What is Payoneer on how to receive payments from overseas companies?
Click here to open a free Payoneer account.
Table of Contents
What is Payoneer?
Payoneer, founded in the United States in 2005, is a payment platform for overseas business designed to meet the needs of overseas e-commerce businesses.
Payoneer also allows users to withdraw sales proceeds in local currency with low fees.
Payoneer is a fast-growing service as follows.
- Number of users: 5 million
- Employees: 2,000
- Overseas offices: 25 (22 countries)
- Language support: 35+
Feature and Account Maintenance Fee of Payoneer
A feature of Payoneer is the Make A Payment service.
Make A Payment to another recipient's Payoneer balance instantly and for free, or pay to your recipients' bank accounts individually or in a batch of up to 200 payments at once.
There is no fee for the Make A Payment service, so if your company has access to Payoneer, use it!
The account maintenance fee of Payoneer is 29.95 USD.
However, if there has been deposit or withdrawal activity within the past 12 months, the account maintenance fee will be waived.
There is also no fee if there is no balance in your account.
We recommend that you use your account in the following cases.
- You use your account more than once a year
- You are creating an account for the time being because you may use it in the future (i.e., account balance of 0 is OK)
Click here to open a free Payoneer account.
Companies Eligible to Use Payoneer
You may be wondering which companies are eligible to use Payoneer!
The industries and major companies that can receive Payoneer payments are listed below.
Adobe, Amazon, Google, and other well-known companies.
- Freelancers & Service Providers
- Adobe
- Crossover
- Envat
- Fiverr
- Freelancer.com
- Getty Images
- One Hour Translation
- PeoplePerHour
- Shutterstock
- Upwork
- Welocalize
- 99designs
- E-Commerce Marketplace Sellers
- Amazon
- Cdiscount
- eBay
- Lazada
- Rakuten
- Shopee
- Tophatter
- Wish
- Digital Marketing & More
- Airbnb
- CJ Affiliate
- HomeAway
- Taboola
- Tradedoubler
- Tujia
The following videos are introduced in Payoneer.
Comparison of Payoneer and Wise
A comparison of Payoneer and Wise is shown in the following table.
| Items | Payoneer | Wise |
|---|---|---|
| Recommended users | Only individuals and corporations receiving payments from overseas companies. Individuals cannot send money through the Payoneer platform, but can only withdraw money. | Both individuals and corporations wishing to use multi-currency accounts. |
| Clients | Clients worldwide, regardless of whether they have a bank account or not. | Clients with bank accounts mainly in the UK, Europe, USA and Australia. Japan is also possible, but with some restrictions. |
| To be resolved | Exchange payment between the freelancer and the company that hires the freelancer. | Enable overseas remittances for any purpose. |
| Commission | 2% for cash on delivery fee. All other fees are free. NOTE: Account maintenance fee is conditionally waived. | 0.5-0.9% on the money transfer side. |
At our company, Japanese Tar Heel, Inc., we use Wise as our main corporate account for foreign currencies and Payoneer as a sub-corporate account for Payoneer users to communicate with each other.
Both Payoneer and Wise are highly recommended, so you can use them for different purposes!
If you want to know more about Wise, please read the following article!
Summary
Payoneer, a payment platform for overseas business, was introduced.
Payoneer's Make A Payment service allows you to make payments in foreign currencies without any fees.
Payoneer is very useful for overseas business, so you should definitely use it!
Click here to open a free Payoneer account.