payoneer debit card, which allows you to make purchases using the money stored in your Payoneer balance.
However, Payoneer as a company is not a bank, and it does not hold your funds or give out loans. You can, however, withdraw the money earned through Payoneer and put it in your linked bank account.
Which Bank is Associated With Payoneer?
Rather than having one bank associated with it, Payoneer has partnered with many banks worldwide so that they can add online multi-currency payment services to their bank offerings.
Some of the banks and eWallets that have partnered with Payoneer include Bangkok Bank, Monobank, Kuda, EasyPay, OtpBank, Prex, Bank Asia, Faysabank, BSB Bank, and more.
Can You Transfer Money From Payoneer to a Bank Account?
Yes, you can easily withdraw money from your Payoneer account and transfer it into your registered bank account. To do this, you will first need to link a bank account for withdrawals to your Payoneer account.
Once this is done, you can select “Withdrawal” and choose the account you’d like the funds to go to. Each withdrawal will have a fee, depending on the type of currency you are transferring.
The fee may be up to 2% of the transfer amount, or a flat rate of $1.50 if both your withdrawal and the bank account use the same currency.
Where Do I Find My Payoneer Account Number?
To find your Payoneer account number (your customer ID), first sign into your account. Then, look to the top right corner of your screen, there you will find your name, and just below it is your customer ID.
This ID number will help you if you need to contact the Payoneer support center. Providing your customer ID helps the support team find your account quickly.
Can I Use Payoneer Without a Bank Account?
Yes, you can use Payoneer without a bank account. You will need to link an account for a financial institution, but instead of using a bank, you can use another company that is compatible with Payoneer, such as Fiverr.
If you create a Fiverr account, you can use it as a stand-in account that facilitates payments and withdrawals through Payoneer.
Does Payoneer Hold Money?
For every payment you receive in Payoneer, the transaction will be reviewed before it goes into your account. Payoneer checks for evidence of fraud or other problems.
If fraud is suspected, Payoneer will hold the funds and contact you via email, so the payment won’t be available until the issue is resolved.
In addition, sometimes the review process takes several days if the team is having trouble verifying your identity.
However, once the review process is complete, the funds will be transferred directly to your Payoneer account for your own use.
What Is a Payoneer Card?
Payoneer’s prepaid debit card is a payment method you can apply for in your Payoneer account. The card comes in virtual and physical forms, and it allows you to make purchases using the money in your Payoneer balance.
You can use the Payoneer card to pay anywhere that accepts Mastercard. Keep in mind that there is an annual card fee of $29.95.
To know more, you can also read our posts on how to order a Payoneer card, whether Payoneer is legit, and how Payoneer works.
Conclusion
Payoneer is not a bank, but opening a Payoneer account allows you to receive payments, store money, and transfer funds in similar ways.
WIth a Payoneer account, you can withdraw funds to your actual bank account. You can also apply for a Payoneer debit card, which allows you to make cash withdrawals and make purchases using your Payoneer account.
