Payoneer is one of the oldest electronic payment methods. It was launched in 2005 to facilitate financial transactions on the internet between users around the globe. Payoneer, in particular, is used to pay for goods and services that are provided by companies or freelancers. More recently, many online casinos have decided to incorporate this method.
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Payoneer Pros
- Available in many countries – it can be used in more than 200 countries.
- Low fees – it does not charge fees for sending or receiving money between users, but if you want to withdraw money to your bank account, you will be charged a fee of 3% (that is lower than the PayPal fee rate that reaches up to 5%).
- Offers a prepaid card! – similar to Skrill and ecoPayz, Payoneer offers its users a prepaid card that you can get for $29.95 annually. With this card, you can make any financial transaction online or offline using the available balance in your account. Also, you can use it to withdraw your winnings directly from the ATMs (without the need to transfer funds to your bank account). It is worth noting that the fee for withdrawals from ATMs is only 1%, and the daily withdrawal limit is $ 2,500.
Payoneer Cons
- Too complicated compared to other payment methods – when you open an account with Payoneer, the first thing that shocks you is that you will not be able to top up account balance on your own; to recharge your account, you must receive a payment from a another account. moreover, Payoneer PayPal accounts cannot be linked!
- The minimum withdrawal limit is too high! – The minimum withdrawal amount at Payoneer is $ 200, which is quite high compared to other e-wallets that accept withdrawals starting from only $10. Also, withdrawals take a period ranging from 2 to 5 working days.
- You will have to activate your account by sending your documents – you will be asked to send a copy of your ID card and another image of the bank statement to verify your personal and financial data.
What is the difference between Payoneer and Paypal?
Both methods serve the same purposes. However, PayPal iraq is much easier and faster, as the payments are received directly and can be withdrawn quickly to your visa card. While withdrawing via Payoneer takes a longer period of up to 3 business days. However, Payoneer fees are lower than PayPal.
What are the uses of Payoneer?
It can be used in B2B payments, besides it can be used by companies in the United States, Europe, the United Kingdom, and Japan for sending payments to freelancers around the globe. also, you can use it to request payments from anyone.
Which casinos accept it?
At the current time, there are no casinos that accept this method, but many casinos are likely to accept it later. So, you can use any other supported method in casinos like Visa, Mastercard, Fast pay iraq, Skrill iraq, or ecoPayz.
How to set up a new account?
You can register a new account in 3 simple steps as follows:
- Go to the Payoneer website.
- Click on the registration link.
- Then you will need to introduce yourself (freelancer, business owner, seller, affiliate marketer, individual).
- After that, you must specify what you are looking to do by Payoneer service (receive payments from clients or companies, sending or receiving money to family and friends, requesting a prepaid card).
Thereafter, you should fill out the registration form that asks you to enter your personal information and select the bank account on which you will receive the payments.
Subsequently, you will need to attach a copy of your local ID, passport, or driver’s license. In addition to another copy of your bank statement (you can get it online through your bank’s eBanking service).
If you want to get the card, you will have to place an order and pay $29.95/ year. Then wait for a few days until your order is confirmed, and the card will be sent to you by mail, knowing that you will pay the shipping fees.
Payoneer Card
Payoneer offers a prepaid Mastercard card that can be used at online stores, traditional stores, ATMs. Generally, it is available on all sites that accept Mastercard payments.
How to receive money on Payoneer account?
You can receive funds on your using either of these two methods:
- Through the “Global Payment Service” this service gives you virtual bank accounts in euros, dollars, and pound sterling, and you can receive money on any of these accounts by sending the IBAN, swift code, name, and your date of birth to the sender. The cost of this service is 3% deducted when withdrawing them to the bank account.
- By providing your email to the sender If you deal with any online company(including online live casinos), you can send your email directly to them to receive the payment on your account, and the cost of this service is 3% also deducted upon withdrawal to your bank account.
How to withdraw earnings?
There are two ways to withdraw your profits in cash, namely:
Through electronic transfer to your bank account if you received the payment through the “Global Payment Service” or to your e-mail. You can withdraw them to your bank account, but you will be charged a fee of 3%, and the money will arrive at you within 1 – 3 business days.
With the card you can request to withdraw your money directly to the MasterCard and your order will be confirmed within two hours, then you can use the funds in virtual or traditional shopping or withdraw them in cash from an ATM, and the fee will be only 1%.
Is it safe to use Payoneer?
Your account and all of the transactions you make are secured using these standards:
Strong password Payoneer does not accept weak or easy-to-predict passwords and requires all users to enter a complex password that contains various numbers, symbols, and letters, and if any user tried to log in to an account by entering a wrong 3 times in a row, the account will be suspended and an email will be sent to the user to set a new password to reactivate his account again.
Secure the transactions using the two-step verification system no transaction you perform on your account will be completed without entering the OTP code that is sent to your phone number, to make sure that this transaction is made by the account owner.
Secure the application using the face ID and the fingerprint Before you log in to the mobile application, you will be asked to confirm that you are the real account user by the fingerprint or the face ID.