Payoneer Business Account Review (2025): Features and fees
Are you looking to expand your business beyond UK borders? Payoneer's payment platform offers UK businesses a way to send and receive international payments, manage multiple currencies and connect with marketplaces worldwide. From freelancers to small businesses, its services include international transfers, multi-currency accounts, and marketplace payment solutions.
But is it the right fit for your business in 2025?
Keep reading for a detailed breakdown of Payoneer's key features, pricing, and benefits to help you make an informed decision.
What is Payoneer?
Payoneer is a financial technology company that’s grown from a payment platform into a cross-border payments specialist. With a team of over 2,000 employees across 25+ global offices, the company has customers ranging from freelancers to larger businesses, as well as partnerships with major marketplaces including Airbnb and Fiverr2.
The platform is designed to streamline global business operations, offering solutions for different business needs, from helping online sellers access international marketplaces to enabling large businesses to pay their global suppliers and contractors. The service supports transactions in over 70 currencies and is available to companies in over 190 countries and territories.3
How does Payoneer work?
Payoneer runs its business accounts through both a web platform and a mobile app. When a UK business or freelancer opens an account, they can add funds, get paid, pay suppliers and expenses, and access working capital.
For day-to-day operations, businesses and freelancers can receive payments through local receiving accounts in major currencies, making it possible to accept funds as if they were a local business in each market. These accounts integrate directly with major marketplaces like Amazon and Walmart, streamlining payment collection for online sellers, as well as popular accounting software QuickBooks and Xero.
The platform charges different fees based on payment methods and transaction types, with some transfers between Payoneer accounts being free. Other services like credit card payments or currency conversions carry specific charges.
Payments can be received for free so long as it’s from another Payoneer customer’s balance. To send payments to another Payoneer customer it’s 1% of the transaction amount, and up to 3% if the recipient doesn’t have a Payoneer account.
Find out how Airwallex compares to Payoneer for yourself.
Key features of Payoneer Business Accounts
Built for international commerce, Payoneer combines essential payment tools with cross-border features to help UK businesses operate worldwide.
Key features:
Local receiving accounts
Multi-currency accounts
Marketplace integrations
Mass payout capabilities
Virtual and physical Payoneer card for expenses
FX capabilities
Local receiving accounts4
Customers can receive payments in 9 major markets including the US, UK, Europe, Japan, Canada, Australia, Singapore, Hong Kong, and UAE.
Multi-currency accounts5
Payoneer lets you hold funds in over 30 currencies, manage seven, and make payments in 70. Convert between currencies with real-time rates and manage multiple currency balances in one account.
Marketplace integrations6
The platform connects directly with leading online marketplaces like Amazon, UpWork and Fiverr, letting customers receive payments without opening multiple overseas bank accounts.
Mass payout capabilities7
Users can settle up to 1,000 payments in one batch, with options to convert and send in 70 currencies. It’s ideal for businesses needing to pay multiple suppliers, contractors, or team members globally.
FX capabilities9
Customers can convert between currencies with an FX rate of 0.5% and enjoy transparent fees (up to 3% if withdrawing in a different currency). Currency conversion happens within minutes, with funds appearing directly in the Payoneer balance.
Payoneer pricing and fees10
Account fees | Receiving payments | Sending payments | Card services |
|---|---|---|---|
· Free to open account · 29.95 USD annual inactivity fee if no transactions are made within 12 months | · Free from other Payoneer users · Free for EUR, GBP and others via receiving account · Pay up to 1% USD for receiving USD in account · Up to 3.99% for credit card payments
| · £4 flat fee for same-country payments to Payoneer users in USD, EUR or GBP · 1% for payments to Payoneer users in different countries · Up to 3% for payments to non-Payoneer accounts · For sending payments to UK, USA or EU bank accounts up to £50,000 per month in same currency and country as you, £1.50 flat fee · For sending payments to UK, USA or EU bank accounts over £50,000 per month in same currency and country as you, 0.5% of payment amount | · Free standard delivery · 29.95 USD annual fee (first card) · Additional cards free · Up to 3.5% currency conversion fee · £1.95 per ATM withdrawal · Card replacement £9.95
|
What do you need to open a Payoneer business account?
You can open a Payoneer business account on a computer or via the mobile app. You will need to provide your personal, contact, and business information, as well as some ID and proof of address.
Exactly what is needed will depend on whether you’re an individual or company and whether your business is registered.
Alternatives to Payoneer: Consider Airwallex
While Payoneer offers a range of cross-border features, Airwallex provides flexibility and transparent, predictable fees without requiring recipients to hold Airwallex accounts to access lower fees. Our technology is used to support treasury operations and embedded finance, and you can hold 23 currencies in our business account.
Payoneer’s fees can become complicated and costly if you accept payments from or make payments to non-Payoneer accounts. Airwallex’s tiered pricing plans make our platform a strong alternative for medium to large businesses that operate internationally.
Receive and send money globally. With clear and transparent fees.
How to open a business account with Airwallex
Opening an Airwallex account is straightforward. Simply visit the Airwallex website, complete the online application form, and upload the required documentation. Approval typically takes a few days, after which you can access your account.
Disclaimer: We wrote this article in Q1 2025. The information in this article is based on our own online research. Airwallex wasn't able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (UK) Limited is authorised by the United Kingdom Financial Conduct Authority (‘FCA’) under the Electronic Money Regulations 2011 (‘EMRs’) (firm reference number 900876). If you would like to request an update, feel free to contact us at [email protected].
Sources
For more information on Airwallex, visit Airwallex Business Account and Airwallex pricing.
https://www.reuters.com/technology/online-payment-company-payoneer-goes-public-after-spac-merger-2021-06-28/
https://www.payoneer.com/about/
https://www.payoneer.com/marketplace/fx-foreign-exchange/
https://www.payoneer.com/local-receiving-accounts/
https://www.payoneer.com/marketplace/fx-foreign-exchange/
https://www.payoneer.com/marketplace/
https://www.payoneer.com/pay-suppliers/
https://www.payoneer.com/commercial-card/
https://www.payoneer.com/about/pricing/
https://www.payoneer.com/about/pricing/
Share
David manages the content for Airwallex. He specialises in content that helps EMEA businesses navigate global and local payments and banking.
Related Posts
•8 minutes
Q&A: How Airwallex solves the treasurer’s historic headache
•5 minutes
Invoice like a pro: How to master the process
•9 minutes