Payoneer?

bernard

bernard

BuSo Pro
Joined
Dec 31, 2016
Messages
2,587
Likes
2,298
Degree
6
Anyone want to share their experience?

I am getting the MasterCard debit in the mail one of these days.
 
Pros:
  • Easy to setup in the Amazon payment settings for 99% of clients
  • Money received quickly (typically same day or next day after Amazon release funds)
  • Offshore account for most affiliates. Potentially provides taxation benefits

Cons
  • Incoming Fees
  • Outgoing Fees
  • Difficult to speak with customer support for account issues
  • What happens to your funds if Payoneer goes bust?? (local banks have safeguards in place when an institution goes bankrupt.
  • $2500USD daily withdrawal limit. Takes several trips to an ATM/cashpoint and a PITA when you're making decent commissions
 
Very good experience with them. I've also never had problems with support.
I use it more like a gateway/bridge for my funds. Indeed it's not comfortable keeping your funds in their accounts.
Be careful with the exchange rates, they have fees included and they are not using the correct exchange rate for different currencies. It's always been a bit shit and I lose like 3% for every USD -> EURO.
 
Transferwise borderless is cheaper, good customer service, but no card..
 
GrindingTo10K said:
But can you receive payments from Amazon Associates Program to Transferwise?
Click to expand...

Yes, this is a recent product offering from the FX transfer companies. Previously customers had to use a shared account at Transferwise and use a reference/order number for all transactions. This didn't work with Amazon because your bank account has to be in your own name, not a 3rd party FX exchange company.

With the new Transferwise (and OFX) products you actually get a bank account in your own name. The benefit is much, much lower FX transfer fees to your home account.
 
I have a payoneer account for amazon.com. payments It worked fine for a while. Recently, the money did not show up in my account. Payoneer kept closing my tickets. I called, no solution. Then I talked to amazon. They stated, that using payoneer for amazon.com if you are not from the US is against their policy and told me to change my payout method to check. I did - and amazon retrieved it from payoneer and it by check.

With this experience, I am very curious about the transferwise solution. Did anyone try it with amazon.com yet? Wouldn't that be against their policy as well?
 
I tried to use them to pay for a VPS recently (PayPal was being a pain). After creating a payoneer account and adding my credit card information, they wanted photos of me holding identity documents, and wanted to charge me a fee. In the end it was a pain, so I just found another VPS with easier checkout.


So... I definitely wouldn't rely on it as a main payment method.
 
I used their card in whatever ATM in different countries and never had any issues. Very convenient.
 
nigeb said:
Yes, this is a recent product offering from the FX transfer companies. Previously customers had to use a shared account at Transferwise and use a reference/order number for all transactions. This didn't work with Amazon because your bank account has to be in your own name, not a 3rd party FX exchange company.

With the new Transferwise (and OFX) products you actually get a bank account in your own name. The benefit is much, much lower FX transfer fees to your home account.
Click to expand...

You are talking about the Transferwise Borderless account here?

I set mine up this month & added the banking details to Amazon for US payments, but haven't had this months payment go in yet so I'm hoping it works.

The only three issues I had adding the payment details into Amazon was the bank name, what routing number to use & bank account type.
  1. Transferwise doesn't show the banks name in the borderless account details dashboard. I had to phone them up and found out my account is with Community Federal Savings bank.
  2. Amazon asks for a Routing Number/ABA number. Transferwise provides both a ACH routing number and Wire routing number. Transferwise customer support told me to add the ACH number they provide.
  3. Amazon asks if the bank account is either savings or check. I had to have Transferwise confirm it is a checking account.
 
Wondering if anyone tried using Stripe with a Transferwise Borderless account?
 
I have been using Payoneer for the last 6 or 7 years. Never had a problem getting the card directly loaded or getting paid through their global payment service. There was this time my replacement card never arrived, but I think that had more to do with my country's post office incompetence than Payoneer. Also, you can make payments for free to other Payoneer card holders, which I find useful.
 
Payoneer is pretty good, been using it for years and never really had problems, you can send $$ to other payoneer accounts for no fee at all, only bad thing in my case is the currency exchange fees (I receive it the money in $, withdraw it in €) and thats a pain in the ass but overall it does the job nicely.
 
Hi, I'd like to share my experience too. I hope it can help others as well.

I live in Italy. I have been using my Payoneer card since late August. I received my Amazon fees normally.

I have been able to use my card for almost anything. Only exceptions were.
- gas stations: they won't take my card in the gas pump, however if I go to the gas station office and use a normal POS, they give me the cash to use the pump normally.
- mobile phone charge: I cannot use my card to add credits to my prepaid phone. My bank account works ok.

One big important note: maximum withdrawal in Italian ATMs is € 250 per day. I use my credit card for almost anything, and it is widely accepted, so this is not an issue for me. I am not making that much money too, and even if I were, I would incorporate and travel to the US to open a local corporate bank account. (But that is what works best for me in terms of tax planning, plus I don't want to hijack the thread.)

Exchange rate has been working for me at around 4 to 4.5% over what my XE app shows.
 
Hey there,

I've had good experience with Payoneer and recently they stopped charging to receive payments from Amazon and ACH transfers and that just took the service to a new level for me.

I use the account mainly to receive amazon affiliate payments. I am based in the UK so this makes getting paid from amazon swift and easy. I also use the account to pay a lot of freelancers working with me as compared to paypal where they get charged for receiving payments, it is free with payoneer.

Because I am based in the UK and do a lot of transactions in USD, foreign exchange fees start to add up on the ol bank accounts and this is where the payoneer card comes into it's own. I have added the payoneer card to my paypal account and set it up to so that paypal does not convert to GBP when making transactions for certain sites that insist on accepting only paypal. Foreign transaction fees are a thing of the past for me!

I also have a transferwise borderless account and only use this when getting paid for website sales.

I have found that transferwise borderless accounts beats payoneer when it comes to withdrawing to GBP. You get more for your money with transferwise.

See this image attached (drive.google.com/file/d/0B-VKF2kA5-oHR0NiMVM0T1hmcnM/view?usp=sharing) for a test withdrawal I did with both accounts for the same amount ($900) to a UK bank account at the same time, (give or take some microseconds in between).

Until transferwise opens up a physical card with their borderless account, I will continue to use payoneer for all foreign transactions and save on fees.

I have never tried using the payoneer card at an ATM as I don't have a need for it.

Let me know if I can assist any further.

Regards,

Sam
 
SamuelK said:
Hey there,

I've had good experience with Payoneer and recently they stopped charging to receive payments from Amazon and ACH transfers and that just took the service to a new level for me.

I use the account mainly to receive amazon affiliate payments. I am based in the UK so this makes getting paid from amazon swift and easy. I also use the account to pay a lot of freelancers working with me as compared to paypal where they get charged for receiving payments, it is free with payoneer.

Because I am based in the UK and do a lot of transactions in USD, foreign exchange fees start to add up on the ol bank accounts and this is where the payoneer card comes into it's own. I have added the payoneer card to my paypal account and set it up to so that paypal does not convert to GBP when making transactions for certain sites that insist on accepting only paypal. Foreign transaction fees are a thing of the past for me!

I also have a transferwise borderless account and only use this when getting paid for website sales.

I have found that transferwise borderless accounts beats payoneer when it comes to withdrawing to GBP. You get more for your money with transferwise.

See this image attached (drive.google.com/file/d/0B-VKF2kA5-oHR0NiMVM0T1hmcnM/view?usp=sharing) for a test withdrawal I did with both accounts for the same amount ($900) to a UK bank account at the same time, (give or take some microseconds in between).

Until transferwise opens up a physical card with their borderless account, I will continue to use payoneer for all foreign transactions and save on fees.

I have never tried using the payoneer card at an ATM as I don't have a need for it.

Let me know if I can assist any further.

Regards,

Sam
Click to expand...

Hang on a minute, I’m also in the UK and I have a Payoneer account. Are you saying I can receive payments in USD to PayPal, transfer it to Payoneer and avoid PayPal conversion fees?

This would save me so much money if true!
 
Cash Builder said:
Hang on a minute, I’m also in the UK and I have a Payoneer account. Are you saying I can receive payments in USD to PayPal, transfer it to Payoneer and avoid PayPal conversion fees?

This would save me so much money if true!
Click to expand...
You can actually add the bank account information from Payoneer to PayPal.
So you withdraw without PayPal fees to Payoneer.

If you do this, contact their PayPal support on Twitter. I had problems when I tried adding the bank information to PayPal. They said it's a security measure. Calling them didn't help, lol.
 
Cash Builder said:
Hang on a minute, I’m also in the UK and I have a Payoneer account. Are you saying I can receive payments in USD to PayPal, transfer it to Payoneer and avoid PayPal conversion fees?

This would save me so much money if true!
Click to expand...
I have not tried doing that but I am unsure it will work.

Since you are UK based, I don't think their system will allow you to add a bank account that is not UK based.

What I do is use my payoneer card to make purchases on paypal and avoid paypal conversion charges. It still saves me money. I have not found a cost effective way to withdraw USD payments from paypal without incurring some foreign transaction fees.

Hope this helps.

Sam
 
Paypal can attach a (Payoneer or Transferwise) USD account to GBP or AUD accounts if you call.

I have a Transferwise borderless account linked, better forex rate sending USD home than Payoneer.
 
I've been using Payoneer for a while now.

Overall I am satisfied. For most I assume a normal bank account would be preferable, but there are some benefits. Mostly the ability to have an account in GBP, USD and EUR and a separate card to go with each. Works well if you're a traveller. Actually, you need a card for each, since you can't convert currency in Payoneer. Meaning if you get a payment in USD you need a USD card to use it. Can't convert to your EUR card.

Currency rate isn't great, but not horrible either. Withdrawals in ATM are stupid expensive, $3 or so, but I assume that's standard for foreign ATM withdrawals.

You can also get money wired directly through a unique SWIFT code, which is neat. Only works if the sender has a company account. The request payment feature is good for billing clients, though a bit cumbersome I've been told. Still works.

My verdict is that Payoneer so far works. Remains to be seen once there is larger amount in the account if they begin doing tricks like Paypal does sometimes.
 
Great experience so far. Not that I transact or earn much from amazon, but total transaction with them is close to $20k over two years now. If you live in Nigeria like I do, and paypal doesn't work for you, then payooner is the best alternative.
 
I guess living in Nigeria does carry some difficulty with banking :D
 
SamuelK said:
I've had good experience with Payoneer and recently they stopped charging to receive payments from Amazon and ACH transfers and that just took the service to a new level for me.
Click to expand...

Hi Sam,

Last time I received a commission was late August and I paid a 1% fee. This is great news for me!

ragnar said:
Overall I am satisfied. For most I assume a normal bank account would be preferable, but there are some benefits. Mostly the ability to have an account in GBP, USD and EUR and a separate card to go with each. Works well if you're a traveller. Actually, you need a card for each, since you can't convert currency in Payoneer. Meaning if you get a payment in USD you need a USD card to use it. Can't convert to your EUR card.
Click to expand...

From what I understood, once you receive the first € 50 they will send you a new card to access and use this new Euro account.

I don't have that card yet as I didn't have the need to far, plus I believe that represents yet another yearly maintenance fee you have to pay, however I do agree with your comment about travelers. I had my first card sent to my lawyer's office, and if I should have a second one I will do the same thing. Once receiving the card, he forwards me the envelope on DHL to wherever I am at the moment -- like he did with the first card.
 
nigeb said:
Cons
  • ...
  • $2500USD daily withdrawal limit. Takes several trips to an ATM/cashpoint and a PITA when you're making decent commissions
Click to expand...

One day I hope to suffer cons like this :D

7c2e14a4f346625a8befa9c5c82b7f65096b527e8bb22dc38df0dbc4fd2cd95e.jpg
 
You must log in or register to reply here.
Back