Payoneer payment system transactions in euros (EUR)

General information about Payoneer

The Payoneer payment system appeared in 2005, and by 2022, the number of its users worldwide amounted to 5 million. Since June 2021, the company's shares have been publicly traded on a significant stock exchange, NASDAQ. Payoneer allows transactions with more than 150 national currencies, including the euro (EUR).

At its core, Payoneer is a digital wallet that allows users to transfer funds and make online payments virtually worldwide.

How to use Payoneer

Both individuals and corporate clients can use Payoneer. Creating private and corporate accounts will differ in some steps, but the steps are virtually identical.

Opening an account in euro (EUR)

To open an account in EUR, you must create a Payoneer account on the payment service's website or mobile application. At this stage, the user chooses what type of account he wants to create - for a company or an individual. To register an account, the following data must be provided:

• Full name;
• E-mail address;
• Date of birth.

In some cases, especially when creating corporate accounts, the payment system may request additional data, such as the company's TIN and identity documents.

At the second stage, it is required to specify contact information, more precisely the phone number, which, among other things, will be used to log in to the system and as a second factor to protect the account from unauthorized access. When creating a corporate account, you must specify the company registration address.

The third step is to create a strong password for quick authorization in the system, but this step is not mandatory. Also, at this stage, it will be necessary to develop a control question to recover the password in case the user forgets it.

The last step is to fill in the bank account or card details. If the name of the account/card holder and the Payoneer account do not match, the company may request additional identity documents.

Once all the steps have been completed, the user can use the Payoneer payment system to make transfers and online payments in euros and any other transactions available on the platform.

EUR transactions available in Payoneer

• Free accepting and sending transfers between Payoneer users;
• Transfers to bank accounts and cards with commissions;
• Withdrawals to third-party payment systems and banks, as well as cash withdrawals via ATMs;
• International transfers in EUR;
• Conversion of EUR to other currencies (commission is charged not more than 2% depending on the selected currency for withdrawal);
• Online payment for goods and services;
• Formation of payment requests and issuance of payment invoices;
• Mass payments.

Euro transaction limits and commissions

Depending on the type of transaction, Payoneer has the following fees:

• 0% for transfers between Payoneer users;
• 3% for credit card transactions;
• 1% for debit card transactions;
• 2% when sending payments using a Payoneer account, except for transfers to other users of this payment system;
• 1.5 EUR for transferring funds from Payoneer to a bank account;
• The cost of paying for goods on marketplaces such as Airbnb or Upwork depends on the platform chosen.

The daily transaction limit is EUR 15 000 for individual accounts. The same limit is set for corporate accounts for direct withdrawal to a bank card or transfer to another Payoneer user. The limit for interbank transfers for corporate accounts is 100 000 EUR.

Remember that there is also a fee for inactivity: if you do not make any transactions in your account for 12 months, the Payoneer payment system will charge a fee of 29.95 EUR.

Pros and cons of Payoneer for euro transactions

The pros include:

• The ability to create an account without having a bank account;
• Free internal transfers between Payoneer users;
• High speed of transactions: no need to wait up to 3 working days for funds to arrive, unlike bank transfers;
• Simplicity and convenience when making payments;
• Lower fees compared to bank transfers;
• Availability in a large number of countries;

Minuses of the payment system Payoneer:

• Presence of commission for account inactivity;
• Limited functionality: for example, Payoneer users cannot receive personal payments;
• The presence of additional commissions for withdrawal of funds to a bank account;
• You cannot transfer funds to the balance in the national currency. For example, the Payoneer service will generate an error if you try to transfer EUR to a dollar debit or credit card.