Benefit of Payoneer Bank accounts

Hello everyone,

Can anyone explain me benefits of the local payoneer bank accounts ?

For e.g. I am in India and it shows me that payoneer provided me two accounts on my name in USA and UK which can be used to accept wire transfers from business accounts.

How does this help me ? Do they have low transaction fees and rates as compared to normal payoneer payments (which we request by sending invoices)?

Also a client just paid me through Payonner (wire transfer U.S.A bank account). How much time it will take to show the money because I did not even received notification even when client mentioned they paid already.

For local account: Payments must be made from registered businesses only; payments from individuals will be declined.

Thank you for your response sir.

Yes, I saw that condition, but does these accounts offer any help ? I mean why should I consider accepting payments from that method if client is ready to pay the invoice directly ?

May be it helps at client end. I do not remember any special benefits by asking client to make payment at local bank account of Payoneer.

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You may see an option called Upcoming Transaction. Usually, personal payment might require some additional verification from Payoneer end before it appears as expected. Try contacting customer support.

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I’m using payoneer.

Normally my client pay as usd to the payoneer account and it’s credited as inr to my Indian bank account the very next working day.

I get email updates for each status update.

On the other hand, if you get as wire payment to your Indian bank account directly, it might take 4 to 5 business days depends on the bank. As far as I have seen, there is no possibility to check the status.

This is one of the reason payoneer is good for me.

Also it provides good exchange rate as compared to others and no additional fees.

Hope it helps.

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I have been using Paypal and WU from long but this is nearly my first time using Payoneer.

I had an account earlier too but I changed my official name legally and Payoneer offered very poor support at that time, so I just had to close that account and open new one.

Now in this new account again, I once opened a ticket and they closed it with an automated reply without even asking whether it answered my query or not.

Client also complained that it is $25 per wire transfer and probably I should look for other ways to get paid.

I though have heard good about their conversion rates being better than Paypal, the reason I made this switch :slight_smile:

The upcoming transaction option shows “Nothing to see here right now” message, hence probably it is not updated yet.

I will see if i can contact their customer support (though had a very bad first interaction with them)

Have you tried Transferwise? It works very fast, high conversion rates, direct bank deposit.

I still use Paypal only because it’s easy to send invoices but Transferwise is another good option.

I will try transferwise. I had a good experience with Western Union in past, but it costs client more hence stopped using it.

I will look on transferwise for sure though

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Have you considered using Stripe and connect with WooCommerce?

There also some Invoicing Apps that connect with Stripe.

A note for other freelancers here:-

  • Client first mentioned that each wire transfer is some $25 extra per transfer

  • Someone from their bank (capital one) said, we donot recommend transfers over ACH network.

Hence, if anyone is thinking of using Payoneer local banks to use for direct transfers, avoid it if possible or use it only if it is the last option.

No, I have not tried it yet. Will look over it though :slight_smile:

Can you get stripe without import export license in india…

Not an eCommerce guy, but does service count as export? A quick search tells that one needs an IEC code for export which seems like overkill for a freelance business.

@BLOGGING_SURGEON Here is the requirements page for Stripe: https://support.stripe.com/questions/how-can-i-open-a-stripe-account-in-india

Sadly, receiving International Payment is not easier for an ‘Individual’ / un-registered business.

If you’re working with foreign client directly, PayPal is still a reliable option.

Just charge 10% extra that should cover up expenses that goes in PayPal. It’s simple way to avoid uneccessary complication and headache.

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Im also prefer use payoneer or transferwise.