Payoneer Business Account Review (2025)

International payments are one of the most frustrating parts of running a business. Between currency conversion fees, settlement delays, and inconsistent banking systems, it’s easy to lose both time and money. I tested Payoneer to see if it offers a genuine solution for UK businesses looking to simplify this process.

With features like multi-currency accounts and local receiving details in key markets, Payoneer claims to make cross-border payments faster, cheaper, and easier to manage. In this review, I break down what it gets right, where it falls short, and whether it’s a smart choice for businesses operating internationally.

Payoneer Business Account

Monthly Fee

£0.00

Bank Transfers

Varies

Ranges from up to £4 for transfers to another Payoneer user in the same country to up to 3% for transfers to non-Payoneer users.

Card Purchases

£0.00

Up to 1.18% cross-border purchase fee if merchant’s country differs from card’s.

Overdraft

No

A Capital Advance is available, subject to eligibility.

FSCS Protection

No

Trustpilot Score

57,888 Reviews, average rating of 3.8/5

Open Account

On Payoneer’s Website

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Payoneer Business Account At A Glance

Aspect	Summary
Who Should Use?	Payoneer is ideal for UK businesses with frequent international transactions. If you’re getting paid by global marketplaces like Amazon, Fiverr, or Upwork, it makes managing multiple currencies much simpler. It’s also a smart choice if you need local bank details in other countries to avoid heavy wire transfer and conversion fees.
Who Shouldn’t Use?	Payoneer is ideal for UK businesses that have frequent international transactions. If you’re getting paid by global marketplaces like Amazon, Fiverr, or Upwork, it makes managing multiple currencies much simpler. It’s also a smart choice if you need local bank details in other countries to avoid heavy wire transfer and conversion fees.
Products & Features	– Multi-currency receiving accounts (GBP, USD, EUR, etc.) – Ability to send payments globally – Prepaid Mastercard for easy expenses – Multi-user access – No monthly maintenance fees.
Pricing	– No setup or monthly fees – Withdrawal fees: £1.50 for same-currency; up to 3% for different currencies – Card annual fee: $29.95 – Currency conversion fee: 2%. Some fees are higher than competitors for international transactions.
Ease of Use	Payoneer’s app and web dashboard are highly rated for their simplicity and user-friendly interfaces. They enable easy management of transactions, invoicing, and account balances from any device.
Account Access	Users appreciate fast access to funds, with direct transfers to UK bank accounts. Account setup is typically quick (1-3 days). However, those seeking complete control over account features may find the lack of a full banking solution limiting.
Safety/Security Aspects	Payoneer operates under FCA regulations in the UK and employs strong fraud protection measures. However, funds aren’t covered by the FSCS. Users feel confident with Payoneer’s security, but may be cautious about its non-bank status.
Customer Support Available	Reviews are mixed: some users praise the responsive support (via email and live chat), while others mention slow response times. Payoneer lacks a dedicated UK phone line, which could hinder urgent queries.
Trustpilot/Google/App Store	– Trustpilot: 3.8/5 (57,861 reviews) – Apple App Store: 4.5/5 (4,200 reviews) – Google Play Store: 4.3/5 (129,000 reviews). The platform generally receives positive ratings for ease of use and reliability, but suffers from inconsistent support.
Eligibility Criteria	Applicants must provide personal and business details, such as company registration information. Account verification can take a few days, especially if further documents are required.
Additional Info	– Payoneer is not a bank and lacks some traditional banking services (e.g. overdrafts, direct debits). – It’s perfect for businesses that frequently deal with international payments, but is less suited for local-only businesses.

What Is Payoneer?

Who Should Use Payoneer?

✅ Payoneer is best for:

• UK businesses regularly receiving payments from global marketplaces like Amazon, eBay, Fiverr, or Upwork.
• Freelancers and agencies billing international clients and needing to manage different currencies easily.
• E-commerce sellers who pay suppliers or fulfilment partners overseas and want to avoid hefty wire transfer fees.
• Companies that need to send mass payouts to remote teams, freelancers, or contractors abroad.
• Businesses operating in multiple currencies that want to hold balances in USD, EUR, GBP, and more without constantly converting back to GBP.
• Firms that need a business Mastercard for international expenses, online purchases, or cash withdrawals at ATMs while travelling.
• Anyone who values having local receiving accounts in major currencies like USD, EUR, GBP, JPY, AUD, and more, to make getting paid faster and cheaper.

❌ Payoneer is less suitable for:

• UK businesses trading only within the UK and dealing purely in GBP will not get the full value out of Payoneer’s international features.
• Companies needing the lowest currency conversion costs tend to use services like Wise, which tends to be cheaper and more transparent about FX rates.
• Firms after an all-in-one business account with things like budgeting tools, team expense cards, and cashflow management — Revolut Business or Tide might be better suited.
• Startups or solopreneurs who don’t work with international clients, marketplaces, or suppliers — you probably won’t use most of what Payoneer offers.
• Businesses that need quick, consistent customer support — Payoneer is reliable day-to-day, but I’ve seen cases where responses take longer, especially at busy times.
• Companies wanting fixed, low-cost international transfers — platforms like Wise offer more predictable, flat-fee pricing if that’s your bigger priority.

Payoneer Business Account Features

Payoneer Business Account Pros & Cons

Pros

• Receive multiple currencies without the need for foreign accounts.
• Trusted by global platforms like Amazon, Fiverr, and Upwork.
• No setup or monthly fees.
• Hold, convert, and withdraw in multiple currencies.
• Send payments to 190+ countries with ease.
• Multi-user access for your team and accountants.
• Easy payments with local account details for clients.

Cons

• Not a UK bank, so no FSCS, overdrafts, or direct debits.
• Currency conversion fees of around 2%.
• No cash or cheque deposits.
• Customer support can be slow at times.
• Inactivity fees after 12 months.

Payoneer Fees

Service	Fee	Notes
Account Setup	Free
Monthly Maintenance	Free
Inactivity Fee	Up to $29.95/year	Charged if an account is inactive for 12 months.
Receiving Payments
From another Payoneer customer	Free
From clients via credit card	Up to 3.99%*	Additional $0.49 fixed fee in some countries.
From marketplaces (e.g. Fiverr, Upwork)	Varies	Set by each marketplace.
Via receiving accounts (EUR, GBP, USD)	Free	When receiving in local currency of your country.
Paying Others
To another Payoneer user in same country (USD/EUR/GBP)	Up to £4/€4/$4	Flat fee per transaction.
To another Payoneer user in a different country	Up to 1%	Minimum fee: $4.00 USD.
To non-Payoneer users via bank transfer	Up to 3%	Minimum fee may apply.
To local bank (USD, GBP, EUR) – under £50,000/month	£1.50 / €1.50 / $1.50	Same-currency withdrawals.
To local bank – over £50,000/month	0.5%	Threshold resets monthly.
Currency Conversion
Between Payoneer balances	0.5%	Transparent rate shown before transfer.
Withdrawals
From same-currency Payoneer balance	£1.50 / €1.50 / $1.50	For users in UK, EU, US only.
From different-currency Payoneer balance	Up to 3%	Based on transaction amount.
Card Fees (Payoneer Mastercard)
Card Delivery (Standard)	Free	First card only.
Card Delivery (Express – DHL)	$40.00	Optional express shipping.
Annual Card Fee	$29.95	Applies to first card.
Additional Cards	Free
Card Replacement	$12.95 / €9.95 / £9.95
Foreign Currency Conversion	Up to 3.5%	For purchases in a non-card currency.
Cross-border Purchase Fee	Up to 1.8%	If merchant’s country differs from card’s.
ATM Withdrawal	$3.15 / €2.50 / £1.95	Per transaction.
ATM Balance Enquiry	$1.00 / €0.87 / £0.65	Per enquiry.

💡 Quick insight: While headline fees seem low, Payoneer makes money on FX margins. If you’re doing regular international business, that ~2% can quietly add up — worth factoring in when comparing with multi-currency competitors like Wise or Revolut.

How Safe Is Payoneer?

Ease of Use

Payoneer is designed to be straightforward and offer flexibility for managing your business finances globally, but there are a few things to keep in mind.

Signing Up

Getting started with Payoneer is relatively simple, but not always instant. The sign-up process involves filling out an online application, which can take anywhere from a few minutes to an hour, depending on your business details. You’ll need to provide personal and business information, such as company registration details and financials.

Once submitted, Payoneer typically verifies your account within a few business days. However, I’ve seen some users report longer wait times and inconsistent communication, especially for more complex setups, which can be frustrating if you’re eager to get started. The process is generally smooth, but it’s not the quickest, so be prepared to wait.

Mobile App and Web Dashboard

Customer Support Channels

Payoneer offers support via an online help centre, email, and live chat during standard hours, but the experience can be hit or miss. There’s no dedicated UK support line, which can be annoying if you need fast help. Response times can vary, and some users find it tricky to escalate more complex issues. Personally, I think this could be a dealbreaker if you’re running a fast-paced business and need reliable, immediate assistance.

If you need better customer support and smoother integrations with accounting tools, Revolut Business might be a better choice, as they tend to have more responsive customer service and UK-specific features. But if your main concern is handling international payments, Payoneer’s simplicity still shines.

Payoneer Customer Reviews

Payoneer’s customer reviews on platforms like Trustpilot, the Apple App Store, and the Google Play Store paint a mixed picture. While there’s plenty of positive feedback, several recurring issues, especially around customer support and account management, pop up. Here’s a breakdown of what you can expect.

As of 23rd April 2025, Payoneer’s ratings are:

• Trustpilot: 3.8 out of 5 (57,861 reviews)
• Apple App Store: 4.5 out of 5 (4,200 reviews)
• Google Play Store: 4.3 out of 5 (129,000 reviews)

Positive Feedback

✅ Ease of Use: A big win for Payoneer is its simple, user-friendly interface. Users appreciate how easy it is to set up an account and start making international payments without the lengthy delays you’d get with traditional banks. This speed is crucial for small business owners and freelancers when managing cross-border payments.

✅ Customer Support: While support is a bit of a mixed bag, many users have praised the team for being responsive and professional when issues arise. I’ve found Payoneer’s support helpful when resolving problems, though it can take a while to get in touch with the right person.

✅ Reliability: Payoneer is generally considered a reliable platform, especially when it comes to secure, global payments. It’s a go-to for freelancers who need quick, hassle-free transfers to and from clients worldwide.

Negative Feedback

❌ Account Issues: Some users, including myself on a few occasions, have encountered frustrating account verification delays or even accounts being frozen unexpectedly. These issues often arise when there’s a mismatch in personal and business details or when additional verification steps are required. This can lead to extended periods where funds are inaccessible, which is not ideal for anyone needing fast cash flow access.

❌ Customer Service Delays: A major point of frustration is the slow customer support response times. Users across all platforms report lengthy waits, automated replies, and difficulty escalating issues. If you need urgent help, the experience can be disappointing, and sometimes, this delays resolving problems that affect your payments.

❌ Fees & Technical Problems: Hidden fees—especially around withdrawals—are a common pain point. Some users feel these fees are not always clear upfront. Additionally, frequent technical issues like login problems, forced password resets, and annoying verification loops have led to user complaints. These problems can add to the stress of using Payoneer as a business tool.

Payoneer Business Account Eligibility Criteria

To open a Payoneer Business Account, you need to meet a few basic criteria to ensure your business qualifies for their services.

• Age: You must be at least 18 years old.
• Business Type: Payoneer accounts are available to businesses that fall into one of the following categories:
  • Service Providers & Freelancer Agencies: Freelancers or agencies that receive payments for services provided to clients or online marketplaces.
  • Online Sellers: Businesses that sell goods on eCommerce platforms and receive payments from those marketplaces.
  • Small to Medium-Sized Businesses (SMBs): Companies needing to pay or receive payments for products or services.
• Location: Payoneer is available to businesses in the UK and many other countries. You must have a registered company in one of the supported regions.
• Business Activity: Payoneer reviews the nature of your business, and certain high-risk industries (such as gambling or adult services) may be subject to additional checks or restrictions. Make sure your business complies with Payoneer’s acceptable use policies.

How To Apply For A Payoneer Business Account

Applying for a Payoneer Business Account is a straightforward process, but following each step carefully is important. Here’s a quick guide to help you get started:

1. Visit Payoneer’s Website

First, head to Payoneer’s official website. Look for the “Sign Up” or “Get Started” button on the homepage. This will direct you to the registration page to create a business account.

2. Provide Your Business Details

You’ll need to fill out basic information about your business, including:

• Business Name: The official name of your business as it appears in your registration documents.
• Business Type: Choose from options like sole proprietorship, partnership, or limited company.
• Business Address: Your registered business address. This should match the address listed in your official business documents.
• Industry Type: Select the industry in which your business operates. Payoneer will use this to ensure your business falls within their supported sectors.
  

3. Personal Information

Next, you’ll be asked to provide the applicant’s personal details. This includes:

• Name and Contact Info: Full name, email address, and phone number.
• Identification Documents: Upload a government-issued ID (like a passport or driving licence) and possibly a utility bill or bank statement to confirm your identity and address.

4. Set Up Your Payment Preferences

Payoneer will ask how you plan to receive payments. You can receive funds via bank transfer, prepaid card, or Payoneer’s e-wallet. The more details you provide about your business needs, the better Payoneer can tailor your account setup.

5. Review and Submit

Before submitting, double-check all the information you’ve entered. Payoneer may request additional details depending on your business type. Make sure everything is accurate to avoid delays in your approval.

6. Wait for Verification

Once submitted, Payoneer will review your application. This can take anywhere from a few days to a couple of weeks. Payoneer might request more documents or additional information to verify your business.

7. Account Approval and Setup

After your application is approved, you’ll receive an email confirming your account has been activated. You’ll also be provided with login details, and your Payoneer account will be ready to use.

Alternatives To Payoneer

Feature	Payoneer	Wise	Revolut	Airwallex
Best For	Frequent global payments	Low-cost international transactions	Fully-integrated, all-round digital solution	Scaleable solutions for high-volume international transactions
Key Features	Multi-currency accounts, global payments, and cross-border invoicing	Low fees, easy-to-use platform, and excellent exchange rates	Multi-currency accounts, expense management tools, and an integrated card	Global accounts, high-volume international payments, and real-time exchange rates
Fees	1% fee for local bank withdrawals, variable transaction fees	Small flat fee + percentage on exchange rate	£0–£100 per month, depending on plan, plus transaction fees	Free transfers between Airwallex accounts, competitive international fees
Currencies Supported	10+ currencies	40+ currencies	34 currencies	46+ currencies
Learn More	Visit Payoneer	Visit Wise	Visit Revolut	Visit Airwallex

Payoneer Business Account FAQs