Payoneer Business Account Review (2025)

If you’re a UK business owner looking to simplify international payments, Payoneer might be the solution you need.

With features like multi-currency accounts and local bank details for different countries, it promises to make cross-border transactions easier than ever. But does it live up to the hype?

In this review, we’ll discuss the pros, cons, fees, and overall experience of using Payoneer for your business. Continue reading to find out if Payoneer is the right fit for your global payment needs.

Monthly Fee

£0.00

Bank Transfers

Varies

Card Purchases

£0.00

Overdraft

FSCS Protection

Trustpilot Score

57,888 Reviews, average rating of 3.8/5

Open Account

On Payoneer’s Website

Should You Use Payoneer?

Payoneer is a versatile alternative to traditional bank accounts for UK businesses that handle international transactions. It allows you to hold and make payments in multiple currencies and offers local bank details in various countries to save you money on expensive conversion fees and wire transfers.

The platform is user-friendly, with a simple dashboard and a handy mobile app, making it easy to manage your finances on the go. It also integrates well with global marketplaces like Amazon and Fiverr, making invoicing and payments straightforward.

However, Payoneer’s fees can be higher than some alternatives, particularly for currency conversions and withdrawals. While the platform is reliable, some users report slower customer service, which could be frustrating in urgent situations.

In short, Payoneer is ideal for businesses with frequent international payments and a need for multi-currency management. However, smaller companies or those with fewer international transactions might find the fees less appealing. If your business fits the profile, Payoneer offers a secure, efficient way to manage global payments. Just ensure the fees align with your needs.

Payoneer Business Account At A Glance

Aspect	Summary
Who Should Use?	Payoneer is ideal for businesses or freelancers engaged in international transactions, particularly those receiving payments from global marketplaces (e.g. Amazon, Upwork). It suits e-commerce sellers, agencies, and those needing multi-currency accounts.
Who Shouldn’t Use?	UK businesses operating solely in GBP or those needing fully integrated banking features (like Revolut Business). Also, businesses sensitive to slow customer support or those requiring low FX rates may find alternatives like Wise more suitable.
Products & Features	– Multi-currency receiving accounts (GBP, USD, EUR, etc.) – Ability to send payments globally – Prepaid Mastercard for easy expenses – Multi-user access – No monthly maintenance fees.
Pricing	– No setup or monthly fees – Withdrawal fees: £1.50 for same-currency; up to 3% for different currencies – Card annual fee: $29.95 – Currency conversion fee: 2%. Some fees are higher than competitors for international transactions.
Ease of Use	Payoneer’s app and web dashboard are highly rated for their simplicity and user-friendly interfaces. They enable easy management of transactions, invoicing, and account balances from any device.
Account Access	Users appreciate fast access to funds, with direct transfers to UK bank accounts. Account setup is typically quick (1-3 days). However, those seeking complete control over account features may find the lack of a full banking solution limiting.
Safety/Security Aspects	Payoneer operates under FCA regulations in the UK and employs strong fraud protection measures. However, funds aren’t covered by the FSCS. Users feel confident with Payoneer’s security, but may be cautious about its non-bank status.
Customer Support Available	Reviews are mixed: some users praise the responsive support (via email and live chat), while others mention slow response times. Payoneer lacks a dedicated UK phone line, which could hinder urgent queries.
Trustpilot/Google/App Store	– Trustpilot: 3.8/5 (57,861 reviews) – Apple App Store: 4.5/5 (4,200 reviews) – Google Play Store: 4.3/5 (129,000 reviews). The platform generally receives positive ratings for ease of use and reliability, but suffers from inconsistent support.
Eligibility Criteria	Applicants must provide personal and business details, such as company registration information. Account verification can take a few days, especially if further documents are required.
Additional Info	– Payoneer is not a bank and lacks some traditional banking services (e.g. overdrafts, direct debits). – It’s perfect for businesses that frequently deal with international payments, but is less suited for local-only businesses.

What Is Payoneer?

Payoneer is a global payment platform designed to simplify cross-border trade, and it’s been doing just that since 2005. Built for the open eCommerce era, it gives UK businesses local receiving accounts in major currencies, low-cost payouts to 190+ countries, and access to working capital — all from one platform.

The mission? To level the global playing field. Whether selling on Amazon, freelancing for US clients, or sourcing from Asia, Payoneer helps you operate like a local, wherever your business goes.

It’s not a bank, but it is serious about compliance—FCA-registered, publicly listed (Nasdaq: PAYO), and trusted by platforms like Airbnb, Etsy, and Upwork. With over 2,000 employees across 25+ offices, Payoneer is not just global—it’s grounded in solving real payment problems for real businesses.

Who Should Use Payoneer?

✅ Payoneer is best for:

UK businesses receiving payments from global marketplaces (e.g. Amazon, eBay, Fiverr, Upwork)
Freelancers and agencies billing international clients in multiple currencies
E-commerce sellers with suppliers or fulfilment partners based overseas
Companies needing to pay remote teams or contractors abroad via mass payouts
Businesses operating in multiple currencies and wanting to hold balances in USD, EUR, GBP, and more
Firms needing a business Mastercard for international expenses and ATM access
Those valuing local receiving accounts in major currencies (USD, EUR, GBP, JPY, etc.)

❌ Payoneer is less suitable for:

UK businesses that only operate domestically or trade solely in GBP
Companies that need multi-currency accounts with transparent, low FX rates (Wise may be better)
Firms looking for an all-in-one banking solution with expense tracking, budgeting, and team cards (like Revolut Business)
Startups that don’t use marketplaces or don’t require frequent international transactions
Businesses sensitive to inconsistent customer support or longer onboarding times
Users needing free or fixed-rate international transfers with predictable pricing

Payoneer Business Account Features

Payoneer isn’t trying to be your everyday business bank. It’s built with a very specific type of user in mind: global sellers, freelancers, and companies working across borders. Here’s what makes it stand out:

Multi-currency receiving accounts: Get local bank details in GBP, USD, EUR, AUD, CAD, JPY and more. That means you can invoice international clients like a local — no SWIFT codes or hidden fees involved.
Mass payouts from global platform: Connects directly with Amazon, Fiverr, Upwork, Airbnb, and more. Perfect for sellers, freelancers or agencies getting paid through multiple platforms.
Send payments globally: Pay suppliers, freelancers, or partners in over 190 countries to their bank account or Payoneer wallet—no clunky international banking processes required.
Hold and convert funds: Store balances in multiple currencies. Convert only when needed (or when rates suit you). You’re not forced to withdraw immediately, which gives you more control.
Prepaid Mastercard: You can spend your balance directly online or in-store in local currencies. This is handy when travelling or dealing with international business expenses.
Accounts payable tools: Not just for receiving. You can also request payments, generate invoices, and track client status. Especially useful for freelancers and agencies.
Quick withdrawals to your UK bank: You can link your UK business account and transfer funds easily, often within 1–2 business days.
No monthly maintenance fees: The account is free to open and hold. However, watch out for additional fees like the £23.95 annual card fee (if using a Mastercard) and inactivity fees if you don’t log in or transact for 12 months.
Multi-user access: Let teammates or accountants access the account securely, with role-based permissions. This is useful if your business is growing or you outsource your books.
Solid fraud and security controls: Payoneer applies strong anti-fraud protections and follows UK and international financial regulations as an FCA-registered provider.

Payoneer Business Account Pros & Cons

Pros

Receive multiple currencies without foreign accounts
Trusted by global marketplaces like Amazon and Fiverr
No setup or monthly fees
Hold, convert, and withdraw in multiple currencies
Send payments to 190+ countries
Multi-user access for teams and accountants
Easy international client payments with local account details

Cons

Not a UK bank – no FSCS, overdrafts, or direct debits
Currency conversion fees around 2%
No cash or cheque deposits
Customer support can be slow
Inactivity fees after 12 months

Payoneer Fees

Service	Fee	Notes
Account Setup	Free
Monthly Maintenance	Free
Inactivity Fee	Up to $29.95/year	Charged if an account is inactive for 12 months.
Receiving Payments
From another Payoneer customer	Free
From clients via credit card	Up to 3.99%*	Additional $0.49 fixed fee in some countries.
From marketplaces (e.g. Fiverr, Upwork)	Varies	Set by each marketplace.
Via receiving accounts (EUR, GBP, USD)	Free	When receiving in local currency of your country.
Paying Others
To another Payoneer user in same country (USD/EUR/GBP)	Up to £4/€4/$4	Flat fee per transaction.
To another Payoneer user in a different country	Up to 1%	Minimum fee: $4.00 USD.
To non-Payoneer users via bank transfer	Up to 3%	Minimum fee may apply.
To local bank (USD, GBP, EUR) – under £50,000/month	£1.50 / €1.50 / $1.50	Same-currency withdrawals.
To local bank – over £50,000/month	0.5%	Threshold resets monthly.
Currency Conversion
Between Payoneer balances	0.5%	Transparent rate shown before transfer.
Withdrawals
From same-currency Payoneer balance	£1.50 / €1.50 / $1.50	For users in UK, EU, US only.
From different-currency Payoneer balance	Up to 3%	Based on transaction amount.
Card Fees (Payoneer Mastercard)
Card Delivery (Standard)	Free	First card only.
Card Delivery (Express – DHL)	$40.00	Optional express shipping.
Annual Card Fee	$29.95	Applies to first card.
Additional Cards	Free
Card Replacement	$12.95 / €9.95 / £9.95
Foreign Currency Conversion	Up to 3.5%	For purchases in a non-card currency.
Cross-border Purchase Fee	Up to 1.8%	If merchant’s country differs from card’s.
ATM Withdrawal	$3.15 / €2.50 / £1.95	Per transaction.
ATM Balance Enquiry	$1.00 / €0.87 / £0.65	Per enquiry.

💡 Quick insight: While headline fees seem low, Payoneer makes money on FX margins. If you’re doing regular international business, that ~2% can quietly add up — worth factoring in when comparing with multi-currency competitors.

How Safe Is Payoneer?

Payoneer is safe and operates under a regulated structure suitable for UK-based businesses. While it isn’t directly authorised by the Financial Conduct Authority (FCA), it operates in the UK via Payoneer Europe Limited, which is FCA-registered as an Electronic Money Distributor (EMD Agent) under the supervision of Payoneer Europe Sàrl, an authorised e-money institution in Luxembourg.

This regulatory setup ensures Payoneer follows key UK rules for safeguarding customer funds:

FCA is registered in the UK via its European entity (Payoneer Europe Limited) and acts as an agent of a fully authorised e-money firm.
Client money safeguarding: Your funds are held separately from Payoneer’s operating funds in segregated client accounts at reputable banks.
No lending or reinvestment – Payoneer doesn’t use your funds for its own business activities, reducing financial risk.
Not covered by FSCS – As an e-money institution, it isn’t a bank and doesn’t offer Financial Services Compensation Scheme protection. Instead, your funds are “safeguarded”. Getting your money back could take longer and involve legal processes if things go wrong.
Oversight from two regulators – Payoneer is supervised by both the CSSF in Luxembourg and the FCA in the UK through its agent registration.

It’s not a traditional bank, but for international payments and business accounts, Payoneer offers a strong, regulation-backed alternative that prioritises security and compliance.

Ease of Use

Payoneer is designed to be straightforward, offering both ease of use and flexibility for managing business finances internationally.

Signing Up

Getting started with Payoneer is relatively simple. Depending on your business setup, the sign-up process involves filling out a detailed online application, which can take a few minutes to an hour.

You must provide personal and business information, such as your company’s address, registration details, and financials.

Once your application is submitted, Payoneer typically verifies your account within a few business days. However, some users report longer wait times and inconsistent communication during onboarding, especially for more complex company setups.

Mobile App and Web Dashboard

Payoneer’s mobile app and web dashboard are user-friendly and practical. The layout is intuitive, making it easy to check balances, track payments, and switch currencies.

The mobile app is ideal for entrepreneurs who need to manage finances on the move. The web dashboard provides richer detail, from downloadable statements to currency-specific activity. It lacks deeper integrations with UK accounting tools like Xero or FreeAgent, which can add admin time for some users.

Customer Support Channels

Customer support has a mix of strengths and weaknesses. Payoneer offers a helpful online help centre, email support, and live chat during standard hours.

But there’s no dedicated UK support line, which can be frustrating if you need urgent help. Response times via email can also vary, and some users find it challenging to escalate more complex issues. This may be a sticking point for a service handling your business funds if you rely on fast, personalised assistance.

Payoneer Customer Reviews

Payoneer’s customer reviews across Trustpilot, the Apple App Store, and the Google Play Store present a varied picture, with both positive and negative feedback highlighted.

As of 23rd April 2025, Payoneer earned:

Trustpilot: 3.8 out of 5, based on 57,861 reviews
Apple App Store: 4.5 out of 5, based on 4,200 reviews
Google Play Store: 4.3 out of 5, based on 129,000 reviews

Positive Feedback

✅ Ease of Use: Many users appreciate Payoneer’s simple, user-friendly interface and the fast account setup. Freelancers and small business owners value the platform’s ability to quickly facilitate international transactions without the delays experienced if using traditional banks.

✅ Customer Support: While there are mixed reviews, many users have praised Payoneer’s support team for being responsive, professional, and empathetic, particularly when resolving account issues.

✅ Reliability: Payoneer is generally regarded as a reliable platform for global payments, especially for freelancers and businesses needing quick, secure transfers.

Negative Feedback

❌ Account Issues: Common complaints include difficulties with account verification, frozen accounts, and long payment delays. Some users have reported funds being inaccessible for extended periods, especially when account details didn’t match personal information or due to verification problems.

❌ Customer Service Delays: A recurring frustration across all platforms is slow customer support response times. Many users mention automated replies or being unable to reach a human agent, which exacerbates account-related concerns.

❌ Fees and Technical Problems: Hidden or high fees, particularly on withdrawals, are a consistent pain point. Technical issues like login problems, forced password resets, and verification loops have also been mentioned frequently.

Payoneer Business Account Eligibility Criteria

To open a Payoneer Business Account, you need to meet a few basic criteria to ensure your business qualifies for their services.

Age: You must be at least 18 years old.
Business Type: Payoneer accounts are available to businesses that fall into one of the following categories:
- Service Providers & Freelancer Agencies: Freelancers or agencies that receive payments for services provided to clients or online marketplaces.
- Online Sellers: Businesses that sell goods on eCommerce platforms and receive payments from those marketplaces.
- Small to Medium-Sized Businesses (SMBs): Companies needing to pay or receive payments for products or services.
Location: Payoneer is available to businesses in the UK and many other countries. You must have a registered company in one of the supported regions.
Business Activity: Payoneer reviews the nature of your business, and certain high-risk industries (such as gambling or adult services) may be subject to additional checks or restrictions. Make sure your business complies with Payoneer’s acceptable use policies.

Ineligible Users

1. Personal Use

Payoneer is intended for business transactions only. This means it doesn’t support personal money transfers, such as sending money to family or friends. Businesses are strictly required to receive and make payments for commercial activity.

2. Restricted Industries

Certain industries are off-limits for Payoneer Checkout due to the inherent risks and regulatory challenges they pose. This includes:

Adult Content & Services: From adult entertainment to escort services and adult video stores.
Gambling & Betting: Including online gambling, sweepstakes, and games of chance.
Illegal Products or Services: Any business selling illegal drugs, counterfeit goods, or anything violating applicable laws.
Financial Services: Payoneer doesn’t support businesses in banking, payday loans, or other financial services like money transmission and currency exchange.

3. Prepaid Card Use

If your business seeks to receive payments via prepaid cards alone, Payoneer cannot support this. The platform allows companies to accept payments for goods and services, not simply process prepaid card transactions.

4. Specific Product and Service Restrictions

Payoneer also excludes certain types of products and services from its platform. These include, but are not limited to, activities like:

Telemedicine & Pharmaceuticals: Including prescription drugs, supplements, and certain medical aesthetic services.
High-Value Goods: Precious metals, loose stones, and other items where the chain of custody cannot be verified.
Non-Fiat Currencies: Virtual currencies, cryptocurrencies, and NFTs.

These exclusions are in place for both security and regulatory compliance reasons. However, Payoneer does retain the discretion to review specific cases and may approve services on a case-by-case basis.

How To Apply For A Payoneer Business Account

Applying for a Payoneer Business Account is a straightforward process, but following each step carefully is important. Here’s a quick guide to help you get started:

1. Visit Payoneer’s Website

First, head to Payoneer’s official website. Look for the “Sign Up” or “Get Started” button on the homepage. This will direct you to the registration page to create a business account.

2. Provide Your Business Details

You’ll need to fill out basic information about your business, including:

Business Name: The official name of your business as it appears in your registration documents.
Business Type: Choose from options like sole proprietorship, partnership, or limited company.
Business Address: Your registered business address. This should match the address listed in your official business documents.
Industry Type: Select the industry in which your business operates. Payoneer will use this to ensure your business falls within their supported sectors.

3. Personal Information

Next, you’ll be asked to provide the applicant’s personal details. This includes:

Name and Contact Info: Full name, email address, and phone number.
Identification Documents: Upload a government-issued ID (like a passport or driving licence) and possibly a utility bill or bank statement to confirm your identity and address.

4. Set Up Your Payment Preferences

Payoneer will ask how you plan to receive payments. You can receive funds via bank transfer, prepaid card, or Payoneer’s e-wallet. The more details you provide about your business needs, the better Payoneer can tailor your account setup.

5. Review and Submit

Before submitting, double-check all the information you’ve entered. Payoneer may request additional details depending on your business type. Make sure everything is accurate to avoid delays in your approval.

6. Wait for Verification

Once submitted, Payoneer will review your application. This can take anywhere from a few days to a couple of weeks. Payoneer might request more documents or additional information to verify your business.

7. Account Approval and Setup

After your application is approved, you’ll receive an email confirming your account has been activated. You’ll also be provided with login details, and your Payoneer account will be ready to use.

Alternatives To Payoneer

Feature	Payoneer	Wise	Revolut	Airwallex
Best For	Businesses needing frequent global transactions	Small to medium-sized companies with cross-border needs	UK-based companies looking for a digital-first solution	Businesses needing scalable, high-volume international payments
Key Features	Multi-currency accounts, global payments, and cross-border invoicing	Low fees, easy-to-use platform, and excellent exchange rates	Multi-currency accounts, expense management tools, and an integrated card	Global accounts, high-volume international payments, and real-time exchange rates
Fees	1% fee for local bank withdrawals, variable transaction fees	Small flat fee + percentage on exchange rate	£0–£100 per month, depending on plan, plus transaction fees	Free transfers between Airwallex accounts, competitive international fees
Currencies Supported	10+ currencies	40+ currencies	34 currencies	46+ currencies
Learn More	Visit Payoneer	Visit Wise	Visit Revolut	Visit Airwallex

Payoneer Business Account FAQs

Can I use Payoneer for business

Yes, Payoneer is designed specifically for businesses. It allows you to send and receive payments internationally, manage multiple currencies, and access various business tools like invoicing and expense tracking. Payoneer is ideal for freelancers, e-commerce sellers, and businesses that need a secure, efficient way to handle global transactions. However, it does not support personal transfers like sending money to family or friends.

Can I open a Payoneer account in the UK?

Yes, you can open a Payoneer Business Account in the UK. Payoneer is licensed and regulated by the UK’s Financial Conduct Authority (FCA) through its entity, Payoneer Payment Services (UK) Limited. This ensures that UK-based businesses can access Payoneer’s services, including receiving GBP payments via local bank details, in compliance with UK financial regulations.

Does Payoneer charge a fee?

Yes, Payoneer charges fees for its services, though many are conditional and depend on account activity and usage. While there are no monthly account fees, a $29.95 fee applies if your account remains inactive for 12 months and you have received less than $2,000 in payments during that period.

Can I use Payoneer as a freelancer?

Yes, you can use Payoneer as a freelancer. It’s designed with freelancers and digital professionals in mind. You can receive payments from international clients and freelance marketplaces like Upwork and Fiverr, and you can even request payments directly via Payoneer’s billing service. If eligible, it also lets you withdraw your earnings to your UK bank account or spend them using the Payoneer card.

Can you use Payoneer as a bank account?

Yes, you can use Payoneer as a business-friendly alternative to a traditional bank account, especially for international transactions. While it’s not a bank, Payoneer provides multi-currency receiving accounts in major currencies like USD, GBP, and EUR, allowing you to accept payments from clients and marketplaces as if you had local bank accounts in those regions.

Can I open a Payoneer account without a bank account?

Yes, you can open a Payoneer account without a bank account. You’ll still be able to receive payments and use the Payoneer Prepaid Mastercard to spend or withdraw funds. However, you won’t be able to withdraw to a local bank until you add one later.

Is Payoneer owned by PayPal?

No, Payoneer is not owned by PayPal. While both companies operate in digital payments, they are separate entities. Payoneer was founded in 2005 by two former PayPal employees and has since grown into a global payment platform specialising in cross-border transactions for freelancers, online sellers, and businesses.

Payoneer Business Account Review (2025)