As the world of online business and e-commerce continues to grow, new companies and services enter the financial sphere and allow people to run their businesses smoothly.
There are countless payment apps out there, and Payoneer is just one of them. But what is Payoneer, and what is it used for? This article will tell you all you need to know.
What Is Payoneer Used For?
Payoneer is an online payment service for businesses, large companies, and freelancers. It allows business owners to request and receive payments from all over the world. It can also be used to send payments, store funds, and convert currency. Account holders can withdraw funds from their accounts. Payoneer is primarily used to connect businesses with their customers for E-commerce.
Payoneer is popular in the world of online business but isn’t as well known among those who are used to more standard payment apps, so keep reading to learn more about it!
Can I Withdraw Money From Payoneer?
Yes, you can withdraw money from your Payoneer account and transfer it into a bank account. There are withdrawal fees that vary depending on the form(s) of currency you are using.
To withdraw funds from your Payoneer account, sign in to the app or online and select “Withdraw”. Then you can enter the amount you want to transfer, and which registered bank it should go into.
Why Do We Need Payoneer?
Payoneer is used by many businesses to allow online payments from customers all over the world.
If a business asks you to pay them through Payoneer, but you haven’t used it before, think of it as a more global-friendly version of PayPal.
Of course, Payoneer is not the only money service company out there that works well for businesses. You can also try PayPal, Google Pay, Cash App, or a Wise business account.
Is Payoneer a Debit Or Credit Card?
Payoneer offers a prepaid Mastercard debit card to eligible customers. The debit card allows you to make purchases using funds from your Payoneer account balance.
Payoneer does not offer a credit card. The debit card, however, can be used anywhere that accepts Mastercard. Keep in mind that there is an annual card fee of $29.95.
The Payoneer card is an optional feature of your account, and you don’t need to have one to use Payoneer.
In Which Countries Can I Use Payoneer?
Payoneer is available to use in the following countries: Australia, Canada, China, Japan, Mexico, Singapore, the United Kingdom, and the United States.
How Do I Pay Someone On Payoneer?
There are several different ways you can pay someone on Payoneer, even if you don’t have a Payoneer account.
If you don’t have a Payoneer account, the person who you are trying to send money will need to send you a payment request from their account.
The request will be sent to your email, and it will direct you to complete the process and enter your payment method.
If you do have a Payoneer account, you should be able to pay another user with the Make a Payment feature in the Payoneer app.
Can Anyone Use Payoneer?
Anyone over the age of 18 in the countries where Payoneer is available can apply for a Payoneer account. You will need a valid phone number, email address, ID card, and your bank account details.
Payoneer is compatible with many types of currency: USD, CAD, EUR, AUD, GBP, JPY, and CNH. You can pay and receive money in these currencies, and Payoneer will convert them if needed.
Is Payoneer Good For Personal Use?
Payoneer is not geared toward personal use. Instead, it is designed as a tool for business owners and freelancers who receive payments from customers and clients online, from all over the world.
Payoneer may be a good fit for your business. But if you are looking for a personal use peer-to-peer money transfer app that works internationally, try Remitly, Wise, Revolut, or OFX.
What Websites Use Payoneer?
There are many companies and businesses that use Payoneer online to make payments easy for customers from many countries.
Some of the more well-known companies that use Payoneer include AirBnB, Google, Amazon, eBay, Rakuten, Adobe, Upwork, and Fiverr.
To know more, you can also read our posts on why Payoneer is so slow, why Payoneer is not working, and how to order a Payoneer card.
Conclusion
Payoneer is used by companies and businesses, big and small, to send and receive payments, convert currency, and store funds.
You can open a Payoneer account in many countries if you’re 18 years or older. It can be a great tool for your business, as it allows customers to pay you using several types of currency easily.
