Payoneer Account: How To Open and How Much Does It Cost?

There are many reasons to open a Payoneer account, and one of the main ones is the ability to easily receive and send payments to the international market. In this article, we will consider how the account works, what types of accounts are available, how to open it, what tariffs apply, peculiarities of taxation in Ukraine, advantages for businesses, and situations when the service is not suitable.

What is it? Payoneer account, and why is it for a business?

A Payoneer account is a registration on an international payment platform that allows companies and freelancers from Ukraine to start working with clients from different countries without the need to search for local financial solutions, payment systems, or partners. Payoneer provides business with the opportunity to accept payments, make international transfers to suppliers and partners, as well as withdraw funds to bank accounts in Ukraine without many days of waiting or unnecessary questions. Ago Payoneer account is an effective tool for expanding international activities and optimizing financial operations.

• The main purpose is receiving and making payments in different currencies without the need to open foreign bank accounts.
• Currencies — ability to work with details for accepting payments in several currencies
• Receiving funds — easy receiving payments from marketplaces, exchanges, partners, and customers.
• Withdrawal of funds — fast money transfer to Ukrainian bank accounts or through Mastercard cards.
• Currency conversion — built-in currency conversion service directly to the Payoneer account.
• Convenience — all operations are carried out online, so there is no need for a personal presence at the bank or opening an account abroad.
• Why business — simplification of international settlements, reduction of payment costs and quick access to income from abroad.

Who will it suit? Payoneer account?

Freelancers and entrepreneurs
The service is especially popular among freelancers and entrepreneurs who work with clients and platforms from different parts of the world.  A Payoneer account allows you to make payments quickly and transparently, and avoid complications with opening foreign currency accounts.  A Payoneer account provides an opportunity to withdraw funds in a convenient way, providing flexibility and freedom in conducting business activities.

Exporters and importers
A Payoneer account simplifies the process of working with international payments for companies engaged in the export and import of goods or services. Multi-currency accounts help to avoid additional currency risks, fast transfers and crediting of funds mean no delays in deliveries, and clear analytics contribute to more effective management of cash flows in trade.

Companies working with foreign partners
Companies with foreign partners choose this platform for the ability to effectively manage financial flows and make international payments to partners and contractors with minimal costs and without bureaucratic barriers. By supporting bulk payments and invoicing, companies can streamline processes and significantly reduce administrative burden.

What types of Payoneer accounts are available?

There are two main types of accounts available: individual (personal) and corporate (business). An Individual  Payoneer account is intended for private individuals who receive funds from international companies or platforms for performing certain tasks or providing services. A Corporate  Payoneer account is designed for companies that regularly receive and manage payments from international clients. Platform positions itself precisely as a service for business payments, so even an individual account should be used for commercial purposes, and not for personal transfers between friends or relatives. The following table compares the main features and key differences in purpose, functionality and requirements between individual and corporate accounts. Please note that if you wish to switch to a business account, you must first close your current individual Payoneer account.

Criterion	Individual Payoneer Account	Corporate Payoneer Account
Appointment	Freelancers, self-employed, consultants	Companies, agencies, legal entities
Type of Registration	For an individual	For a registered legal entity
Necessary Documents	Passport/ID, tax number, proof of address	Company registration certificate, charter, extract from the state register
Recieving Payments	From exchanges (Fiverr), marketplaces, clients	From companies, partners, from marketplaces, mass payments
Invoicing	Yes	Yes
Access to multi-currency	Yes	Yes
Mastercard Order	Available	Available
Mass Payouts	No	Yes (via Payoneer Mass Payout Service)
Ability to work with several users	No	Yes (multiple users with different access rights)
Suitable for SWIFT Transfers		Yes, with the possibility of SWIFT integration and corporate transactions

How to open a Payoneer account — step-by-step instructions

Add a link (anchor: Payoneer registration) to the relative blog post when published: How a business can start using Payoneer: account registration, taxation, fees

To open a Payoneer account, you need to go to the site, register, fill in personal and contact information, and provide bank account information. After that, it is necessary to verify the Payoneer account using passport data and other documents. Be sure to enter only real data, as Payoneer has the right to block your account if inconsistencies are detected. Always contact Payoneer support immediately if you have any questions or problems with your registration. Follow the steps below to open an account: 

1. Open the official site in your browser (www.payoneer.com)
2. Click the “Register” or “Sign Up” button. 
3. Select whether you are registering  Payoneer account as an individual or a company. 
4. Enter personal data, namely full name, current email address, full date of birth, residential address, and primary telephone number. 
5. Come up with a password for your Payoneer account and login details (email address or username). 
6. Provide details of your Ukrainian bank account for withdrawal. 
7. Upload a copy of your passport or other identity document and provide your tax identification number (if applicable). Proof of address (utility bill or bank statement) is also usually required. 
8. The information provided will be verified within 1-3 working days, and if it is successful, you will receive a confirmation by e-mail. 

How much does it cost? Payoneer account?

Before you start using Payoneer to receive or make payments, you should familiarize yourself with the terms of service and tariffs. Basic account features are free, but some transactions have fixed fees or interest charges. The following table shows current tariffs for Ukrainian users.

Service	Commission / Cost	Explanation
Account Opening	Free
Monthly account maintenance	Free (subject to activity)	Inactive accounts may be subject to an inactivity fee
Mastercard annual fee	$29.95	For a physical or virtual card
Receiving funds through the Global Payment Service	Free	From companies or marketplaces
Transfer of funds between platform accounts	Free	Usually, almost instantly within the system
Withdrawal of funds to a bank account in Ukraine	$1.50 (in account currency) / 2%–2.75% (with conversion)	Depends on whether currency conversion is required
Currency conversion within the account	0.5%–2% of the amount	For example, USD → EUR
Withdrawal of funds through an ATM (from a card)	$3.15 per transaction	Additional ATM fees may apply
Card Re-issuance	$12.95	If the card is list or expired
Fee for account inactivity	Up to $29.95/year	If there is no transaction for 12 months

What advantages does it have? Payoneer account for a Ukrainian business?

An available Payoneer account provides many advantages for Ukrainian businesses and the main one is the opportunity to start working with foreign partners, freelance exchanges or marketplaces. Thanks to flexible payment solutions, the service allows you to manage international settlements (receive and send funds) without opening accounts in a foreign bank. Here are some of the benefits that make Payoneer an effective tool for both FPOs and large companies:

• Ability to receive payments in foreign currency
  You can open virtual accounts in USD, EUR, or GBP for payments from foreign clients.
• Integration with marketplaces and freelance exchanges
  Amazon, Shopify, and many other services support integration with Payoneer, which greatly simplifies the receipt of funds for small businesses and Individual Entrepreneurs.
• Quick deposit of funds and the possibility of withdrawing funds to a Ukrainian bank account
  Transfers from partners usually arrive within a few hours or days, depending on the type of transaction. Funds can easily be transferred in hryvnia without the need to open a currency account in a local bank.
• Competitive rates for currency exchange
  The platform offers a conversion rate that may differ from other services or banks. It is also possible to get a payment card for ATM withdrawals or online payments.
• Ability to issue invoices to foreign clients
  The service allows you to create invoices directly from the account and you can work with several currencies within one account at the same time. 

What do you need to know about taxation?

The current tax legislation of Ukraine regulates the receipt of funds for Payoneer accounts in Ukraine and their taxation. The main points that need to be taken into account are that funds received on the platform are considered income on the date of crediting to a bank account in Ukraine and must be declared and taxed according to the chosen taxation system (simplified or general). Individuals who work as freelancers without Individual Entrepreneur status are also required to declare income and pay personal income tax (PIT) and military service.

It is important to keep records of all payments and keep documents such as contracts, invoices, and reports of work performed, in order to be able to confirm the legality of the income during a tax audit. Payments received on a Payoneer account, do not exempt you from the obligation to pay taxes and submit reports. If you have a business account, you must take into account that funds received on  Payoneer account, are also part of the company’s turnover and must be included in the financial statements.

More about taxation

• If you transfer funds from the service to the bank account of the Individual Entrepreneur, you pay a single tax at the rate you chose when opening the Individual Entrepreneur. 
• Income earned on a Payoneer account, is included in the total income of the Individual Entrepreneur after transfer to a bank account in Ukraine. 
• Income amounts for Payoneer accounts must be fixed in hryvnias at the NBU exchange rate on the date of crediting to the account in Ukraine, even if the funds have not yet been transferred to the account. 
• If the funds remain on the Payoneer account, they are considered income of an individual and are taxed at 18% personal income tax and 1.5% military duty. 
• Transfer of funds to a personal card is also taxed as income of an individual. 

When does a Payoneer account not fit?

A Payoneer account it is convenient to use for international calculations, but it is not suitable for all entrepreneurs and individuals. Before opening an account, it is important to analyze the specifics of your activity and business needs in order to reasonably determine the need for international payments. Below are the cases when the service may not be an appropriate or ineffective option for conducting financial transactions.

1. Only cash is planned — The platform is intended only for electronic payments, and cash transactions are not possible at all.
2. There are no confirmed sources of income — If there are no contracts, customers, connected marketplaces or payment systems, the ability to use Payoneer will be limited.
3. SWIFT lending support is required — Credit is often required through SWIFT in the field of production or import, which the platform does not provide.
4. Full banking support is required (deposits, loans, guarantees) — The service is not a bank and does not offer full banking services.
5. You work in countries or areas that are not supported by the service — some regions, business types, or jurisdictions may be restricted or not supported (eg, high-risk industries).

Summary

A Payoneer account is the key to the international financial space for Ukrainian business. You get easy access to multi-currency accounts, convenient payment management, currency conversion and integration with global platforms. But it is very important to prepare, study the tax nuances, carefully choose the type of account, and calculate the commissions. If you want to expand your business abroad, optimize payments and minimize costs, the platform can become your reliable partner.

Frequently Asked Questions

How much does it cost? Payoneer account? 

Opening a Payoneer account and maintaining it are free, subject to active use. However, there is an annual fee of $29.95 per card and various withdrawal and currency conversion fees.

What documents are required to open a business account?

To open a Payoneer account for business, you must provide the company’s registration documents, incorporation papers, identification code, passport details of the authorized person, bank account, and information about the service, for example, a link to the website or social media pages.

Can I have two Payoneer accounts? 

According to the platform’s policy, one person or company can have only one account, but within it, multiple currency accounts or sub-accounts can be created for teamwork if limited access is required.

How long does account verification take? 

Account verification usually takes 1 to 3 business days, but in the case of additional document verification, the process can take up to 5-7 days.

Do I have to be an Individual Entrepreneur to use Payoneer? 

It is not necessary to be a sole trader to use the service, because the platform is also available for individuals, but having a sole trader or company can simplify verification and provide more opportunities for business development.