Is Payoneer Free? (All You Need to Know?)

Payoneer is a popular global payment app that is used by many businesses and freelancers to send money, receive payments, and convert currency. 

If you are considering using Payoneer for your business, it is important to research the company to see if it is right for you. One of the questions you may have is whether it is free to use. This article will tell you all you need to know on this topic!

Is Payoneer Free?

You won’t be charged for opening and using a Payoneer account, and there is no set annual fee unless your account goes unused for 12 months. There are fees that may apply when transferring money into bank accounts, converting currency to pay someone, withdrawing cash from an ATM using your Payoneer card, or receiving credit card payments. 

Payoneer has many services and various fees that apply in certain situations, so keep reading for more important details!

How Does Payoneer Make Money?

Despite many of Payoneer’s services being free of charge, there are several types of fees that the company charges in order to make money. 

Payoneer makes more money as the user base grows worldwide, due to currency exchange rates that go to the company, as well as transfer charges, debit card charges, and withdrawal fees. 

How Much Does Payoneer Charge Per Withdrawal?

If you want to use your Payoneer Mastercard to make a withdrawal at an ATM, you should be aware of withdrawal fees. Payoneer has a flat-rate cash withdrawal fee for the debit card.

Payoneer charges 3.15 USD, 2.50 EUR, and 1.95 GBP for cash withdrawals at an ATM. 

You may also be charged a currency conversion/cross-border fee if you are in a foreign country. Also, be mindful of surcharges from the owner of the ATM. 

If you wish to see specifics on your fees and pricing, you can sign in to your Payoneer account and view the Pricing & Fees Tab under the help menu. 

In addition, withdrawals (transfers) to your bank account from your Payoneer account have a different set of fees, which are discussed below. 

What Are Payoneer’s Fees?

What Are Payoneer’s Fees?

Payoneer has several types of fees that you should be aware of. These include bank transfer fees, currency conversion fees, debit card fees, and cash withdrawal fees. 

Bank transfer fees will vary depending on the type of currency you are withdrawing from your Payoneer account. 

If you are sending local currency from a Payoneer balance of a different currency to your bank account, there is a fee of up to 2% of the transaction amount. 

If you are transferring local currency from your Payoneer account to your bank account that uses the same currency, there is a flat rate fee of 1.50 USD, EUR, or GPB.

Keep in mind that the fixed fee only applies to transfers in USD, EUR, and GPB, and does not apply to those that require a currency conversion. 

Payoneer Mastercard users are charged an annual fee of 29.95 USD for their first card, and then any subsequent cards are free. There are also fees for debit card replacement. 

If you are paid directly by your clients through Payoneer, there will be a 3% fee if they use a credit card and a 1% fee if they use an ACH bank. 

Does Payoneer Have An Annual Fee?

There are no annual fees for having a normal Payoneer account with all of the regular features if you use your account regularly. However, if you apply for a Payoneer Mastercard, there is a card fee of $29.95. 

In addition, Payoneer will charge you a fee of $29.95 if your account is inactive for 12 months. 

Is Payoneer Mastercard Free?

The Payoneer card is a debit card you can apply for through your Payoneer account. It functions as a normal debit card, and you can use it anywhere Mastercard is accepted. 

When you apply for your first Payoneer debit card, there is an annual fee of 29.95 USD and free standard delivery. 

In addition, there is a flat-rate fee charged if you use your Payoneer card to withdraw cash from an ATM. 

Aside from these expenses, though, your Payoneer card is free to use for payments anywhere that accepts Mastercard. 

Can I Pay Other Payoneer Customers For Free?

If you pay someone using Payoneer, the transaction will be free if the person you’re sending money to also has a Payoneer account. 

There are some fees and currency exchange rates that apply when you pay someone, and the money is sent directly into their bank account. These fees are similar to those that are charged for transfers to your own bank. 

Does Payoneer Have a Monthly Fee?

Payoneer has no monthly fees. However, if your account remains inactive for 12 months or more, you will be charged a fee of $29.95.

To know more, you can also read our posts on whether Payoneer is legit, whether Payoneer is a bank, and how Payoneer works.


Signing up for Payoneer is free, and many of its services come without fees. However, several common fees are likely to come across when using this service. 

These fees include transfer fees, currency exchange rates, credit and debit card related fees and charges, and cash withdrawal fees. 

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Cara Suppa

Cara Suppa has been freelance writing for over a decade and holds a BA in English and an MS in Integrated Marketing Communications. Outside of work, she is an avid cook, gardener, and discount shopper.

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