Is Payoneer safe? Uncovering the truth

Is Payoneer safe?

Yes, Payoneer is safe to use. It is a fully regulated money services business with bank-grade security, so freelancers and companies can send and receive global payments with confidence.

• It is certified at the PCI Level 1 Data Security Standard.
• It uses two-factor authentication and anti-fraud tools.
• It holds strong reviews from freelancers and sellers worldwide.

Payoneer is a global payment service where anyone can transfer cross-border payments online, instantly and hassle-free. When you ask “is Payoneer safe,” it helps to look at the facts. So when entrusting your money to an intermediary, you want to know it is secure. Here we look at the business, reviews, and case studies.

The Payoneer platform offers low-cost, sometimes free, transfers. In addition, it lets you hold and switch between different currencies instantly. It also charges only a small currency exchange fee.

As a result, it works well for freelancers and businesses that make international payments in real time. In fact, you can make a Payoneer account for free, with minimal documentary requirements for account verification. This suits many people who earn through freelancing across borders.

Payoneer customers can also hold multiple virtual accounts. So they can accept payments in different currencies. Transferring to other Payoneer accounts is free. Another provider, on the other hand, charges a fixed rate that depends on the payment method, such as ACH bank debit, local bank transfer, eCheck, and credit card. Meanwhile, exchanging to a local or foreign currency within the platform carries only a small fee.

Whether Individual, SME, or Enterprise, Payoneer offers a debit Mastercard for easy withdrawals at ATMs worldwide. With a Payoneer Mastercard, any business can make international payments with ease.

For businesses, Payoneer also offers free VAT payments for transactions in the EU and the United Kingdom. In addition, it supports mass payouts for accounts with many international beneficiaries. This helps a growing virtual business pay its team on time.

Since 2005, Payoneer has been a reliable payment partner of marketplaces and ecommerce stores across the globe. It has earned several awards from international institutions. It is also regulated by agencies such as the PCI Data Security Standard body and the European Commission.

Payoneer top reviews

Payoneer has earned high reviews on trusted sites such as Trustpilot, Sitejabber, and FinancesOnline. So freelancers and sellers around the world recommend it.

On TrustPilot, one of the top consumer review sites, Payoneer holds a rating of about 4 out of 5 stars across tens of thousands of reviews. Many users praise its customer support and its features.

Meanwhile, Payoneer also earns strong marks on Sitejabber, another customer review website. Reviewers there highlight its easy-to-use platform and helpful service. Among its peers, Payoneer also scores high on FinancesOnline. Its top-rated services include customer support, quick billing, and integrated partners.

Payoneer success stories

For more than a decade, Payoneer has helped millions of its users ease online payments and save on fees. As a result, businesses gave clients smoother payments and grew over time. Freelancers, meanwhile, could focus more on their work.

Amazon seller using Payoneer

One story comes from Paul Donnely, Managing Director of Something Crafty Ltd. in the UK. From his 9-to-5 job, Paul moved into online selling, on his wife’s idea to sell beads. First, he sourced products from countries such as Brazil, China, and India. Then he sold curated collections on marketplaces such as Amazon.

Before, one struggle was the high cost of cross-border transactions, since he had expanded from the UK to Europe and the US. However, this eased when he opened a Payoneer account in 2017 for his Amazon disbursements. The Payoneer team, he said, was friendly and helped him find solutions to grow his business.

Freelance online payments

Oussama Kotaich, a freelance graphic designer from Lebanon, also gained from Payoneer. When he started working online in 2009, he worked a few hours a day. Later, he launched his online business in 2013. Working online, he said, boosted his profits and helped him move back home after years abroad.

As a freelancer, he struggled to get paid online. So he tried several payment platforms and quit them over delays. Then he found Payoneer at his full-time job. As a result, he received payments on time and got instant access to his funds. With Payoneer, his work volume rose, and he felt more motivated.

e-commerce and Payoneer

Payoneer also helps local e-commerce thrive in the Philippines. Marvin Espina, an e-commerce seller, is one example. He opened his online store after success on Teespring. Besides shirts, he sells watches and sunglasses, with a market in the US, the UK, Canada, and Australia.

Like any startup, he tried every payment option his supplier suggested, from bank transfers to remittances. The downside was long bank lines and heavy paperwork. As a result, it wasted time and risked the security of his payments. Then he heard about Payoneer from a top print-on-demand seller.

He linked his US virtual account to another payment platform. With Payoneer, currency exchange to USD became cheaper for him and his suppliers. He also linked his debit Mastercard to Facebook to pay for ads. So now he can focus on scaling his business. Sellers who run a drop servicing model often use the same setup.

Online publisher managing payments

Another user who grew with Payoneer is Rob Palmer, CEO of Platinum Publishing in Thailand. Founded in 2012, the firm markets books that help people improve their lives. Its market spans over 200 countries, mostly the US and the UK.

The company hires remote writers, designers, and marketers, all paid weekly. In addition, Amazon cannot pay directly to a Thai bank account, so the firm got revenue by check. Dealing with many checks created heavy admin work. So they looked for a better fix and found Payoneer.

Now they use the US virtual account to receive payments from Amazon and Clickbank. They also use the platform for billing and receiving payments. As a result, Payoneer has been key to the business ever since.

Web hosting using Payoneer

Last, this story comes from Kushal Raha, CEO and co-founder of Host4Geeks LLC, a web hosting and IaaS provider in India. The firm aims to give a simple, reliable hosting platform to people and online businesses.

When dealing with clients worldwide, one struggle was finding a payment provider that worked for everyone. Another was low-cost transfers to a local bank. Kushal had known Payoneer since he started, but he later saw its newer features and opened an account. From then on, he had a smooth payment process.

Because they are a small business, smooth cash flow is vital. So Payoneer’s quick service helps them pay vendors, staff, and providers on time. Without Payoneer, he added, they would still jump through hoops to get their money. Security also matters here, much like in common e-commerce security issues.

Is Payoneer safe to use?

Yes, Payoneer is a safe and reliable platform for transferring money and making global payments. In fact, Payoneer is registered as a fully regulated Money Services Business. So you can send and receive money with ease, and your Payoneer balance stays safe.

Furthermore, Payoneer is certified at the PCI Level 1 Data Security Standard. So it holds security and service to a high bar. All transactions are guarded by firewalls and anti-hacking measures. As a result, they help prevent fraud, phishing, identity theft, and other risks.

Moreover, Payoneer uses two-factor authentication, which keeps customer funds safe from outsiders. It is also equipped with CAPTCHA challenges and protection tools, such as proactive account searches and bot location software. If you compare options, see our roundup of PayPal alternatives for more context.

Frequently asked questions

Is Payoneer safe for freelancers?

Yes. Payoneer is regulated and uses bank-grade security. So freelancers can receive client payments and hold funds with confidence.

Is Payoneer legit and regulated?

Yes. Payoneer is a fully regulated Money Services Business. In addition, it is certified at the PCI Level 1 Data Security Standard.

How does Payoneer protect my money?

Payoneer uses firewalls, anti-hacking tools, and two-factor authentication. So it guards against fraud, phishing, and identity theft.

Does Payoneer charge fees?

Yes, but they are low. Payoneer-to-Payoneer transfers are free. Meanwhile, currency exchange and some withdrawals carry a small fee.

Key takeaways

• Payoneer is safe: it is a fully regulated Money Services Business.
• It uses PCI Level 1 security, two-factor authentication, and anti-fraud tools.
• It earns strong reviews on Trustpilot, Sitejabber, and FinancesOnline.
• Freelancers and sellers worldwide rely on it for low-cost global payments.