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How to transfer and receive money on Payoneer

How to transfer and receive money on Payoneer? With Payoneer's Payment Request Solution, getting paid by clients is easier than ever. Send payment requests with a secure payment link and get paid faster.

 How to transfer and receive money on Payoneer

How to transfer and receive money on Payoneer

How to transfer and receive money on Payoneer?

Payoneer offers various ways to send and receive international payments. Here's a breakdown of the methods:

Receiving Money:

  • Payment Requests: Share a request link with your client, and they can pay you directly through their preferred method (card or bank transfer) to your Payoneer account.
  • Local Receiving Accounts: Receive payments in various currencies through Payoneer's virtual accounts. Share these details with your client, and they can send funds directly.
  • Marketplaces & Networks: If you use platforms like Fiverr or Upwork, connect your Payoneer account to receive payouts seamlessly.

Sending Money:

  • Payoneer Balance: Send funds directly from your Payoneer balance to other Payoneer accounts or local bank accounts.
  • International Transfers: Send money to bank accounts in various countries. Choose the recipient's currency and preferred method (bank transfer or card payment).

Additional Tips:

  • Verification: Payoneer might require identity verification for large transactions or new accounts.
  • Fees: Check Payoneer's fee schedule for sending and receiving money in different currencies and methods.
  • Limits: Payoneer has sending and receiving limits based on your account type and verification status.
  • Support: Payoneer offers 24/7 customer support to assist you with any issues.

How do I receive money through Payoneer?

There are several ways you can receive money through Payoneer, depending on your situation and the sender's method:

1. Receiving payments from clients:

  • Payment Request: This is the most common method. You can create a payment request in your Payoneer account with the amount and currency, and Payoneer will send your client an email with instructions to pay. They can pay through various methods like credit card, bank transfer, or their own Payoneer account. The funds will be deposited directly into your Payoneer account.
  • Direct payment to your receiving account: If you have a Payoneer receiving account in the same currency as the payment, your client can directly send the funds to your account details. You can find your account details in the "My Account" section.
  • Marketplaces and networks: Payoneer integrates with several marketplaces and networks where you can receive payments directly into your Payoneer account. Check the Payoneer website for supported platforms.

2. Receiving funds from other Payoneer users:

Send Money: Payoneer users can send money to each other instantly for free within the platform.

3. Withdrawing funds:

  • Once the funds are in your Payoneer account, you have several withdrawal options:
  • Withdraw to your local bank account: Add your bank account details to your Payoneer account and initiate a withdrawal. Processing time may vary depending on your location.
  • Use the Payoneer Prepaid Mastercard: Withdraw cash at ATMs worldwide or make online and in-store purchases.
  • Send money to other Payoneer users: Transfer funds to other Payoneer accounts instantly and for free.

Important notes:

  • Not all payment methods are available in all countries. Check Payoneer's website for specific options in your region.
  • Fees may apply depending on the withdrawal method and currency conversion. Check Payoneer's fee schedule for details.
  • Receiving payments from individuals for personal transactions is not allowed. Payoneer is intended for business use.

Can I receive money from a friend on Payoneer?

While Payoneer allows transferring funds between users, receiving money from a friend might not be straightforward, depending on the context. Here's the breakdown:

  • Receiving payments from a friend for personal transactions (not business):
  • Not officially allowed: Payoneer's terms and conditions prioritize business-to-business (B2B) transactions. Receiving personal payments falls under business-to-consumer (B2C), which isn't supported.
  • Potential account closure: Payoneer might close your account if they suspect you're using it for personal transactions.
  • Alternatives: Consider using a service specifically designed for personal money transfers, like PayPal, Venmo, or Zelle.

Receiving a reward from a friend's referral:

Allowed: Payoneer's "Refer a Friend" program lets you earn a reward if your friend signs up and receives a minimum amount through Payoneer.

Clear purpose: This transaction has a legitimate business purpose, so it's allowed.

Receiving money as part of a legitimate business transaction:

  • Allowed: If you offer goods or services to your friend and they pay you through Payoneer, it's considered a business transaction and is perfectly acceptable.
  • Proper documentation: Ensure you have invoices or other documentation supporting the transaction.

Recommendation:

Clarify the purpose of the payment before using Payoneer. If it's personal, consider alternative services. If it's business-related with proper documentation, it might be allowed. For further clarification, you can always reach out to Payoneer's customer support directly.

Can I transfer money from my bank account to Payoneer?

Unfortunately, Payoneer doesn't currently allow direct transfers from your bank account to your Payoneer account. This means you can't deposit funds directly from your bank. However, there are other ways to add funds to your Payoneer account:

1. Receive payments through Payoneer: If you work with companies or platforms that pay through Payoneer, you can receive those payments directly into your Payoneer account.

2. Top up with a debit/credit card: Payoneer allows topping up your account with certain debit and credit cards. However, there may be fees associated with this method.

3. Wire transfer from another Payoneer account holder: If you know someone who also has a Payoneer account, they can send you a wire transfer.

4. Local bank transfer (limited availability): Depending on your country and bank, Payoneer might offer local bank transfer options. Check their website or contact their support for more information on this.

Before trying any of these methods, it's crucial to review the specific fees and processing times associated with each option. You can find this information on Payoneer's website or by contacting their customer support.

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