How to Use Payoneer for International Payments From South Africa

Created specifically to make international business payments easy and cost-effective, many professionals in South Africa use Payoneer to pay suppliers, employees and contractors in over 200 countries,⁵ as well as receive transactions from businesses overseas.

New to Payoneer in South Africa? This guide will cover how to make international payments with the financial service provider, including fees, transaction times and what you need to send money abroad.

Also learn about Wise – that will show you how to make money transfers to South Africa at the mid-market exchange rate!

Learn more about Wise

Payoneer international transfer fees

Fees for international payments with Payoneer vary depending on whether you’re paying to another Payoneer account or an external bank account, and if you need to exchange currency to make the payment. Below is a table with the Payoneer fees for international transfers.⁶

Payoneer international transfer exchange rate

Businesses and freelancers can use Payoneer in South Africa to make international business payments in the following currencies: USD, EUR, GBP, CAD, AUD, JPY, and CNH.⁷ Payoneer’s exchange rates are based on the real-time exchange rate, with an additional 0.5% fee.⁸

When it comes to exchange rates at Wise, we use the mid-market exchange rate for international transactions, which is the fair market rate. Why not see how much you would pay to send money abroad with Wise?

Join Wise!

Which countries does Payoneer operate in?

With Payoneer, professionals can withdraw funds from international transactions in more than 200 countries around the world. ⁵ Payoneer lets your business hold a multi-currency account, making it just as easy to make payments internationally as locally within your country.

Can I send money to South Africa with Payoneer?

Yes, you can! Since Payoneer is available in South Africa, you can receive money from overseas using this service provider. Clients can make an international transaction through Payoneer in their local currency, and the amount will appear in your local South African receiving account.⁹ Once the payment has cleared, you can withdraw it directly to your local bank account or at supported ATMs in the country.

With Payoneer, you can also request payments from international clients.¹⁰ Just enter their email and expected payment amount in the 'Get Paid' tab in your account, and your funds will be deposited directly into your Payoneer account.

Wise for International Transfers to South Africa at the mid-market exchange rate

If you’re a South African expat living abroad or someone wanting to send money to South Africa, Wise can help you save money¹ when making international money transfers back to South Africa.

Some banks and money transfer services use the mid-market rate when they trade between themselves, but they rarely pass it on to you. Instead, they often mark up the rate to make extra money.¹³

It is recommended to check the exchange rate offered by your bank against the mid-market rate, which is similar to the exchange rate shown on Google. Say no to hidden fees!

The mid-market exchange rate is the rate that banks use to transfer money between them and is considered the ‘fair rate’ in the market. Find out what you would pay for an international money transfer with Wise:

Wise customers don’t have to pay an additional markup fee but only a small transparent fee to make an international transaction¹. That’s because Wise uses the mid-market rate for overseas payments!

With Wise, South African expats can save money¹ on an international money transfer by providing low fees and also do away with the markup on the mid-market exchange rate when making international payments to South Africa.

How long does an international transfer take with Payoneer?

It takes less than 2 hours for an international payment from one Payoneer account to another.¹¹ If you’re making an international transfer from a Payoneer account to a recipient who isn’t using Payoneer, it will take an average of 1-2 business days.¹²

Payoneer customer support contact

For issues with international payments, you can contact Payoneer’s customer support team via live chat or message through the Payoneer Support Centre. You can also speak to the team by phoning them directly through your Payoneer account.¹³

Payoneer international transfer process

An important part of understanding how Payoneer works in South Africa is to get to grips with the international transfer process. To send money abroad with Payoneer, you can use existing funds in your Payoneer account or one of the following payment methods:¹⁴

• Credit card
• Debit card
• ACH bank debit
• Local or international bank transfer
• eWallet

To make an international transfer with Payoneer, follow the steps below:¹⁵

1. Sign up with Payoneer on the website or by downloading the app for free via the Google Play store or Apple App store.
2. Select the sending and receiving country, and choose a payment method.
3. Enter the payment amount you want to send.
4. Add the recipient’s details, choosing which account the money will be sent into.
5. Complete Payoneer’s identity verification process by uploading a proof of ID or proof of address.
6. Pay any transfer fees.
7. Finish your transfer by receiving confirmation of payment, including the estimated time for your money to reach the recipient.

Payoneer international transfer requirements

To make an international transfer to another Payoneer customer, you just need their email address.¹⁶ If you want to send money abroad to someone that isn’t a Payoneer customer, you will need to link the recipient’s account bank account to your Payoneer account.

You can do this either by adding their bank account details manually and letting Payoneer verify it, or sending them an invitation to enter this information themselves.¹⁷

Payoneer international transfer limits

The limits for international payments with Payoneer vary from account to account. You can find your personal limits for these transactions by checking your Payoneer account.¹⁸ There is also a overall monthly payment limit for international transfers. Payoneer will let you know if you exceed this limit.¹⁹

There is a minimum transaction of 50 USD on Payoneer,²⁰ which allows you to start sending money abroad with minimum risk.

Which option suits you better?

The global coverage and convenience of making an international business payment with Payoneer makes this financial service provider a top choice for business owners, freelancers and entrepreneurs in South Africa.

While Payoneer uses a limited choice of currencies for international payments, Wise lets you send money to South Africa in ZAR¹. If you’re looking for a fair and transparent payment provider for international transactions, Wise is a great alternative.

Send money to South Africa

Sources

1. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
2. Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.
3. Eligibility is subject to verification of customers identity. Wise may request additional documents to verify a customer's identity.
4. Please note that certain products or features may not be available in all regions. Please visit www.wise.com to check for availability and learn more about our offerings.
5. Countries covered
6. Payoneer fees
7. Currency for international payments
8. Currency conversion fee
9. Receiving payments
10. Requesting payments
11. Payment time within Payoneer
12. Payment time with non Payoneer customers
13. Contact Payoneer support
14. Payment methods
15. Sending money with Payoneer
16. Paying another Payoneer customer
17. Adding recipient details
18. Personal Payoneer limits
19. Payoneer limits
20. Minimum transaction amount