Payoneer India Review: All you need to know

If you are an Indian professional, freelancer, or business owner working globally, you may have heard of Payoneer.

Payoneer is an online service to help facilitate payments from abroad. And if you are new to Payoneer, read on to learn more about how Payoneer works.

Is Payoneer available in India?

Yes, Payoneer is available in India, specifically the Payoneer Global Payment Service and Request a Payment Service.

Both services work effectively with global online marketplaces for you to earn and get paid for work.

Payoneer Global Payment Services

The Payoneer Global Payment Services allows Indian residents to have local receiving account details in multiple currencies. These currencies include:

• US Dollars
• Euros
• Great British Pound
• Japan Yen
• Canadian Dollars
• Australian Dollars

You can give the relevant details to your client or customer and they can transfer the funds in one of the currencies above. Once the transfer is done, Payoneer then automatically transfers the money to your Indian rupee local bank account.

Payoneer Request a Payment Service

Payoneer’s Request a Payment Service lets you request a payment from international clients.

From the Payoneer dashboard, you can create a payment request from your Payoneer account and attach the invoice for the transaction.

Once you send the payment request to your client abroad, the client can pay online with either:

• A credit card
• A debit card
• ACH bank debit (only for the US)
• Payoneer’s global payment service

The Payoneer Prepaid Debit Mastercard, which is available in other countries, is also not available in India.¹

How does Payoneer work?

Payoneer is a global payment service, where freelancers and businesses can get paid from clients overseas using Payoneer. Online marketplaces and companies use Payoneer to make cross-currency payments easier.

If you are a freelancer or company in India that is dealing with companies abroad, or even using platforms like Upwork or Fiverr, you can use Payoneer to get payments. The payments clear through Payoneer and are deposited daily into your local Indian account in Indian Rupees.

Not sure what type of account you need? Payoneer has an interactive tool where you can select the dropdown that is relevant to you and your business. Payoneer will then recommend the best account for you.

How to open a Payoneer Account

Signing up for Payoneer is free. Here is a step-by-step guide on how to open an account with Payoneer:

1. Head to thePayoneer sign-up page
2. If you are an individual or don’t have a registered business, choose Individual from the list. If you have a registered business, select Company.
3. Fill in your details and email address and then click on Next
4. Continue completing the details including address, contact details, and bank account information. Payoneer may also ask for ID verification.
5. Before finishing, you will have to verify your email address using the email in your inbox from Payoneer.

Payoneer will contact you if they require any more ID verification information.²

Payoneer fees India

While Payoneer is free to sign up, there are fees for using its services.

Here are a few tables outlining the fees you can expect for getting paid, withdrawing funds, and other fees.

When you are getting paid by a marketplace or client, there can be a fee from Payoneer:

When you are withdrawing funds to India from Payoneer, you can also expect a fee:

Lastly, you can experience other fees:

There may be additional bank fees from your own local Indian bank as well. ³

One fee to look out for is tucked away in the exchange rate you get with Payoneer.

There is a conversion fee whenever you move from different currencies, including when funds are deposited into your Indian bank account. The currency conversion fee is in the exchange rate, so every Euro or US dollar gets hit with the fee.

If you want to save on fees, look for services that give you the mid-market exchange rate, which is the unmarked-up rate you see on Google. And also on Wise.

Let Wise take care of your international payments

Doing business around the world does not need to be difficult or expensive. With Wise for business, you can receive using the mid-market exchange rate to your account in India. That means that the rate you see on Google is the rate you get when buying inventory, handling payroll or receiving new sales.

You get account details in 8 currencies and can use them to get paid from clients abroad.

Open your Wise Business Account 🚀

Payoneer transfer limits

There is a cap on transfers with Payoneer. The limit depends on how you are getting the transfer from a client:

There may be additional limits, and your limit can also be extended if you are eligible.⁴

How to withdraw money from Payoneer in India?

Payments are made to your Indian local bank accounts automatically every 24 hours. You will have a total daily withdrawal limit of $5,000 USD.⁵

How much time does it take?

Deposits to your bank account in India will take 2-5 business days after receiving the confirmation email.⁶

Is Payoneer safe?

Payoneer is safe and a trusted company for global payments. With over 5 million customers globally, Payoneer has a long list of users that trust its services:

• Adobe
• Fiverr
• Upwork
• Getty Images
• Shutterstock
• Ebay
• Amazon
• Airbnb
• Google

It was started 15 years ago and is based out of New York. Payoneer was recently on the Forbes Fintech 50 list and CNBC’s Disruptors list. ⁷