Can you put money in your bank account through the Post Office? Find out everything you need to know here in this handy guide.
If you run a business that accepts payments from customers, you’re likely to have heard of Payoneer.
The US-based company offers a payment platform which allows merchants to request and receive payments. It works in a similar way to PayPal or Venmo, and is a popular choice among users of e-commerce marketplaces like Airbnb and the freelancer platform Upwork.
Payoneer also has its own debit card, which is what we’ll focus on here in this guide. We’ll run through everything you need to know, from fees and eligibility to how to order a Payoneer card for your business.
But more on this later. For now, let’s get back to the Payoneer card.
The Payoneer debit Mastercard allows you to spend the funds that come into your Payoneer account. You can also use it to withdraw cash at an ATM. It works just like an ordinary debit card, so you should be able to use it anywhere that Mastercard is accepted.
It’s a handy payment method when making business purchases, such as buying goods and covering travel expenses. You can also use it to pay for business services such as advertising or accounting online or in person.
You can use your Payoneer card internationally too, although there are fees involved (we’ll look at these next). Payoneer offers cards for each currency balance in your account, so you can pay in the local currency too.
Unfortunately, the Payoneer card isn’t free. For starters, there’s an annual card fee of $29.95 (approx. £26.50)¹. Additional fees apply for transactions in other currencies. Let’s take a look:
|Payoneer card fee¹
|Payments in the same currency as your card (in Payoneer supported countries)
|Payments involving currency conversion
|Up to 3.5%
|Cross-border fees where the merchant country is different to the card issuing country
|Up to 1.8%
|ATM balance enquiries
While most Payoneer platform users should be eligible for a Payoneer card, not all are. You’ll need to have received a minimum of $100 (or the equivalent in GBP) in your Payoneer account over the last 6 months. This doesn’t include payments made from e-wallets like Skrill or PayPal².
If you’re not sure whether you meet this eligibility criteria, there’s a quick way to check. Sign into your Payoneer account, select ‘Banks & cards’ and then ‘Payoneer cards’. If you see a button to ‘Order Now’, it means you’re eligible and can order your debit card right away².
If you’re happy with the fees involved and are eligible for a Payoneer card, it’s time to get yours ordered. Luckily, it’s quite quick and easy to do.
Here’s what you need to do to order your Payoneer card³:
- Sign into your Payoneer account
- Select ‘Banks & Cards’
- Click on ‘Payoneer cards’
- Select the option to ‘Order a card’
- Choose your card type. You can have a physical card, which is just like an ordinary plastic debit card. There’s also the option to have a virtual card, which is a digital version of your debit card. You can use this for contactless mobile payments, but are unlikely to be able to use it for ATM withdrawals.
- Choose your currency - your options are GBP, EUR, USD or CAD. If you want, you can apply for separate Payoneer cards for each currency.
- Follow the instructions and submit your application.
You’ll need to make sure you have your approved ID and proof of address on file with Payoneer in order to be accepted for a debit card³.
During the application process, you’ll be given the option to choose standard or express delivery for your new card. Payoneer doesn’t give details of how long standard shipping takes, but express delivery is around 4-7 working days².
Within the UK, express shipping is handled by DHL and costs £35². To choose this option while ordering your card, you’ll need to make sure you have enough money in your Payoneer account to cover the fee. Standard shipping is free¹.
The only other thing you should know about the Payoneer debit card is how it works with your Payoneer account.
Your Payoneer currency balance is transferred automatically to your card, so you don’t need to top it up. In fact, it’s not actually possible to top up your card manually. However, these automatic transfers only happen every hour². This means that you won’t instantly be able to spend money right after you’ve received it.
If you like the idea of spending in multiple currencies without needing separate cards, check out Wise.
The Wise multi-currency card can be used in 175 countries, almost anywhere that debit cards are accepted. It works with Apple Pay and Google Pay, and can be used online, in person and at ATMs too.
Whenever you spend, this clever contactless card automatically converts your pounds into the local currency at the mid-market exchange rate, which is the fairest you can get. There’s just a small fee for the conversion, or it’s free if you already have the currency in your account.
There are no subscription charges to worry about, only a one-time card fee of £5 for personal users and £45 for businesses.⁴ Find out more about Wise cards here.
And that’s pretty much it – everything you need to know about the Payoneer card for businesses. We’ve looked at how much it costs, who is eligible and the steps to follow if you want to order one. So, you should now have all the info you need to decide if the Payoneer card is right for you.
- Payoneer - Fees
- Payoneer Customer Help - Card FAQs
- Payoneer Help - How do I order a Payoneer Card?
Sources last checked on date: 20-Oct-2022
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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