6 local receiving accounts, 5 card currencies. Real-time FX rates.

Here's the typical workflow for a business using Payoneer:

1. Sign up & verify: Submit company documents, get approved (1-4 weeks typically)
2. Activate receiving accounts: Request USD, EUR, GBP, CAD, AUD, MXN accounts
3. Share bank details: Add local bank details to your invoices or marketplace profiles
4. Receive payments: Clients pay via domestic transfer; funds arrive in 1-3 days
5. Hold or convert: Keep funds in original currency or convert at 0.5% fee
6. Withdraw or spend: Transfer to your bank ($1.50 fee) or use Payoneer card

Now let's explore each feature in detail.

When you log into Payoneer, the Home dashboard displays everything at a glance:

Multi-Currency Balances

Your funds across all active currencies. Payoneer supports 30+ currencies for holding funds. In my account: USD, EUR, and GBP wallets. You can hold multiple currencies simultaneously and convert only when rates are favorable, unlike PayPal which auto-converts at unfavorable rates.

Recent Transactions

Live feed of payments received and sent, updated every few minutes. Each entry shows date, counterparty name, status (Completed/Pending), and amount. Incoming payments display with green badges; outgoing transfers show as negative amounts.

What's useful: You can see which client paid, when, and in which currency without digging through menus.

Live Exchange Rates

A real-time chart showing your most-used currency pair (e.g., EUR to USD). Toggle between 1-day, 7-day, 30-day, and 90-day views.

Pro tip: Monitor this chart before converting. A 1% rate difference on €10,000 is €100 saved.

Navigation Sidebar

Quick access to all features: Get paid, Pay, Cards, Expense Budgets, Withdraw and convert, Manage. The interface is clean, no promotional clutter like you'd find in a traditional bank's online banking.

This is Payoneer's killer feature and the main reason businesses choose Payoneer.

What are local receiving accounts?

Payoneer gives you actual bank account details in multiple countries. When a US client pays you, they see a US bank account and routing number. They pay via domestic ACH, no SWIFT fees, no "international payment" surcharges, no friction.

Your client's payment experience: identical to paying any local vendor.

Why this matters for your business:

1. Lower fees for your clients: They pay domestic transfer rates (often free), not $25-50 SWIFT fees
2. Faster payments: SEPA in 1-2 days vs 3-5 days for international wires
3. Professional appearance: Invoice with local bank details looks like an established local business
4. No payment friction: Some corporate clients literally cannot pay international wires without procurement approval

Real example from my business:

My European affiliate networks pay via SEPA to my EUR receiving account (Banking Circle S.A.). They see a European IBAN, payment processed like any other EU vendor. No questions, no delays, no forms.

→ Need a traditional bank for your company first? Read our Hong Kong business banking guide or Singapore business banking guide

Beyond receiving accounts, Payoneer offers multiple ways to get paid:

1. Payment Links (New Feature)

Generate a unique link and send it to clients. They click, choose payment method (card or bank transfer), and pay.

Best for: One-off invoices, clients unfamiliar with wire transfers, or when you want to offer card payments.

Fee: Up to 3.99% for credit card payments, 1% for ACH bank debit.

2. Invoices

Create and send professional invoices directly from Payoneer. Basic functionality, not as robust as dedicated tools like Wave or FreshBooks, but works for simple needs.

Best for: Freelancers who want everything in one place.

3. Payment Requests

Send a formal payment request via email. Client receives instructions to pay to your receiving account.

Best for: Formalizing payment terms with new clients.

4. Batch Payment Requests

Send multiple payment requests simultaneously. Useful for agencies invoicing multiple clients on the same schedule.

5. Receiving Accounts

Your local bank details (covered above). This is what you'll use 90% of the time for B2B payments (Payoneer accepts only B2B payments).

Payoneer isn't just for receiving, you can send payments to 190+ countries:

Pay to Payoneer Account: FREE

Instant transfers to other Payoneer users. If your freelancer, supplier, or contractor has Payoneer, this is the cheapest option. Zero fees. Instant arrival.

Pay to Bank Account: $1.50 to 2%

Send to any bank account worldwide. Fees depend on currency and destination:

• Same currency, local bank: $1.50 flat fee (up to $50K/month)
• Cross-currency: Up to 2% including conversion
• Above $50K/month: 0.5% instead of flat fee

Batch Payments

Pay multiple recipients at once, both Payoneer accounts and bank accounts. Essential for agencies managing freelancer payouts or regular supplier payments.

Pay Your Partners

Specialized for marketplace sellers paying supply chain partners. Includes compliance features for larger payment volumes.

Pay VAT

Direct VAT payments to tax authorities in supported countries. Saves the step of withdrawing, then paying separately from your bank.

→ Comparing payment platforms? See best digital banks for international businesses

Payoneer offers a Mastercard linked directly to your balance:

Card Options:

• Physical card: Ships to your address, works at any Mastercard terminal worldwide
• Virtual card: Instant activation for online purchases (available immediately)

Card Currencies:

Available in USD, EUR, GBP, CAD, and JPY. Choose the currency that matches your primary spending to avoid conversion fees.

Features:

• 1% cashback on eligible business purchases (promotional periods, check current terms)
• Spending limits customizable in your account
• Real-time transaction notifications
• Freeze/unfreeze instantly from the app

Practical Uses:

• SaaS subscriptions (servers, tools, software)
• Online advertising (Google Ads, Meta Ads, LinkedIn)
• Business travel and expenses
• Emergency spending without waiting for bank withdrawal

For businesses with teams, Expense Budgets provides basic spending controls:

How it works:

1. Create a budget: Allocate a specific amount (e.g., $500/month for marketing)
2. Add team members: They get access to spend from that budget only
3. Track in real-time: Monitor all purchases as they happen
4. Link to cards: Connect budgets to specific Payoneer cards

Use Cases:

• Marketing team with advertising budget
• Operations team for tool subscriptions
• Remote contractors needing to make purchases on your behalf

Limitations:

• Not as sophisticated as dedicated tools (Pleo, Spendesk, Ramp)
• No approval workflows
• Best for small teams (2-5 people) with straightforward needs

🕵️‍♂️ Verdict: Useful if you want basic spending controls without another subscription. For larger teams or complex approval workflows, consider dedicated expense management software.

Withdraw to Bank

Link your local bank account and transfer funds. Important: Traditional banks only, digital banks like Wise, Revolut, or N26 don't work for Payoneer withdrawals.

Processing Time: Same Day to 3 business days depending on destination

Convert Currencies

Convert between your currency wallets before withdrawing.

Conversion Fee: 0.5% (verified January 2026)

This is competitive, PayPal charges 3-4% for conversions.

Strategic tip:

If you don't need funds immediately, monitor the exchange rate chart. Converting when EUR/USD is favorable can save meaningful amounts:

• €10,000 at 1.10 = $11,000
• €10,000 at 1.08 = $10,800
• Difference: $200

Hold currencies and convert strategically rather than auto-converting on receipt.

→ Need a traditional bank for withdrawals? How to open a business bank account as a non-resident

The Manage section handles administration:

Core Tools:

• Transactions: Full history with search, filters, and CSV export
• Contacts: Save recipient details for repeat payments
• Bank accounts for withdrawal: Manage linked bank accounts
• Receiving accounts: Quick access to your bank details

Reports and Statements:

• Official statements for accounting/tax (PDF format)
• Transaction exports (CSV for bookkeeping software)
• Filter by date range, currency, or transaction type

Business Integrations:

Payoneer connects with major marketplaces:

• E-commerce: Amazon, eBay, Walmart, Wish, Jumia
• Freelance: Upwork, Fiverr, 99designs, Freelancer
• Other: Airbnb, Getty Images, iStock

Accounting Software Integrations:

Payoneer offers native connections with major accounting platforms:

• Xero: Reconcile Payoneer transactions directly in Xero
• QuickBooks: Sync transactions with QuickBooks Online
• Zoho Books: Send invoices and get paid directly to Payoneer
• NetSuite: Enterprise-level reconciliation

Fees may vary by country, account type, and transaction volume. Data verified January 2026 from official Payoneer pricing page.

Let's consolidate all fees in one place:

No platform is perfect. Here's where Payoneer falls short:

❌ Business-Only Payments

Payoneer only accepts payments from business bank accounts. If a client pays from their personal account, the payment gets rejected and returned (7-10 business days). This can be awkward with freelance clients or small business owners who haven't separated their finances.

❌ No Asian Receiving Accounts

No local accounts for HKD, SGD, JPY, or CNY. If your clients are primarily in Asia, Statrys or Airwallex serve you better.

❌ Limited Banking Features

Payoneer is a payment platform, not a bank. No savings accounts, no credit lines, no overdrafts. You'll still need a traditional bank for full banking services.

❌ Generic Customer Support

As documented in our Payoneer setup review, support often provides templated responses. Complex issues require persistence and figuring things out yourself.

❌ Random Compliance Holds

Payments can be temporarily held for additional verification. Usually resolved within days, but can disrupt cash flow.

Payoneer is ideal for:

✅ Businesses with Western clients: The 6 local receiving accounts (USD, EUR, GBP, CAD, AUD, MXN) eliminate friction and fees

✅ Marketplace sellers: Deep integrations with Amazon, eBay, Walmart, Upwork, Fiverr, Airbnb

✅ Freelancers going global: Simple way to receive payments professionally without complex setup

✅ Companies needing multi-currency holdings: Hold EUR, USD, GBP and convert when rates favor you

✅ Small teams: Expense budgets and cards provide basic team spending controls

Look elsewhere if:

❌ You only have Asian clients: No HKD/SGD/JPY receiving accounts

❌ You receive payments from individuals: Personal bank account payments get rejected

❌ You need full banking: No credit, loans, or traditional banking products

❌ You use only digital banks: Traditional bank required for verification and withdrawals

If Payoneer fits your needs:

1. Before you apply: Ensure you have a traditional bank account (not Wise/Revolut/N26)
2. Prepare documents: Company registration, passport, proof of address, bank statement
3. Expect verification: Plan for 1-4 weeks (though some accounts approve faster)
4. Read our setup guide: Payoneer Setup Review: Real Verification Process & Common Issues

This article reflects our experience using Payoneer with a Hong Kong-registered company. Features, fees, and availability may vary by country, account type, and eligibility. This is not financial advice, consult a professional for your specific situation. All opinions are our own based on real product usage.

Related Resources

From GrowAcross:

Payoneer:

• Payoneer Setup Review: Verification Process & Common Issues

Business Banking Guides:

• How to Open a Business Bank Account as a Non-Resident
• Best Digital Banks for International Businesses
• Hong Kong Business Banking Guide
• Singapore Business Banking Guide
• UAE Business Banking Guide

Company Formation:

• Hong Kong Company Formation Guide
• Singapore Company Formation Guide
• UAE Company Formation Guide