Is Payoneer Safe and Legit to Use?

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You’ve been advised time and again to use Payoneer to receive your AdSense funds or any other cash from outside the country – Now you’re wondering, is Payoneer safe to use?

Hey, it’s a good question given that it’s your hard-earned money you’ll be entrusting into the hands of this payment service.

And you need all the information to be confident that you won’t wake up tomorrow to hear your funds have been carted away.

Therefore, if you’re in Nigeria, India, Pakistan, Philippines or the U.S, and you’re sourcing for valuable information about Payoneer, we’ve got you covered

What is Payoneer?

Payoneer is an online payment service that was founded in 2005. It enables businesses and professionals to receive and send funds.

Specifically, this is a cross-border payments platforms.

Hence, individuals can also use it to receive payments from their family and friends abroad.

Payoneer currently supports payments in 200 countries worldwide, which means the chances of someone being able to use the platform is high.

Over and above that, Payoneer is one of PayPal’s competitors, and the latter does not come as a surprise.

Like PayPal, this payment service provider offers fast, secure, and low-cost payments.

Read Also: What is a PayPal Account?

Is Payoneer Account Safe?

So, is Payoneer account safe or not?

Let’s be honest with you:

Online platforms are vulnerable to a hack.

However, it depends on the level of security the said platform has put in place to make such hack attempts unsuccessful.

Accordingly, let’s take a look some practices Payoneer has put in place to ensure your funds are well safeguarded.

First off, Payoneer says,

Our core obligation at Payoneer is to protect your funds and prevent money laundering. As a regulated entity, we provide multi-jurisdictional compliance assurances to your business. When partnering with us, you can be assured that all your payee disbursements are made through a fully compliant, secure and tightly audited payments platform that is recognized by financial regulators all around the world.

From the above, it can be said that Payoneer is safe to use.

Payoneer is backed by reputable companies that had funded projects like Dropbox, Facebook, and Expedia.

The platform has grown exponentially in its number of customers, employees, and support for more countries.

Coupled with that, this platform has been approved in the U.S., Hong Kong, EU, Japan, and India.

Fees & Exchange Rates

There are different fees paid by users of Payoneer and these fees vary depending on whether you’re withdrawing or depositing funds.

Keep in mind that it is free to create an account on Payoneer.

It is also free if you receive payments from a user of the platform, but fees are charged if the sender does not use Payoneer.

Receiving Funds Fees

Here’s a breakdown of the fee structure if you’re receiving from a non-user of the platform:

Payments received into the user’s local account using Global Payment Service for these currencies GBP, EUR, AUD, JPY, CAD, and CNY are free. However, a charge between 0% to 1% is levied on USD payments.
Receipt of payments using credit or debit card attracts a 3% fee.
Receiving funds using eCheck in USD attracts a 1% fee.
Exchange one currency for another costs 0.5% of the transaction.

Withdrawing Funds Fees

Converting funds into your local currency and then withdrawing it into your bank account attracts fees.

The fee can be $1.50, €1.50 or £1.50, and are applicable if you transfer funds in USD, EUR, or GBP to your bank account.
The use of other currencies to withdraw these funds costs 2%.

Awards

Payoneer has received several awards over the course of the years, which shows its credibility.

Some of these awards include:

Payoneer is one of the Inc. 5000 Fastest-Growing Private Companies.
The company has been rated by Crian as one of the best companies to work with if you’re in NYC.
Deloitte’s 2017 Technology Fast 500 also listed Payoneer
Payoneer is PCI DSS compliant, and the latter shows it has set measures to protect its cards.

Number of Users

Asides from the high level of security Payoneer has put in place to reduce the potential for an attack, there are millions of users of its platform.

Accordingly, four million people around the world use Payoneer to transact on a daily basis.

These individuals have used the platform for years, and since then, there have been no reported cases of a hack.

There are also businesses in different industries including health, tech, education, entertainment, etc. that rely heavily on this platform to receive payments.

It, therefore, follows that you can also trust other users who are depending on this platform to facilitate their business processes daily.

Customer Support

While it’s remarkable to have millions of users on Payoneer, it’s even better to have enough employees to assist these customers.

Therefore, Payoneer has 1,500 employees worldwide to aid in its business processes.

A significant part of these employees is focused on customer support.

As a consequence, your questions, concerns, and complaints are handled speedily.

You don’t have to wait days or weeks before you get a response to a request.

This means that apart from prioritizing the security of the platform, it’s also important to rely on one that will have your back immediately when you encounter issues.