I came across Payoneer after realising that PayPal was adamant at making it difficult for me to make physical contact with the money I earned while working freelance. I do not blame PayPal for restricting withdrawal methods for smaller countries but it does make it very hard for persons like me. I believe I learnt of Payoneer while looking for virtual credit cards online and instead came across a much better option. When I saw that Payoneer offers a payment option to global clients I had to sign up. Thus far, I have found it increasingly helpful and I really don;t know what I did before I had it.
WHAT IS PAYONEER?
Payoneer is a simple and powerful online payment distribution solution.
And that is pretty much it. What Payoneer does is distribute Debit Mastercards to payees all across the globe like me, where they are able to receive payments for work they have done. They have been in business since 2005 and have since enabled thousands of businesses to offer their workers, employees, suppliers and partners with compensation.
THE DEBIT MASTERCARD
As aforementioned, once you sign up with a company that offers payouts via Payoneer you will receive a physical prepaid (debit) MasterCard. It is mailed by the company once you sign up and arrives pretty fast. The Card itself is issued by Choice Bank LTD located in Belize City:
Payoneer is headquartered in New York City and employs over 100 experienced financial and technology professionals. We are a registered MasterCard Merchant Service Provider (MSP), and partner with Choice Bank Limited or First Covenant Bank to deliver our services. Privately held, our funding partners include Greylock Partners, Carmel Ventures, and Crossbar Capital.
I have had a Payoneer card for some months now, it works. I can use it as either a credit card or debit card whenever swiped. I have used it to withdraw money from ATMs, store purchases and online shopping.
COMPANIES THAT OFFER PAYONEER
HOW TO APPLY
You cannot apply for this Mastercard directly from the Payoneer website. You can, however, sign up with a company/partner that offers this payment option and then request a card (I signed up at Reviewme). Websites like the ones posted above offer Payoneer payouts. Once you sign up, the card is mailed to you. All you have to do is then activate the card and make it your payment option. Once you are paid by one of the companies above, money will appear on your card and can be used virtually anywhere.
FEES AND PRICING
|Card activation – U.S.||$5.00||Per card||One time – when card is first loaded|
|Card activation – outside U.S.||$10.00||Per card||One time – when card is first loaded|
|Card activation – outside US – Listed Countries||$24.95||Per card||One time – when card is first loaded (Angola, Ecuador, Ethiopia, Pakistan, Saint tome and principle, Turkmenistan)|
|Loading Payments||$2.00||Per load||Each time card is loaded|
|Monthly card account maintenance||$1.00||5+ trx/month||From available card balance each month|
|Monthly card account maintenance||$3.00||1-4 trx/month||From available card balance each month|
|ATM Cash Withdrawals or Transactions|
|ATM withdrawal – U.S.||$1.35||Per Trx||When withdrawal is requested|
|ATM withdrawal – outside U.S.||$2.75 *||Per Trx||When withdrawal is requested|
|Declined ATM withdrawal||$1.00||Per Trx||When withdrawal request is declined|
|Purchase Transaction||Free *||Per Trx||When card is used for purchases|
OTHER FEATURES AND SERVICES
- Card to card transfers
- Load money to card options
- Transaction history
- Cannot be overdrawn
- No bank account or credit check required
Visit the website to find out more.