What is Payoneer: how does the payment system work?

Payoneer is an international financial system that allows users to make money transfers, receive payments from companies, international platforms and individuals, and use the funds received in various convenient ways. This financial service allows you to make transactions in many currencies, which makes it popular among users working in the international market. The main function of Payoneer is to provide fast, secure and convenient payments between clients from different countries. The service works similarly to a traditional bank account, but has significant advantages in the speed of transactions, ease of setup and less stringent restrictions on international transfers.

One of the key features of Payoneer is the ability to receive payments from such popular companies and platforms as Upwork, Fiverr, Amazon, Airbnb, Google, Facebook and many others. Freelancers, entrepreneurs, online business owners and companies use Payoneer to receive funds for services performed or goods sold.

Why do you need Payoneer?

Payoneer functions as an international wallet that allows you to receive and send payments in different currencies. Its main areas of application:

• Freelance and remote work. Freelancers working on exchanges such as Upwork, Fiverr, Freelancer can withdraw earned money to their Payoneer account and use it for further expenses or cash out.
• Business and international transactions. Companies can make payments to suppliers and partners around the world, and entrepreneurs can accept payments for services and goods from abroad.
• Online shopping. Payoneer supports the ability to make purchases in foreign online stores using Mastercard.
• Cryptocurrency withdrawal. Some exchanges allow you to use Payoneer to withdraw funds, although there are certain restrictions.

Features of the Payoneer payment system

The Payoneer financial system has a number of important characteristics that make it one of the most convenient platforms for international payments. Thanks to its wide functionality, users can make transactions quickly, securely and with minimal commission costs.

• Fast and free registration with mandatory verification. The process of creating an account on Payoneer is simple and takes only a few minutes. However, after registration, the user is required to undergo verification by providing appropriate documents, such as a passport or other official identification document. This is necessary to ensure the security of accounts and compliance with international financial regulations. Without successful verification, the account will be limited in functionality, for example, it will not be possible to receive money or order a card.
• Virtual account and physical Mastercard card. Users of this payment have the opportunity to manage funds through:

1. A virtual wallet that allows you to keep a balance in several currencies and make international transactions.
2. A physical Mastercard card that allows you to pay in stores, withdraw cash at ATMs around the world and pay for online purchases.

The availability of these options makes the system as flexible as possible for different types of users – from freelancers to businessmen who make large transfers.

• Support for many currencies. The payment system allows you to receive payments in major international currencies, including:

1. US dollars (USD).
2. Euros (EUR).
3. British pounds (GBP).
4. Japanese yen (JPY).
5. Canadian dollars (CAD) and others.

This makes it possible to work with clients from different countries without having to open several separate accounts in local banks.

• Favorable currency conversion. When exchanging money in the system, flexible rates are used, which are often more favorable than in traditional banks. Thanks to global currency exchange, Payoneer allows you to minimize losses during conversion, which is especially important for those who regularly work with different currencies.
• High level of security. The system uses advanced protection methods that guarantee the security of financial transactions:

1. Multi-level authentication, including two-factor login.
2. Real-time transaction monitoring to prevent fraudulent activities.
3. Data encryption to protect user information.

These security measures help protect customer accounts and funds from unauthorized access or data theft.

What is the Payoneer commission in Ukraine?

Using Payoneer is associated with certain tariffs that depend on the type of transaction and the method of using the service. Some transfers can be made free of charge, while others involve commission costs.

• Internal transfers between Payoneer accounts. One of the key advantages of Payoneer is the ability to make free transactions between users of the system. This is convenient for freelancers and entrepreneurs who work with partners or contractors who also use Payoneer.
• Receiving payments from companies and platforms. If the transfer comes from partner companies (for example, Upwork, Amazon, Fiverr), the commission may be 0% or have minimal fees. When receiving money through the Global Payment Service (for example, from international clients or enterprises), the commission is from 0% to 3%, depending on the payment method.
• Withdrawing funds to a bank account. Users can withdraw money from Payoneer to a private bank account, but this operation involves certain fees:

1. Standard withdrawal fee – from 1% (but may vary depending on the country).
2. In addition, the bank to which the transfer is made may set its own fees.

• Cash withdrawal at ATMs. If the user has a Payoneer Mastercard, he can withdraw cash at any ATM that supports Mastercard. The withdrawal fee is about 3.5% + 3 USD per transaction. Some banks may additionally charge their own fee, so before withdrawing funds, it is worth clarifying the conditions at the selected ATM.
• Currency conversion. If during a transaction you need to exchange one currency for another, the Payoneer system automatically applies its conversion rate. The conversion fee is on average 2-3% of the transfer amount. Since the exchange rate may change, it is recommended to check the current values ​​​​before making transactions.

How to withdraw funds from Upwork to Payoneer?

To withdraw funds from Upwork on a payment card, you need to take the following steps:

1. Add Payoneer as a payment method in your Upwork account settings.
2. Complete verification and confirm your card’s bank details.
3. Select the Payoneer payment method.
4. Specify the amount to transfer (minimum – 50 USD, maximum – depends on the account level).
5. Confirm the transaction and wait for it to be credited to your Payoneer card balance (usually within a few hours).
6. Then you can transfer funds to a bank account, use a card or withdraw at an ATM.

How to get a Payoneer card in Ukraine?

• Register an account on the official website.
• Upload the necessary documents for verification and receiving a card (passport, identification code).
• Submit a request for a physical card.
• Wait for approval of the request to receive a card (usually takes several days).
• Receive the card by mail and activate it through your account.

Advantages of Payoneer over other payment systems

Payoneer has a number of unique advantages that make it an attractive choice for freelancers, entrepreneurs and companies operating in the international market. Among the main advantages:

• Registration bonus. New users can receive a bonus credit to their balance after registering and receiving the first payment from the card. This is a nice incentive for those who are just starting to use the platform.
• High level of security. Payoneer implements the most modern means of protecting financial transactions, including:

1. Two-factor authentication for logging into the account.
2. Automatic monitoring of account transactions to prevent fraud.
3. Protection against unauthorized access to the account, thanks to document verification.

These measures allow users to be confident in the safety of their account, card and funds.

• Availability of a Mastercard card for international payments. Payoneer users can order a physical or virtual Mastercard, which allows them to:

1. Withdraw cash from ATMs in any country in the world.
2. Make online payments without unnecessary fees.
3. Use the card for purchases at retail outlets and online stores.

• Flexible withdrawal of funds in different currencies. Payoneer supports withdrawal of money in several currencies, including USD, EUR, GBP and many others. Users can transfer funds to their bank account using a favorable conversion rate.
• Free transfers between accounts. If both the sender and the recipient have Payoneer accounts, they can make free transfers, which significantly reduces commission costs.

Ultimately, Payoneer is a convenient, legal and efficient payment system that allows you to receive money from abroad, make transfers, withdraw funds at an ATM or use a card to pay. The system offers favorable rates, but it is worth considering possible restrictions and fees. For Ukrainian users, Payoneer remains one of the best ways to receive international payments.