For a freelancer, professional, or a business owner, the most important part is to find a trusted online transfer service provider. Payoneer is one such name which is in the business of transferring funds across the globe for more than a decade.
Payoneer was formed in 2005 and is headquartered in New York City. It has near to 3 million registered users from more than 200 countries. It provides transaction facilities in more than 150 currencies with its global banking network. Payoneer has started its business operations in India from 2016.
Payoneer provides financial service online by enabling professionals, free lancers and business owners to receive payments from United States or European Union companies. Companies like Airbnb, amazon.com, cdiscount, affiliate, fiverr, gettyimages, homeaway, lazada, tradedoubler, rakuten, upwork, wish use payoneer for the purpose of making global payments to its freelancers or business owners across the globe.
For the purpose of using Payoneer, the payee will have to register himself (which is free) by signing up for an account. He will have to provide details like address, postal code, mobile/landline number, bank account number, IFSC code, etc. Payee might have to update few security questions too.
The payee will also, have to fill in purpose code as per the norms of RBI. Purpose code describes the nature of business activity of the payee. There is a drop down menu which will help the payee to select the appropriate purpose code.
Payoneer will then, verify the account in a period of 1-2 days and once verified, the payee will get an approved email wherein he needs to login in his account and update two security questions. After this, the payee can receive funds from global companies of US and EU.
Benefits are as follows:
- Low Fees
Since payoneer has an established global banking network, it has the advantage to transfer payments from one currency to another at low charges as compared to other payment service providers.
- Faster Payments
Money arrives in local bank on daily basis enabling the payee to withdraw money as quickly as possible. Typically, funds are available to payee in 1-3 business days.
Payoneer provides flexible payment options which include US Automated Clearing House (ACH), International wire transfers and local bank transfers (funds sent from a local bank in the receiver’s country).
- Safe and Secure
Payoneer is secured by SSL online enrollment and is verified by Digicert.
- Customer friendly
Website and App is user friendly and easy to use. They have an active round the clock customer support service center which supports multiple languages.