How to send money internationally through Payoneer
Online stores, global services, product shipping,and distributed workforces have opened up the international business market. With trade flourishing across the world, companies and freelancers need a reliable way to send money, internationally. This is where Payoneer comes in.
What is Payoneer?
Payoneer is a financial service that offers businesses, worldwide, the chance to make and receive internationalcross-border payments. With a Payoneer account you can process online transactions with businesses and professionals in over 200 countries.
Payoneer’s primary service is to provide swift and seamless cross-border payments that are just as easy to complete as localized transfers.
Through Payoneer, you can access various financial services, including:
- Online money transfers
- Global payments
- eWallet service
- Send money internationally to bank accounts, Payoneer balances, or cards
- Marketplace payments
- Mass payouts
- Capital loans
Whether you are a business or a freelancer, you can send money internationally using the following currencies: USD, EUR, GBP, CAD, AUD, JPY, and CNH.
Why should I choose Payoneer over other payment methods?
Although there are many platforms and apps that allow users to send money internationally, Payoneer is the best way to send money overseas. Just ask big names and global organizations like Google, Fiverr, and Airbnb.
Here are some of the reasons you should use Payoneer to make international tranfers of money online:
With Payoneer, your business holds a multi-currency account. With access to multiple currencies, you can make international payments as simply as you would local ones. This eliminates the chance for delays and additional fees that often come with foreign currency exchanges.
You can also use the mobile app to withdraw or transfer funds in foreign currencies. The amount you withdraw is quickly transferred into the relevant bank account.
Low fees and rates
Payoneer has a vast partner network and the capability to integrate with many popular platforms, easily. This allows you to facilitate payments and online money transfers at relatively low overall costs.
In some cases, you can send money internationally without fees, for example, by transferring funds from one Payoneer balance to another. This means you may not even pay a single cent and can make an international online money transfer, for free.
If you withdraw directly to your bank, you will enjoy high exchange rates of just 2% over the mid-market rate. These cheaper transfers have a low exchange cost in contrast to the maximum 4.5% that banks can charge you for international payments. You’ll find that other platforms have high and unclear amounts. For example, PayPal charges you a transfer fee as well as additional exchange rate fees between 2.5% and 4%.
Convenience and accessibility
With various integration options and an expansive partner network, working with Payoneer makes sending and receiving money convenient and simple. You can connect the platform to all relevant marketplaces, allowing you to sell and get paid quickly.
Payoneer also enables you to send money internationally to various business partners directly from one dashboard. There is no need to switch platforms for each payment. This allows you to pay global suppliers, staff, contractors, and others all from one place.
Support for diverse industries
No matter the nature of your business, Payoneer can support you. Use Payoneer together with your industry’s relevant marketplaces or ecommerce platforms using your local currency. For example, if you’re selling on Amazon Japan, you can set up a JPY account to receive your payments in yen.
Currently, we work with over 5 million users in various industries, including travel, content creation, freelance, digital marketing, and more.
Low minimum transaction amount
You can begin transacting on Payoneer with as little as $50. This allows you to test out the platform with minimum risk. This also gives smaller businesses the opportunity to get started selling internationally with ease.
Global coverage and support
Payoneer has an extensive sending and distribution network covering 200+ countries and territories.
Our website supports eight languages: English, Spanish, Vietnamese, Japanese, Arabic, Korean, Russian, Ukrainian, and Chinese. This makes it possible for global users from non-English speaking countries to interact with the website, promoting accessibility.
The Payoneer platform doesn’t just allow you to send money internationally. You can, of course, receive it, too. You can send client requests for payments using Payoneer, offering them several low-cost options od international payment methods. You can even use our free Invoice Generator software to generate professional-looking invoices to send to customers.
Clients can pay you in their local currency, and the amount will appear quickly in your local receiving account. Once the amount clears into your Payoneer account, you can simply withdraw it directly to your local bank account or at supported ATMs worldwide.
Regulated for compliance and security
Payoneer global payment service is recognized and valued by financial regulators worldwide. We guarantee that all transactions remain fully compliant, secure, and tightly audited.
The platform has various legal multi-jurisdictional licenses. This enables it to handle customer funds in multiple territories. Payoneer is also regulated by several government regulators. We keep all customer funds safe at low-risk institutions and in a liquid state, never loaning your funds to other clients.
Payment methods offered by Payoneer
When sending money with Payoneer, you can choose from the following payment methods:
- Credit card
- Debit card
- Local or international bank transfer
- ACH bank debit
You can also fulfill payments directly via your Payoneer Account. Payoneer allows account holders to make purchases and payments using their existing funds. This means that you can fulfill payment requests through the website or app, without incurring any additional fees.
How to send money internationally online through Payoneer
To send online money transfers internationally using Payoneer, follow these simple steps:
Select the sending country and receiving country, decide which method you’d like to use, and enter the amount you’re transferring.
Add the recipient’s information, including which account you’re sending to and where.
Payoneer will ask for identity verification (proof of ID or proof of address) when transferring money abroad. We use this global payment documentation to keep your money safe and to prevent fraudulent transactions.
Once you have added both your and the recipient’s details, you can pay for the transfer. Transfer times depend on the service you use and the country you send to. You will receive payment updates from Payoneer throughout the process.
The fees you pay with Payoneer depend on the transaction type. You can anticipate the following costs when you:
- Free for Payoneer to Payoneer transfers.
- For fulfilled Payoneer payment requests to your customers, you pay 3% of the amount if the customer pays via credit card. If the customer uses eCheck, you pay a 1% fee.
- Fees for receiving money from marketplaces and networks such as Upwork, Airbnb, and CJ Affiliate vary from one platform to another.
- Most withdrawals to a local bank account are free.
- If you withdraw to a USD, EUR, or GBP bank account, you’ll pay $1.50, 1.50 euros, or 1.50 pounds sterling, respectively. However, for this to apply, the bank account must be in the same country where these are the local currencies.
Use ATM transactions
- If you withdraw from an ATM using the Payoneer Mastercard, you will incur a $3 fee per transaction. Canceled transactions cost $1.
Start sending money internationally with Payoneer today
Payoneer offers a flexible but comprehensive payment system for businesses worldwide, giving you the ability to send or receive business payments, no matter where you’re located. The Payoneer platform offers the opportunity to make international payments in areas where no other choice exists.
If you’re looking for a convenient way to receive and send money internationally, check out our payment solutions today.
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