Whether you are a freelancer or sell something online or even you are a blogger, you must need a service to send or receive funds smoothly from all around the world. If both of you and your client are from India, then Neft payment is the easiest way for transactions. But, when you both are from different countries then you need a service that makes the transactions smooth and hassle free.
You must have heard about PayPal, which is one of the most popular services to send or receive payments. But, today I am here to share one more online service, Payoneer that is the best suit to the people who are in search of a Paypal alternative. However, it is not just the alternative of Paypal, but it is much more than that.
Payoneer is an online finance service provider that is used to send or receive payments globally. It was founded by Yuval Tal way back in 2005 with $2 Million seed funding. The company faced issues and they had to stop their services in India due to certain directives issued by RBI (Reserve Bank Of India) in 2011.
After a long gap of four years, Payoneer has again launched its services in India. They have customized their services that fulfill the directives of RBI.
So whether you are an Online Seller or a Freelancer, you can use Payoneer to receive payments from your various clients. I would recommend using it for bigger payments because it charges $3 for every payment transfer to your bank. Thus, you must use it when you are getting bigger payments.
Let’s have a look at the great features of Payoneer:
1). US and UK Bank Collection Accounts
I am talking about an excellent feature that you probably won’t get in Paypal or other similar services.
There are a few clients who want to pay to local bank accounts only. I mean if the client is from the US, he might wish to pay to a bank in the US only. In that case, you will have to think how to get the payment to your bank, and that may be big problem indeed.
Payoneer has a solution for this problem as it offers US and UK bank collection accounts that you can use only to get the payments from such clients, and later the funds get transferred to your Indian bank account within 24 hours.
Above screenshot is of an example of such US bank account. It works like a virtual bank account. Once you get funds in this virtual account, Payoneer transfers that fund to your real Indian account without any hassle
2). Higher exchange and conversion rates
When we get payment using services like Paypal we have to pay the fee. Different services have different conversion rates. As compared to Paypal, Payoneer has better exchange and conversion rates that offer you saving some cash on every transaction.
3). Fast Turnaround time for transferring the payments
I have been using Paypal since long, and when it comes to transferring money from it to my bank, it takes 3-5 days that is a long turnaround time as sometimes I may need money urgently to use.
On the other hand, Payoneer does the transfer within 24 hours that is an excellent offering from this awesome service. It had saved me at times when I needed money urgently.
4). Automated Withdrawal
You don’t need to log in every time to withdraw the money because it offers automated withdrawal to your bank account. You receive the email regarding this.
Most of the freelance job sites and marketplaces support Payoneer that make it useful for freelancers and online sellers to use its services to send or receive the funds in a smooth and fast way.
You can get payments in India only from the companies that are on the Whitelist of Payoneer. It is kind of restriction, but that is fine because almost all the popular sites are on the white list. Here are a few I am listing here:
- 99 designs
And, many more.
It is very clear from the list that Payoneer is the best fit for online sellers and freelancers as it supports almost all popular marketplaces and freelance job sites.
Get $25 as Sign up bonus
Apart from all the offerings you have read above, Payoneer offers $25 as sign up bonus that you will get once you sign up and use it for $100 transactions.
Isn’t it cool! Every single penny you get without doing anything is precious.
There are some limits as well when you use Payoneer in India, and that are:
- You cannot receive more than INR 5,00,000
- Daily Payoneer to Bank transfer limit is INR 5,00,000
- Monthly transaction limit is INR 2,500,000
However, the limits are not that small. Thus, using it may not give you any issues.
Payoneer is an awesome service that has a lot to offer as you read in the post above. I have been a Paypal user since the beginning, but I have started using Payoneer as well for a few months. I am very happy that I can save some money on every transaction because of its high conversion and exchange rates.
It is best suited to Bloggers, Freelancers, and Online Sellers because most of the sites with which they work are on the whitelist.
Do watch the video for understanding the service better:
I wouldn’t recommend you to stop using Paypal rather I would say use both for different transactions.
Payoneer is a pure bliss for Indian users, and I am sure after reading this post you will going to sign up for it as well.
Share your views and feedback with us. If you have any queries about Payoneer, then do ask in the comments, and we will try our best to respond.