What is Payoneer? Payoneer is a financial services company where you can send and receive money online like PayPal. Today, I will share with you why Payoneer is better than PayPal.
So, what are the advantages of Payoneer? First, you can save more.
Low Transaction Fee On Payoneer
Why can we save more in Payoneer? Because Payoneer has the lowest transaction fee.
Payoneer has low foreign exchange rates. If you want a higher value from dollar to rupee, I recommend Payoneer.
Also, from what I’ve researched, Payoneer has officially the lowest fees. Of all the money remittances here in India. So, if you compare PayPal fees to Payoneer fees, PayPal has a higher transaction fee compared to Payoneer.
I think you can actually save $5 for every $100 that you transfer using Payoneer instead of PayPal. So, that’s how convenient it is. We’ll save much more because its transaction fees are much lower. And also, its exchange rate is much lower than PayPal’s.
Payoneer’s Fast Transaction Processing
Second, what I like about Payoneer is they have fast transaction processing! There are no late or delayed payments here. It’s because Payoneer uses EFT – Electronic Fund Transfer, rather than direct international transfer.
At Payoneer, when you transfer money from your Payoneer account to your bank account, it usually takes less than 24 hours. It has a same-day transfer function. On the other hand, PayPal takes 2-4 business days before you successfully transfer your money.
That’s the good thing here at Payoneer, they do same-day transfer. They have fast transaction processing.
Payoneer Referral Commission
Also, what I like about Payoneer, you can earn money through referral. Aside from getting your online payments (earnings), from your freelance work or online jobs, you can earn extra money by referring your friends.
Payoneer has a referral program. Unlike PayPal, which doesn’t have a referral commission when you refer a friend.
But here at Payoneer, you can earn extra $25, when you refer a friend.
You may click the link below to get a $25 bonus.
Make sure you read this blog post till the end. Because I will discuss how to get the $25 bonus from Payoneer.
Let’s guide you through how to make an account at Payoneer. If you click on the above link, you will be redirected to Payoneer’s “Sign Up & Earn $25” page.
It states here: Get Paid By Marketplaces & Direct Clients Worldwide. Sign Up and Earn $25!
Also, Payoneer is preferred by freelancers on fiverr, freelancer.com, peopleperhour, Upwork, 99designs and more.
So, there, you now have an idea on what platforms you can become a freelancer!
Why should you choose Payoneer? I am reiterating the above points, Payoneer has (1) Lower Fee, (2) Faster Payments and (3) Greater Flexibility.
For you to start here at Payoneer, you’ll have to create an account first.
Payoneer Account Set-Up Steps
All you have to do is to click on the Sign Up & Earn $25 button. Then you will be redirected to the Payoneer sign up page.
Just choose: Individual.
Enter your first name, last name, email address, retype your email address and enter your date of birth. We need to enter our DOB because they require 18 years and above candidates to be able to sign up on Payoneer.
After that, just click Next. Then, our country: India.
Enter information in Address Line 1. Address line 2 is optional as long as you have entered an address in line 1. Then, your City/Town, Postal/ZIP code.
If you don’t know the ZIP code of your area, just google it.
For example, if you search in Google, cyber city Gurgaon pin code. There it is. The postcode for cyber city Gurgaon is 122010.
So, just search on Google, if you don’t know your postal code/ZIP code.
Enter Security Details
Enter your mobile number. Click on Next. Now, we’re in security details, which is step 3. Just enter your preferred password here.Then, re-type password.
Choose a security question. Ex: How old was your father when you were born? Ex: What was the name of the college you went to?
Payoneer uses this security question when you want to recover your account or when you’ve forgotten your password.
So, you must remember your security question. As well as your security answer. On the ID type, you can choose a PAN Card, Driving License, Aadhar or Passport.
Enter your PAN or Aadhar number, enter the captcha. Click Next.
Enter Bank Account Details
Please provide your bank details.This will let you receive funds from your bank account. You’ll later have the option to order a Payoneer Prepaid Card, if eligible.
So, we’ll choose the Personal account, then, Bank Country: India, Currency: Rupee. Then agree to their Terms and Conditions and to their Pricing and Fees. Then, click Submit.
There it is, Congratulations! Your Payoneer account application has been submitted successfully and is now being reviewed. You will receive an email confirmation within a few business days, once your application has been reviewed.
Just go to your email address.You will receive a verification email. All you have to do is verify your email. Just click on the verification link.
There it is. Thank you! You have successfully verified your email.
Now, you’ll have to wait for our account’s approval. That usually takes up to 3 business days.
There it is, you now have your Payoneer account.
You may now start receiving payments from international clients. You may receive payments in USD, EUR or GBP.
Receive Payments On Payoneer
Now, how do we receive payments here? You may request a payment by clicking on the “Request a Payment” button.
Then, you can add New Payer. Just choose if it is an Individual or a Company. Enter their contact details: first name, last name, email, country.
On the Payment Details, you can choose whether you need an invoice or not. Then, click Request a Payment. Payoneer will send them an email which will provide instructions on how they can send you the money.
Withdraw Funds From Payoneer
Once you have the funds, Payoneer’s minimum withdrawal amount is $50. To withdraw, click Withdraw, then, click Balance. Enter your withdrawal details. I’m sure you already have a bank account linked to your Payoneer account. Then, just enter the amount to withdraw.
So, that’s how easy it is to create an account on Payoneer.
And that’s how we can send and receive from Payoneer.
Now, how can we claim a free $25 bonus from Payoneer?
Please take note that you can only get a $25 bonus, once you reach the $1000 balance. So, if you already reached USD 1,000 balance, Then, you’ll get your $25 bonus.
For example, you have a Payoneer balance worth $1,000 from your client. A client paid you in the Payoneer account and you have $1,000, you can immediately get $25.
But, it’s okay if you don’t get $1,000 all at once. It’s okay to have it on a staggered basis up to $1,000.
Also, you need to get that $1,000 within 12 months to avail the $25 bonus. It’s validity is 1 year.
It’s like your reward in Payoneer for using their platform. This serves as a reward or cashback when your account balance reaches $1,000.
So, sign up now! Create a Payoneer account and get your free $25 bonus.
What You Learned Today?
I hope you liked this article on “What is Payoneer?”. I have made an effort so you find complete information on how to set up a Payoneer account in India. So that you don’t have to go to other websites or look it up on the internet.
If you have any doubts or improvement suggestions, please feel free to write them down in the Comments section below.
If you enjoyed reading the article or learned something new, please share on social media like Facebook, Twitter and LinkedIn by using the buttons on your left.