How does Payoneer work in India?
Payoneer is a financial services company that provides online money transfer, digital payment services, and working capital to users worldwide. In India, Payoneer operates in a similar way. Here’s a step-by-step guide on how it works:
1. **Account Creation**: First, you need to create a Payoneer account. This is a simple process that involves filling out a form with your personal details and bank account information.
2. **Receiving Payments**: Once your account is set up, you can start receiving payments from companies worldwide. This is particularly useful for freelancers, online sellers, and small businesses that work with international clients.
3. **Withdraw Funds**: After receiving payments, you can withdraw the funds to your local bank account in INR. Payoneer uses a competitive exchange rate, and the transfer usually takes 2-5 business days.
4. **Making Payments**: You can also use Payoneer to make payments to other Payoneer users worldwide, free of charge. If the recipient doesn’t have a Payoneer account, they can sign up and receive the payment directly to their new account.
5. **Payoneer MasterCard**: Payoneer also offers a Prepaid MasterCard that you can use to make purchases online, in stores, and at ATMs worldwide.
Remember, while Payoneer provides a convenient way to receive and make international payments, it’s important to be aware of the fees involved. These can include annual account maintenance fees, withdrawal fees, and currency conversion fees.
