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Business Bank Accounts

Payoneer

: 2024 Review

Best for e-commerce small businesses
Price: 
Free ($29.95 for 12 months of inactivity)
Countries:
Global
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Review

Payoneer Business Account is a global payment solution enabling businesses to send and receive payments in multiple currencies across 200 countries. It offers competitive fees, multi-currency support, ease of use, and robust security features, making it an ideal choice for international businesses and freelancers.

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How to apply

  • Income requirements: n/a
  • Apply online here
  • Application document requirement: you will be asked to submit certain personal and company identification documents. Besides, you will need to provide some additional information that covers your company details and the scope of your business.
  • Eg: A copy of your business registration certificate (if applicable)
  • A copy of your bank statement (if applicable)

Pros

  • Get paid into 8 local bank accounts
  • Coverts foreign currency at the mid-market rate
  • Withdraw multi-currency earnings into local account at low cost
  • Pay UK's VAT directly from Payoneer balance
  • Connect with thousands of online marketplaces
  • Access working capital and manage cash flow
  • 24/7 multilingual support

Cons

  • Withdrawing from Payoneer balance to local bank costs up to 2%
  • Annual Payoneer debit card fee of $29.95
  • Lack of payments features
  • Payoneer does not come with a payment gateway, virtual terminal or the ability to work with your POS system, so you are limited in how you can accept payments.
  • If you need to accept credit card payments online or take orders over the phone, you can probably get more bang for your buck with a payment service provider

Key Benefits and Features

  • Support payments in 190+ countries and handle 70 currencies
  • Multi-currency accounts that allow for easy invoicing and payments in multiple currencies
  • Integrated with 2,000 marketplaces, networks, and platforms like Wish, eBay, Airbnb, Fiverr, Upwork, and more
  • Mass payout options, which is beneficial for businesses working with multiple international suppliers or remote teams
  • Offers a capital advance service, allowing businesses to access funds based on their Amazon or Walmart marketplace sales

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Fees

  • Minimum Deposit Requirement: $0
  • Opening fee: free in most countries
  • Monthly fee: $0 — but there is a fee of $29.95 for every 12 months of inactivity
  • Incoming payments/transfers: $0 - 3%
  • Outgoing payments/transfers: $0 - 3%

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Sources: Monito, Creative

Dexter Zhuang
Dexter Zhuang

Dexter is the founder of Money Abroad, a website and newsletter on building wealth for global professionals. Over the last 10 years, he's been a product leader, product manager, consultant and coach at companies like Dropbox, Xendit, and growth-stage startups across the US, Asia Pacific, and Latin America. His work has been featured in global publications like Business Insider, CBS, US News & World Report, and Tech in Asia. He graduated from Dartmouth College.

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