What is Payoneer and how does it work?
Payoneer is a financial services company that provides online money transfer, digital payment services, and working capital to businesses and individuals. It specializes in facilitating cross-border B2B payments. It’s a great solution for freelancers, online sellers, and small and mid-sized businesses that make transactions internationally. Here’s how it works:
1. **Account Setup**: To start using Payoneer, you need to set up an account on their website. This process is free and relatively straightforward.
2. **Receiving Payments**: Once your account is set up, you can start receiving payments from companies worldwide. You can receive funds in multiple currencies, and the money will be transferred directly to your Payoneer account.
3. **Withdrawing Funds**: You can withdraw the funds from your Payoneer account to your local bank account in your local currency, or use the Payoneer MasterCard (if available in your country) to withdraw cash from ATMs worldwide.
4. **Making Payments**: You can also use your Payoneer account to make payments to other Payoneer users, or to pay for goods and services with companies that accept Payoneer as a payment method.
5. **Fees**: Payoneer charges fees for some of its services, such as currency conversion and cash withdrawal. These fees vary depending on the country and the specific service used.
