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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.
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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.
The Payoneer Global Payment Services allows Indian residents to have local receiving account details in multiple currencies. These currencies include:
- US Dollars
- 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’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
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.
Signing up for Payoneer is free. Here is a step-by-step guide on how to open an account with Payoneer:
- Head to thePayoneer sign-up page
- 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.
- Fill in your details and email address and then click on Next
- Continue completing the details including address, contact details, and bank account information. Payoneer may also ask for ID verification.
- 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
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:
|Payments from another Payoneer customer
|Payments from clients from a payment request - credit card
|Payments from clients from a payment request - ACH Bank debit (US)
|From a marketplace like Fiverr, Upwork, Airbnb, and others
|Check with marketplace
|By USD, EUR or GBP Receiving Account
When you are withdrawing funds to India from Payoneer, you can also expect a fee:
|From a different currency to a local currency
|2% of the transaction + currency conversion fee
Lastly, you can experience other fees:
|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
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.
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.
There is a cap on transfers with Payoneer. The limit depends on how you are getting the transfer from a client:
|Type of transaction
|From payment to receiving account
|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
There may be additional limits, and your limit can also be extended if you are eligible.⁴
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
Deposits to your bank account in India will take 2-5 business days after receiving the confirmation email.⁶
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:
- Getty Images
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:
- Payoneer in India
- Signing up for Payoneer
- Transfer limit
- Local bank withdrawal
- Time to receive funds
All sources checked as of 17 November, 2021
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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