Can You Use Payoneer in Israel? - UK Guide

Thinking of expanding your business into overseas markets? You’lll need to find a global payments solution, and one option you’re likely to come across is Payoneer.

Payoneer is a US-based financial services company specialising in international business payments . It offers accounts, money transfer services, cards and many other services, catering to companies all over the world.

But does Payoneer work absolutely everywhere? In this guide, we’ll take a look at whether you can use Payoneer in Israel.

This will be useful to know if your company is looking to trade or source supplies in Israel, or expand into the Middle East at some point in the future.

Remember though that Payoneer isn’t the only option for global businesses. Wise Business is a fantastic alternative, offering a full-feature account, cards, invoicing, bulk payments and secure transfer services to Israel and worldwide.

💡 Learn more about Wise Business

Can you use Payoneer in Israel?

Yes, UK business owners can use Payoneer to send money to Israel, and they can also receive transfers from clients and customers based in the country.¹

If you have a Payoneer card, you can also use it for spending in Israel - it should work anywhere that Mastercard is accepted.² This could be handy if you ever need to visit the country on a business trip.

It’s important to remember though that this will involve a currency conversion, as Payoneer cards only support certain currencies - USD, EUR, GBP, and CAD. At the moment, this list doesn’t include Israeli shekels (ILS).²

Is the Israeli shekel supported by Payoneer?

Your Payoneer account won’t let you hold a balance in Israeli shekel (ILS). But you can send payments in the currency to clients, contractors and employees based in Israel.

When it comes to receiving funds into your Payoneer account, any money sent in Israeli shekels may undergo a currency conversion in order to match one of your currency balances.³

You can use your Payoneer Mastercard in Israel, but you can’t spend directly in Israeli shekels. This is because the card only supports USD, EUR, GBP and CAD.²

So, you’ll be spending in one of those currencies and a currency conversion may be required.

Payoneer fees and cost in Israel

Now we come to the important question - how much does it cost to use Payoneer in Israel as a UK business?

Let’s run through the charges you need to know about for sending, receiving, converting and spending:⁴

Can you open an account with Payoneer in Israel?

If you’re considering expanding your business operations to Israel, you’ll need to look into whether you can open a local account there.

The good news is that you can open a Payoneer sending account in Israel if you register your business there.⁵

To apply, you’ll need to provide all required details and documents for your business, as well as proof of ID and address. To find out the exact requirements for opening a Payoneer account in Israel, you’ll need to contact customer services.

Wise Business: an alternative to Payoneer in Israel

While you’re researching ways to manage business funds between the UK and Israel, make sure you check out Wise Business.

It’s a great alternative to Payoneer and simply tailor-made for global businesses, as well as freelancers working with clients based all over the world.

Open a Wise Business account and you can hold and exchange 40+ currencies at once, including Israeli shekels (ILS).

You can send payments to 140+ countries worldwide, including Israel. And you can even get local account details to receive payments in ILS for free.

Sell online? Use your Wise Business account to get paid through marketplaces too - and via payment service providers like Stripe.

Whenever you need to send, spend or exchange foreign currencies, you’ll benefit from the mid-market exchange rate, with low, transparent fees.

You’ll also benefit from all of these features with Wise Business:

• No ongoing fees, minimum balance requirements or foreign transaction fees
• Debit and expense cards for you and your team, which you can use in 150+ countries including Israel
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 people at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions, and use the Wise API for automation and streamlining workflow
• Use the Wise Interest feature to make your money work harder when you’re not using it.

With the help of a truly global account, your business can grow into the Middle East and beyond.

Wise Business vs Payoneer in Israel comparison

To help you choose the best option for your company, here’s a quick comparison of what Wise Business and Payoneer each have to offer for UK businesses trading with Israel:

💡 Learn more about Wise Business

After reading this, you should have a better idea of how to use Payoneer in Israel as a UK business owner.

The good news is that Israeli shekels are supported, and you can send money to Israel using your account. You can even open a Payoneer sending account once you set up a business in Israel, if that’s part of your plans.

Before taking the plunge and opening a Payoneer account, just make sure to compare all available options. When it comes to global payment solutions, it’s important to find the right fit for your business.

Sources used:

Sources last checked on date: 19-Feb-2025