How to withdraw money from Payoneer: what to pay attention to when choosing a bank?

How to Reduce Payoneer Costs: Tips and Strategies

If you are a freelancer or business owner who actively works with foreign clients, then you know for sure that international transfers can “eat up” a significant part of your earnings due to commissions and currency conversion. Payoneer offers a very convenient service for such payments, but it is still important to know how to use it correctly so as not to overpay and not lose opportunities.

In this blog post, we’ll address the most common costing questions users have, including:

• How to lower Payoneer fees and not lose out on payments?
• What strategies will help you save money on international transfers?
• How to use the service functions for more efficient management of your finances?

The answers to these and other questions will help you better understand how the service works and how to effectively use all the features and Payoneer tools to save and keep more of what was earned.

How Payoneer Works: An Overview of Fees and Costs

Payoneer offers convenient ways to support international financial transactions, but it is important to understand precisely how costs are generated and what can be done to optimize them. This section will review the general rate and payment structure to help you reduce Payoneer costs during transfers and withdrawals. We will pay special attention to which fee Payoneer applies to different types of transactions.

Payoneer commissions in Ukraine vary depending on the type of transaction you perform. For example, you will pay 1% for bank transfers to receive funds; for sending funds by bank transfer, the commission is already 2%. You will spend $3.15 per transaction to withdraw cash from an ATM, plus a bank fee. There is also an annual fee for using a Payoneer physical card—$29.95. You can read more about commissions in the following table and under this link. 

Service Category	Description	Tariff/Commission
Account Opening	Account registration for individuals or businesses	Free
Annual Maintenance	If in 12 months received less than $2000	$29.95 USD per year (not charged if activity threshold is exceeded)
Receiving payments	From other Payoneer users or through local details	Free
	Receiving payments from their customers	Up to 1% of the payment amount
	Customer payment by bank card	Up to 3.99% + possible flat fee ($0.49)
	Customer Payment via US Account Debit (ACH)	Usually 1% or 3.99% + fixed fee
Sending Funds	To the account of another Payoneer user (within the country)	fixed 4,00 USD/EUR/GBP
	To a Payoneer account in another country	1% of the transfer amount with a minimum commission of 4.00 USD
	To a bank account (not Payoneer)	Up to 3% of the amount (less for large volumes)
Withdrawal of Funds	Withdrawal to a bank account in the same currency (up to £50,000/month)	Fixed commission 1.50 USD/EUR/GBP
	Withdrawals over £50,000/month.	0.5% of the amount
	Withdrawal in another currency or to another country	Up to 3% of the amount
Card Services	Issuance of a Payoneer (Mastercard) card	$29.95 USD per year (first card)
	Buying in the same currency (eg GBP in the UK)	No commission
	Currency conversion during purchases	Up to 3.5% of the interbank exchange rate
	Purchases abroad (other country, currency)	Up to 1.8% commission
	ATM withdrawal	3.15 USD / 2.50 EUR / 1.95 GBP

Links to the related content:

• Payoneer account: how to open and how much it costs?
• How to start using Payoneer as a business: account registration, taxation, fees

Strategies to reduce Payoneer costs

It would save on Payoneer transfers. Is it possible to reduce costs significantly?  In this section, we look at five practical strategies that will help reduce Payoneer costs, reduce service charges, and optimize work with money transfers. Following these tips will allow you to use the service quite economically, avoiding unnecessary expenses and commissions.

1. Avoid payments through bank cards

A fee of 3.99% accompanies payments by cards (Visa/Mastercard). That reduces Payoneer costs, encourages customers to pay via bank transfer (ACH, SEPA, SWIFT) to your virtual account. Such transfers are often free or have a much lower commission (up to 1%).

 2. Avoid annual inactivity fees

If you received less than $2000 to your account within the last 12 months, Payoneer will debit $29.95 per year for service. Therefore, they recommend that Payoneer’s cost reduction strategies include a clause on the regularity of income. For example, you can get monthly payments from clients or weekly payments from freelance platforms. This approach will allow us to reduce Payoneer costs and avoid the annual fee.

3. Withdraw funds without currency conversion

Currency conversion may cost extra from 0.5% to 3.5%, depending on the type of operation. To reduce Payoneer costs for currency exchange, use a bank account in the same currency as the payment received. Or open a multi-currency account.

4. Combine transfers between Payoneer accounts

Since March 2025, Payoneer has introduced new tariffs: transfers of less than 400 USD/EUR/GBP are subject to a fixed fee of 4 USD/EUR/GBP, and others are subject to a fee of 1%. The details find out here. What can be done to lower Payoneer fees?  Do not send multiple small transactions. In return, combine payments and send larger amounts at once, and don’t pay a fee for each transfer.

5. Avoid withdrawing cash through an ATM

Withdrawing cash from an ATM from a Payoneer card costs money 3.15 USD, 2.50 EUR or 1.95 GBP for each transaction, and this does not take into account the possible fee for currency conversion. Instead of withdrawing cash, use the card to make purchases in the same currency without fees. Or withdraw funds directly to a bank account at Payoneer’s internal exchange rate.

Payoneer cost minimization begins with understanding Payoneer terms and fees. By following the tips described above, you will be able to reduce Payoneer costs and keep more of the money earned. The correct choice of the method of receiving and withdrawing funds allows you to avoid significant losses on commissions and currency exchange. Most of all, all these recommendations are very easy to implement and do not require significant changes in your business model. 

How to choose the optimal withdrawal method and reduce Payoneer costs

Link to related content: “Payoneer SWIFT vs ACH Transfers: What’s the Difference?” or similar.

The service offers several ways to withdraw funds: bank transfer, Payoneer card top-up, and transfers to e-wallets. Each of these methods has its own commission structure, limitations, and advantages. To choose the most profitable option, you need to take into account the amount of funds, currency, country, and frequency of withdrawals. Let’s consider how to select the optimal method of withdrawal of funds, which depends on your needs, amount of money, and desire to reduce Payoneer costs:

Bank transfer (Withdrawal to Bank Account)

Balance funds are sent to your local or international bank account. If the transfer is in the same currency, you pay a fixed fee. In the case of currency conversion, the additional fee is up to 3% of the exchange rate amount. For large amounts (over 50,000/month), the service charges 0.5% of the amount instead of a fixed fee. Bank transfers are suitable for those who want to withdraw large amounts or need to withdraw money directly to a corporate account.

Advice: To reduce Payoneer costs, always withdraw funds in the same currency — this avoids double conversion.

Payoneer Prepaid Mastercard

You can order a card to which you will transfer funds for payments or cash withdrawals. This method is convenient because the commission is minimal and you have immediate access to money. Issuing a card costs only $29.95/year. You will pay for ATM withdrawals 3.15 USD, 2.50 EUR, or 1.95 GBP. Also, conversion when paying in another currency can be up to 3.5%, but there is no commission for purchases in the same currency.  This method reduces Payoneer costs, suitable for those who often pay online or in stores, or want quick access to funds.

Transfer to an electronic wallet (e-wallet)

Fees vary, and Payoneer may charge up to 1% per transfer. There may also be additional fees from the wallet itself (for example, for withdrawals). This method is suitable for users in countries where it is difficult to withdraw funds directly to a bank account or for those who often pay for services or goods through an e-wallet. Unfortunately, Payoneer does not always support such methods directly and is not available in all countries.

Criterion	Bank Transfer	Payoneer Card	Electronic Wallet
Amounts of funds	High	Small/Medium	Small
International Currency	So	So	So
Commissions for currency exchange	0.5-2%	Up to 3.5%	~1% +additional fees
Withdrawal of Cash	Through the bank	Via ATM	Depends on the wallet
Access Speed	1-2 days	Almost instantly	From a few minutes

Using multi-currency accounts to reduce Payoneer costs

Link: Advantages of Payoneer for Ukrainian businesses

Rational use of multi-currency accounts is one of the most effective ways to reduce Payoneer costs. With multicurrency accounts in Payoneer, you can receive payments in the main currencies of the world (USD, EUR, GBP, AUD, CAD, JPY, etc.) as a local, without international transfers or intermediaries.

Advantages of multi-currency accounts:

1. There are no currency conversions when receiving funds

By receiving funds in the client’s currency (for example, USD from an American company), you avoid automatic conversion to the local currency, which is usually accompanied by a commission of up to 2-3.5%. If the customer pays in USD, the money is credited without conversion directly to your USD account in Payoneer.

2. Local details for international customers

Payoneer provides the same payment details as a local bank (e.g., routing number for the US, IBAN for the EU, and sort code for the UK). Customers transfer funds to you without SWIFT commissions. You save $20-40 from each transaction, and it is easier and cheaper for clients to work with you. 

3. Control over the moment and rate of conversion

Keeping funds in several currencies, you decide when and in which currency to withdraw money to a bank account. You can wait for the optimal exchange rate for you or withdraw funds in the currency of the country where your bank is located. In this way, you reduce losses when exchanging currency, which directly helps reduce Payoneer costs.

Tips for effective use of multi-currency accounts:

• Agree in advance with clients on the currency of payment and specify the currency at the negotiation stage. For example, if you have an account in EUR, ask the client from the EU to pay in EUR. This will avoid double fees and unnecessary exchanges.
• Keep your currency balance until the right moment, and do not hurry to convert or withdraw the funds you just received. Follow the exchange rates and withdraw when you think the rate is the most optimal. This is especially true for a large sum or one-time payment.
• Use multi-currency bank accounts in Ukraine or abroad to fully experience the benefits. By opening a multi-currency bank account, you can withdraw funds in the same currency without exchange, which significantly reduces the cost of conversion fees.

How to minimize costs for international transfers

Link to related articles about currency exchange and international money transfer tips: Payoneer Currency Exchange: Currency Exchange Benefits for Business

International transfers can be quite expensive and significantly impact your income due to foreign exchange fees, transaction processing fees, and correspondent bank fees. However, Payoneer offers several tools that can reduce costs if used strategically. Below are three examples of how to effectively organize cross-border transfers and reduce Payoneer costs.

Problem	Strategies	Result
Payoneer automatically converts the currency at its own exchange rate, which may include a commission of 0.5–2%.	Keep funds in the currency of receipt in a multi-currency account and convert manually at the best rate for you.	Minimization of losses on the exchange rate due to control of the moment of exchange.
SWIFT transfers may include up to 3% fees, $10-$30 in fees, and delays of up to 5 days.	Avoid SWIFT for small amounts and use a Payoneer card or a local account in the same currency. Domestic transfers are almost free.	Fewer bank costs, faster transfers.
Waste of time and money opening accounts in different currencies.	The service provides local details (IBAN, routing number, etc.) in various currencies. So send customers the local details of their country.	Payments without international commissions, without exchange rate losses, arrive faster

To minimize the cost of international transfers, be strategic and maintain control over currency transactions. Use local accounts in the respective countries, avoid SWIFT transfers, and choose domestic transfers or direct withdrawals to accounts in the same currency. These approaches allow not only to reduce Payoneer costs, but also to make your international financial activities more predictable and efficient.

How Payoneer helps in cost optimization for business

Payoneer is not just a payment system, but a comprehensive financial platform that allows small and medium-sized businesses to manage international payments effectively. With special tools like bulk payments, automated reporting, and invoicing, companies can reduce Payoneer costs, prevent duplication of processes, and improve financial control.

• Mass Payouts — This service allows you to send simultaneous payments to hundreds or thousands of recipients around the world in just a few clicks. It’s the perfect solution for platforms, marketplaces, agencies, and companies that regularly pay freelancers, vendors, or partners. Benefits include reduced payment processing times, reduced errors and manual transaction costs, and automated currency conversions on pre-agreed terms.
• Invoicing Tools — The invoicing feature helps businesses quickly create, send, and track invoices that customers can pay online with a few clicks. Users receive advantages such as reduced costs for accounting and administrative support, acceleration of the payment cycle, and integration with ERP and CRM systems. 
•  Automated financial management — Various Payoneer tools allow you to automate reports, transaction history, accounting for fees and taxes, which reduces the dependence on manual documentation. That’s why you do fewer errors, waste less time on re-checks, enjoy simplicity in preparing for an audit or tax reporting, and can reduce Payoneer costs. 

Examples of optimization

Case 1: A marketing agency works with 50+ freelancers in Europe, South Asia and Latin America. 

Problem	The solution with Payoneer	Result
Cooperation with 50+ freelancers in different countries	1. The company creates a mass payment session with the details of each specialist. 2. Payments are made in the recipient’s local currency through local bank accounts. 3. Each freelancer independently chooses the method of withdrawing funds (bank transfer, card, e-wallet)	Less time to process payments, no SWIFT fees, and increased freelancer satisfaction

Situation 2: E-commerce company pays commission to partners (affiliates) every week, reports in 5 currencies.

Problem	The Solution with Payoneer	Result
High costs for bookkeeping and manual data entry	1. Payments are integrated with CRM. 2. Invoices and transaction confirmations are generated automatically. 3. Analytics is available in your personal account.	Reduce manual work by 80%, save approximately $1,000+/month on accountant services, minimize errors

These two examples show that Payoneer provides powerful tools for businesses to reduce administrative costs, avoid currency losses, and optimize payment processes. With automation, bulk payouts, and local billing, companies can focus on scaling rather than routine. 

Summary

Minimizing Payoneer fees is a matter of paying attention to detail and choosing the right ways to receive and withdraw funds. The use of multi-currency accounts, local bank details, mass payments, and currency conversion planning allows you to significantly reduce Payoneer costs and keep more of what you earn. Even small changes in your financial transactions can lead to significant savings on a long-term basis. Start using Payoneer today and optimize your operational costs — it’s a simple step towards a more efficient business!

FAQ

What are Payoneer’s main transfer fees?
Significant fees include currency conversion fees and international wire transfers, which may vary depending on the payment method. By considering these two main commissions in advance, you can reduce Payoneer costs and plan your finances more efficiently. 

How can costs for international transfers through Payoneer be reduced?
Multi-currency accounts and local bank details are recommended to reduce international transfer costs. These steps help optimize processes and reduce Payoneer costs.

Which withdrawal methods are the most profitable for business?
The most profitable methods are bank transfers in the account’s currency and the use of local Payoneer accounts. This reduces Payoneer’s conversion costs.

How do you reduce fees when exchanging currencies through Payoneer?
To reduce Payoneer costs when exchanging currencies, keep funds in the receiving currency and choose the optimal conversion moment. 

How can you save on administrative costs with Payoneer?
Automating bulk payments and reporting through Payoneer greatly reduces manual work and helps lower Payoneer fees and reduce administrative costs.