Payoneer offers $25 on signup- Complete guide
Hello readers, have you heard about Payoneer? Maybe No or maybe have a lil bit knowledge about it. Let me give you a short overview, Yes, Payoneer that’s the great alternative of PayPal in some manners . I’m saying here great because it deducts low surcharges and exchange rates than PayPal and provides higher flexibility to their customers. I know you’re curious so let’s continue to know more about it deeply:
What is Payoneer?
Payoneer is an online payout platform that used to send and receive money globally and have the opportunity to immediate access to your funds and withdraw in any manner (through MasterCard or transfer to your local bank account). It founded in 2005 and based in New York that mainly designed for individuals and business organization to send and receive payment from any international bank to their local bank account.
Payoneer offers MasterCard on signup that’s used to withdraw your funds from any nearby local bank ATM and access online from your Payoneer account to make an online purchase without any restriction. It supports the growth of global commerce and provides an opportunity to businesses and organizations to hire employees and payout for taken service in more than 200 countries and in over 60 currencies.
Payoneer rules for Indian customers:
Payoneer had to shut down in India by 2011 due to directive issues by RBI (reserve bank of India) but now it came back again after 4 years with certain rules. Check below:
1. You can receive payment from companies that are whitelisted in Payoneer.
2. You can receive payment from US and Eu Companies. It means you can use ACH transfer in the US and SEPA transfers in the EU.
3. It doesn’t offer MasterCard in India. It supports auto withdrawal systems same as PayPal.
Who can consider Payoneer?
It’s for anyone and everyone but here the majority of section for whom beneficial to use it:
- Digital marketers
- Bloggers and online property owners
- Travel bloggers
- Businesses and organizations that have customers and employees worldwide
- Peoples working from home
- Affiliates publishers and marketers
- Media and web workers
Anyone who wants to receive payment online from any bank located in the foreign country to their local bank account.
If you’re organization and have a large number of employees over worldwide you might be able to get a business relationship with them.
Payoneer signup process:
Basically, the sign-up process is same just as other website but for better convenience follow step below:
- Visit Payoneer.com
- Fill out the web sign-up form with genuine detail.
- Wait for approval. Payoneer approval team will send you account confirmation mail within 24 hours.
It offers you the separate US, UK and EU collections account detail on signup that you’ll use to receive funds directly to your account.
Blogger harsh Agrawal shared some of the services supports to Payoneer:
- 99 designs
- Odesk Corporation
- People Per Hour
- You can see the full list of whitelisted merchants here.
What you have to do get MasterCard:
After Approval of your account, The MasterCard will arrive at your address (registered on site) via air mail within 3 weeks of your request. You can use it to withdraw money from local nearby ATM and for shopping purpose (Online or offline). It works just like any other prepaid debit card.
Activate your Card:
- Visit www.payoneer.com
- Choose ‘Activate Card’ option under ‘Support Center’
- Enter your User ID and Password
- Click on ‘Activate your card’
Note: Payoneer India doesn’t support MasterCard yet. It also has auto-withdrawal system same as PayPal. Maybe we look this feature in India in our Future.
Check: MasterCard supported Countries.
How Payoneer is beneficial for you?
Let’s see how Payoneer could be beneficial for you?
1. Free signup:
There are no fees to signup Payoneer account. They provide a dashboard that very easy to use.
2. High security:
The personal information loaded on your account is safe and only you can access your available funds without spending many overdraft fees.
3. Fast access and shopping:
You can withdraw money from any local Bank ATM and you can do shopping online or offline within 2 hours upon payment confirmation.
4. Auto withdrawal option:
You don’t need to log in every time to withdraw money available on your account. If any fund available on your account it will be automatically transferred to your local bank account every day within 24 hrs.
5. Lower service fees:
Their service fee is very low in comparison of other services like as PayPal, Wire, and so on.
6. Higher transfer and conversion rate:
It doesn’t deduct any higher fees like as Paypal . Paypal charges $5 for every $100 transfer. So you’ll save lots of INR on forex conversion and transaction fees. Blogger chitraparna shared her receipt:
Note for Payoneer India:
Nissim from Payoneer describes “If you choose the Payoneer global bank transfer service, they charge $3 for each transfer to your bank account in your local currency (INR). They convert from USD to INR using rates up to 2.75% above the official mid-market rate at the time of transfer. You can estimate mid-market rates using websites such as XE.com.”
7. Offers referral program:
You’ll earn $25 for each referral and your friend also rewarded $25 at the time of signup. There is no restriction as anyone can participate in the referral program.
8. Payment transfer within 24 hours:
Paypal takes about 3 days to payment transfer to your local bank account but Payoneer takes 24 hours or less than in transferring money.
9. Global service:
You can receive your payment from any corner of the world. This provides the flexibility to every customer.
Get $25 Payoneer signup reward:
A reward value $25 shall be awarded by Payoneer to each new customer upon signup after qualifying certain limits and if you refer to your friend then both of you will earn$25 just using it. This is a promotional program of Payoneer worldwide.
All information shared by me with full of my knowledge after using it. I never suggest you should leave Paypal because it’s all your decision and depends on you. But I shared all points and benefits of Payoneer over Paypal.
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