Payoneer India Review: All you need to know

Aman Saxena

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.

📝 Table of contents

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.

⚠️ But remember, only companies can make payments to you with the receiving account details, not individuals. And the details are not a bank account, only a receiving account in one of the currencies listed.

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
ℹ️ Request a Payment can only be used for international commercial clients with an invoice based system. It can not be used for domestic payments or non-commercial payments.

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:

Getting Paid Fee
Payments from another Payoneer customer Free
Payments from clients from a payment request - credit card 3%
Payments from clients from a payment request - ACH Bank debit (US) 1%
From a marketplace like Fiverr, Upwork, Airbnb, and others Check with marketplace
By USD, EUR or GBP Receiving Account Free

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

Withdrawing funds Fee
From a different currency to a local currency 2% of the transaction + currency conversion fee

Lastly, you can experience other fees:

Additional fees Fee
Moving currencies between your own Payoneer balance .5% of the amount to transfer + currency conversion fee
If your account is open but unused for 12 months $29.95 USD

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:

Type of transaction Limit
From payment to receiving account No limit
Account to account payments from other Payoneer customers $100,000 USD per month
Payment request- credit card payment $15,000 USD/ 15,000 EUR or 15,000 GBP
Payment request - eCheck $15,000 USD

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


Sources used for this article:

  1. Payoneer in India
  2. Signing up for Payoneer
  3. Fees
  4. Transfer limit
  5. Local bank withdrawal
  6. Time to receive funds
  7. Payoneer

All sources checked as of 17 November, 2021


Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

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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