Payoneer Virtual Card vs. Physical Card | Comparison for US Users

Payoneer has grown into a global payment solution trusted by independent professionals, online sellers and companies that move money across borders. For many, its greatest strength lies in the flexibility it provides through two types of cards: the Payoneer Virtual Card and the Payoneer Physical Card.

Both are linked directly to your account balance. However, they operate in different ways. The virtual card offers digital convenience in online transactions, while the physical card works like a traditional debit card.

The Payoneer virtual card vs. physical card comparison below will help you determine which of the two you should opt for. We'll also talk about Wise Business and introduce you to the Wise Multi-Currency Card with our virtual and physical card options.

What Is a Payoneer Virtual Card?

A Payoneer virtual card offers a digital way to spend from your Payoneer balance. It carries a card number, expiry date and CVV, just like a physical card. However, it exists only in digital form.

The card connects to a specific currency balance, like USD, EUR, GBP or CAD.¹ You can use it for most online purchases where Mastercard is accepted. You can also connect it to Apple Pay and other Digital Wallets for in-store purchases.^{4 5}

The card works for subscriptions, digital services or e-commerce platforms. Activation happens through the Payoneer dashboard and loading funds comes from your account balance.

What Is a Payoneer Physical Card?

A Payoneer physical card resembles a traditional debit card. It links directly to your Payoneer balance in one of the supported currencies.

Cardholders can swipe or tap the card in stores and withdraw cash at ATMs around the world where Mastercard is accepted. The option suits anyone who travels, needs access to cash or prefers point-of-sale payments. You receive the card by mail after ordering it from your Payoneer account, with optional express delivery for faster delivery.

Payoneer Virtual Card vs. Physical Card: Key Differences

When you’re selecting between Payoneer’s virtual and physical cards, consider how they are used in real-world transactions. Here are some variations that can help guide your decision.

Card Fees

Costs vary depending on account type and region. At the time of writing this article, the Payoneer pricing page doesn't differentiate between virtual and physical card fees.² While shipping the card will clearly not incur a cost for a virtual card, the initial card order may incur a $29.95 fee for virtual cards as well.

All additional rates apply if you spend in a different currency than the card balance. Transaction costs are generally competitive, especially for digital purchases.

The physical card usually includes an annual fee, ATM withdrawal fees and currency conversion charges if used outside its base currency. While the costs may be higher than those of the virtual card, they reflect the added convenience of global ATM access and point-of-sale use.

After paying for the initial Payoneer card, you get subsequent cards for free.² You also have to pay shipping charges, based on the option you choose. Premium FedEx Delivery costs $40 within the U.S.³

Accessibility and Use Cases

The Payoneer Virtual Card is available almost instantly after approval. It exists entirely in digital form and can be added to online stores, subscription services, Apple Pay, or payment platforms.

So, it’s highly convenient for freelancers, consultants and digital sellers who rarely need cash withdrawals. It is particularly effective for securing online purchases since card details are not physically exposed.

The Physical Card arrives by mail and functions like a traditional debit card. It is useful for anyone who requires access to ATMs or point-of-sale terminals.

International travelers, remote workers and entrepreneurs who attend trade shows or make in-person purchases often prefer this option because it supports transactions beyond the online sphere.

Security Features

Both cards carry Mastercard’s global security framework, including fraud detection and the ability to freeze or block cards through the Payoneer dashboard.

The virtual card reduces exposure since it cannot be lost or stolen physically. If suspicious activity is detected, it can be canceled quickly and replaced with a new set of details.

The physical card carries the same security protections but introduces the risks tied to carrying a physical item. Loss or theft may delay access to funds until the card is replaced. Despite this, chip-and-pin technology and Payoneer’s monitoring systems help protect against fraudulent transactions.

Currency Support

Payoneer’s cards are available in multiple currencies. Users can request cards in USD, EUR, GBP, CAD and other major currencies. Separate cards in multiple currencies help reduce conversion fees and make it easier to receive payments directly in a client’s preferred currency.

For digital-first professionals, the virtual card offers faster deployment across different currency balances. Meanwhile, for business owners who work in different locations, the physical card makes it possible to withdraw and spend money.

Practical Considerations

The decision to use Payoneer’s virtual or physical card depends on practical needs rather than personal preference alone. A freelance designer who primarily works with online platforms might find the virtual card sufficient for every transaction.

However, a retailer who attends trade fairs abroad or imports goods from overseas may rely more on the physical card for in-person purchases and ATM access. The rise of digital wallets may mean that you can rely solely on your virtual card if you have access to modern POS systems.

It is also possible to hold both cards. Many users maintain a virtual card for secure online payments and a physical card for cash transactions.

Payoneer Virtual Card vs. Physical Card: Which Option Fits Best?

Neither card is inherently better, as each is designed for a specific type of user. If your work is primarily digital and security is your top concern, opt for the virtual card. However, if you prefer physical transactions, the physical card can serve you better.

Frequently Asked Questions

Can I use a Payoneer virtual card for international subscriptions?

The Payoneer virtual card works with international subscription services as long as the platform accepts Mastercard. It functions like a standard credit or debit card, which makes it suitable for recurring payments, such as online software or SaaS tools.

How long does it take to receive the Payoneer physical card?

Delivery times depend on your location. Standard shipping can take a few weeks, while express delivery shortens the wait considerably. Once the card arrives, activation happens online through your Payoneer account.

Are there spending limits on Payoneer cards?

Payoneer’s cards come with daily and monthly limits on purchases and withdrawals. The current daily spending limit is $200,000USD.⁶, while there isn't maximum monthly spending limit. These limits help reduce fraud risk and align with regulatory requirements.

Can I withdraw funds from Payoneer’s virtual card to my bank account?

Payoneer’s virtual card is designed only for online transactions. To move funds to a bank account, you must initiate a transfer from your Payoneer balance. The card cannot directly push money into an external bank account.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

Use Wise Business >>