Payoneer fees: everything UK businesses need to know

The Payoneer platform is designed for sellers who make and receive cross-border payments and want to take advantage of affordable Payoneer fees. The platform makes it simple for international clients to pay businesses using local receiving accounts.

In addition to receiving money, businesses can pay suppliers, transfer earnings to a bank account and make withdrawals using an ATM. Payoneer is a safe provider and a good option for cross-border selling, together with solutions such as the Wise Business multi-currency account which enables international payments.

In this article you’ll learn about Payoneer fees for UK and see what you can expect from the platform.

What is Payoneer and how does it work?

If you’re wondering what Payoneer is, it’s a simple to use platform that allows sellers to make and receive payments across international borders. The main features of Payoneer include:

• Local receiving accounts
• Client billing
• Purchasing
• Bank withdrawals
• Multi-currency conversion

The Payoneer platform is a good option for people who get paid as a freelancer and for businesses that make and receive international payments.

Is Payoneer free?

Wondering if Payoneer is a free service? The good news is that you don’t need to pay an annual account fee if you make at least one transaction using your account each year. Some other fees and charges apply. Keep reading to discover more about Payoneer pricing and fees.

Payoneer fees in the UK - Overview¹

Payoneer transfer fees

There are several fees you need to be aware of when using a Payoneer account. Transfers between Payoneer accounts are free of charge. ACH bank debit transfers (US only) to a Payoneer account incur a fee of 1%. Transfers from a credit card to a Payoneer account incur a fee of 3%.

Payoneer exchange rate

Businesses can use the Payoneer currency exchange service to pay international suppliers and contractors. If you’re looking for the Payoneer exchange rate, there’s a charge of up to 0.5% to exchange currency and the rate of exchange is the current market rate.

Payoneer card fees

The Payoneer Mastercard gives you the freedom to make purchases online and in store. You can also use the card to withdraw cash from an ATM. If you’re travelling abroad on business, you have the opportunity to use the card during your trip, to fund your expenses.

The annual fee for Payoneer Mastercard is 29,95 USD for the first card, additional cards are free. If you complete transactions in the currency of your card, there are no Payoneer card fees.

If your transaction involves the conversion of currency, you’ll pay up to 3.5%. For transactions where the merchant country is different to the card issuing country, you can expect to pay a fee of up to 1.8%. You’ll also pay the Mastercard exchange rate that you can find by using the Mastercard currency conversion calculator. To use the calculator, you need the following information:

• date of the transaction
• % added by the bank (if applicable)
• currency and amount of the transaction
• currency of your card

Input these details to the calculator and you’ll find the cost of your transaction.

Payoneer withdrawal fees

If you withdraw funds from your Payoneer account into your GBP account, you can expect to pay withdrawal fees of up to 2% of the transaction amount if the balance is in a different currency. If the balance is in GBP, you’ll play a flat fee of £1.50.

For withdrawals to an international account, you’ll pay a fee of up to 2% of the transaction amount. When you withdraw cash from your Payoneer account using an ATM, you pay a £1.95 fee.

Alternative to Payoneer - Discover Wise Business

Payoneer is not the only solution you can choose, if you’re looking for a business account. Wise Business is an alternative you can consider when paying and getting paid from overseas. If you open a Wise Business multi-currency account, you can,

• hold money in your account in over 40 currencies
• send money to 80 countries
• receive money in 9 currencies with local account details
• spend money in 174 countries which is perfect for international travel

You can even earn a return on the money you hold in multiple currencies. With Wise Interest, you can get a 4.82% variable rate on your GBP held in your Wise Business multi-currency account.

Capital at risk. Current rates do not guarantee future growth.

Variable rate is based on 7 day performance as of 10 Aug 2023. This fund has returned an 0.93% annual average over the last 5 years, excluding Wise and fund manager fees. See full 5 year past performance of funds

Start saving today with Wise Business

Payoneer is a good and affordable solution if your business makes and receives cross-border payments. If you use your account for at least one transaction each year, you don’t pay any account fees. Also, you pay no fees if you receive payments from another Payoneer account. However, there are fees to pay if you receive payments by card, if you need to convert currency, or if you withdraw money from your Payoneer account.

These fees are transparent and competitive. If you prefer a different business account solution to Payoneer, there are several to choose from, including the Wise Business multi-currency account which makes it easy to complete cross border transactions and spend money at home and while travelling abroad.

Sources used in this article:

Sources last checked June 21, 2023